All Forum Posts by: Hank Sacco

I'm not a landlord but, Is the property held in an LLC if so you need a lawyer to file suit. Courts only allow a percentage to be added for attorney fees so you get to make up the difference between what the court allows and what the attorney charges. Then you need to file the judgement for collection which you may never see a dime of. Sounds like a good deal for the lawyer but not so much for you.

Not just no but h*ll no. If you manage to keep reno at 50k, which is doubtful given there are "difficult repairs" needed, you still have min 6% commission so sales net is down to 159,800. At this price point probably FHA buyer so you have 3.5% closing cost concession, bring net to $153,850. Add in taxes and fees you're down to $153,000 or less. So your best case would be a $13,000 profit before taxes. You didn't mention if you had the cash in hand for the purchase, if this is using hard money the outlook is worse.

My understanding is the bond is to reimburse you if the contractor or his employee were to steal personal property from you or your tenant.  Maybe worthwhile if the property is occupied but not so much if vacant.  Liability and workman's comp are the main things you need.

If the tenant has to pay out the balance of the lease they are not breaking the lease, they're are prepaying it. If you insist on full payment then so long as they pay the monthly rent on time until the lease expires the lease is valid and you just deposit the rent and shut up.  You have no right to force them to actually live in your unit.  Once the lease expires they are entitled to their deposit less any actual damages.  I'm not a landlord but I think a lawyer would pick your lease apart.

Looking at recent history (ie China).  Once we have all these unemployed drivers and retail workers etc the solution is obvious ... we need less population.  Government will try to regulate population growth. Couples < 27 yrs old are allowed 1 child.  After that no kids for you.  Of course, this is wildly speculative but who doubts that some bureaucrat wouldn't propose something like this.

Roswell is an affluent suburb of Atlanta.  Real deals will be scarce and the buy-in price will be high.  Since your brother is local why not consider other areas in the metro area where you can still find reasonable properties

Near the stadium or Decatur, that is apples and oranges.  The area around MB is rough.  There are plans for improvements that would make the entire area worthwhile but there have been plans for years.  If you plan to fix/flip what the area is like in 5 years doesn't help you now.

Help save energy, be sure to close door completely

The low hanging fruit is long gone in metro Atlanta.  Finding good deals is tough.  We just closed on a flip project we got through a w/s so it does happen.  I get several emails a day with w/s offers but most are a joke with high asking price and stupid low reno estimates.  Find one or two from Craig's list ads and get on their mailing list.  All these guys talk and soon you will be on more lists than you can imagine.

Nice guy or chump.  You were nice, you documented everything and tried to explain things.  To continue "being nice" while the other person craps in your mess kit is not being nice its being abused.  To quote Patrick Swayze in "Roadhouse"  "Be nice until it's time to not be nice" that time has passed my friend.