All Forum Posts by: Kevin Polite

First question if you had a PM why are you handling this? We’re the lease renewals with the PM? If so what do they say? 

Found a good deal but has a lease, which usually wouldn't be a problem but the lease, handwritten and signed by tenant and landlord states if the landlord dies the tenant inherits the home, no price was put in there. The lease extends to March 2023. My question if I buy the home, I know I have to honor the time of the lease, but what about the inheritance part?

In the last year I've had 2 previous tenants inadvertently send packages to my rentals. The current tenants have been good about saving it after the old tenant called and inquired. I then call the current tenant and make arrangements for the old tenant to come pick it up.

The last time this happened the package wasn't out there when the current tenant said it would be. The old tenant threaten to call the police. What happened was the current tenant brought it in the house because it was raining that night and forgot to put it back out. We worked it out, but now my question is what is my responsibility if the current tenant says its not there or someone actually steals it?

I'm going to make sure when a tenant moves out that in my list of items for move-out I state we are not liable for any packages accidently sent and request they update all of their online shopping addresses.

Don’t go with #Limaone. Horrible Customerservice on the loan servicing side. They don’t send monthly statements. You have to request one each month. The statements are done manually and there are always errors. They’ve not paid the property taxes on time a couple of times. I have a portfolio insurance policy and each year I spend hours going back and forth attempting to convince them that the policy amount for 10 properties is not the invoice amount for that one property. Then next month I do the same for the other property I have with them. @LimaOne

@Imeh Esen @Joe S.It’s not unusual to buy a house from a flipper especially if it has enough meat on it. I did this several years ago and it’s one of my most profitable rentals. The flipper was an agent who had to rush because they had 2 hard money loans (not sure how they happened). The house was in my target area and I may a cash offer. Yeah, they had a point of service water heater for the entire house, but after my additional repairs it was rented on the first day cash flowing. Doesn’t happen often, but never pass up a deal no matter where it comes from. 

@Nick Brubaker sent you a PM

She is correct that seller is her client and you are the customer, but normally you sign something to that effect but each state is different. Did you fill out a financing contingency with the Pirchase &

Was the contract one of your own or from the seller's agent? Are you financing or cash? Did you use an agent? 

Technically, you're in breach of the contract, but I seriously doubt they'll come after you and, at most, would be for the earnest money. Seems weird if it's such a hot market they would even waste time and just move on to the next buyer. Also, saw this and first I've heard of it: "If [the seller] choose to file a lawsuit, the buyer may file a “lis pendens” in the public records. This notice shows that your property is involved in a lawsuit, and you won’t be able to sell your property during this time I am not a lawyer nor do I play one on TV and this isn't to be used as legal advice." Good luck, let's know how it shakes out. 

Trying to analyze a deal we purchased at the end of 2017 and started renting in 2018. We are selling now so tried to back into the numbers because the report requires you to do deals you're looking at before purchasing. I used a 25% annual increase in value based on the what we are selling now. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Jordan M. Best of luck in your journey. There are a thousand ways to profit in real estate and you have to choose what works best for you and your circumstances. I started by flipping a few houses in my late 40’s and wish I had started sooner and discovered BiggerPockets much sooner. I used the cash from every other flip to get my buy and holds and because I had a W2 at the time, got favorable rates. I’ve actually recently sold a few buy and holds as I’m nearing my golden years and not wanting as many rentals. Also, they are close by and I don’t want to pay management fees…yet. Flip pay taxes and your done which I’m doing again because I have enough rentals to have a good living.