All Forum Posts by: Jacob Zylstra

Fellow landlords,

I'm looking for your real world experience and valuable input.

My first financially significant problem has struck. My tenant flushed a swiffer sweeper pad and clogged the main drain to my rental property It is a two story property. The drain backed up and downstairs toilet overflowed with what smelled like sewage water. The plumber was called in and removed the blockage and the restoration company has provided fans, dehumidifiers, and microbial compound to kill the bacteria associated with the overflowing fluids.

My downstairs floor is laminate wood flooring. The restoration company is recommending that the floor be torn up and walls be opened to allow for more direct contact of the microbial compound.

Estimated floor replacement is upwards of $3500 (conservative, I think) plus the dry wall work.

I'm comforted and relieved to find that my lease holds the tenant responsible for such an event. I have a $2200 security deposit in my hands. Hardly enough, I know, lesson learned.

My questions for you smarter more experienced landlords:

How far do you press a tenant in this situation?

Is it customary to request the security deposit be replaced given the severity of the event?

The tenant is requesting contact information to the restoration company, should I provide it?

The bp community's input would be greatly appreciated.

Looks like I learned something new today. So am I understanding that transactional lenders only lend very short term loans for the purchase of a property?

I believe you're looking for a transactional lender, but that is the extent of my knowledge about transactional lenders. I'm sure someone will be along shortly to more thoroughly answer your question. I'm hoping the keyword "transactional lender" might pop some keyword alerts.

Just want to say I attended the FIBI event last night here in Bakersfield and found it very informative. The other attendees were great, I'm looking forward to the next one.

Oh, I will be consulting an attorney, that's for sure. I'm not looking for language to cut n paste into my attempt at a contract. That's lunacy. I'm looking for general concepts. Is it the inspection contingency on which wholesalers are hanging their hats?

Also, if wholesalers are operating with integrity and being upfront with the homeowners, why not just enter into an option to purchase agreement with a form PSA attached as an exhibit?

I really appreciate the push towards consulting an attorney, but I'm more looking for general concepts so that when I do consult with said attorney I know better what questions I should ask, and what I should be looking for in the drafted agreement.

I'm new to BP and am avid listener to the podcast. I did a search for Option to Purchase and didn't quite find the answer I was looking for.

I'm looking at wholesaling and see that as a good way to find deals, add value, and build capital so that I may become a self-sufficient real estate investor. My hang up is the contract and before I go spend a few hundred on a lawyer's time, I'm hoping for some insight.

Obviously I wouldn't be wholesaling if I had the money to buy the houses that I would get under contract. What protects the wholesaler should he or she be unable to find a buyer?

Thanks Jason, thought this was interesting. I will be looking into this.

Looks like I hit post twice, sorry about that.

Thanks for all the info! I will look into it!

Just want to take some time and finally introduce myself. I've been reading the forums quietly for quite some time now. My time reading the forums and listening to the podcast has proven very valuable time indeed.

A little about me, I had lived in Huntington Beach for many years. Fortunately or unfortunately, I was asked to move by my employer to lovely Bakersfield. Unfortunately, I purchased a condo in Huntington Beach in February 2014, and was asked to move in July 2014. So I decided it best to become a landlord. I wouldn't have been able to rent out the condo without the help of bigger pockets forums, podcast, and other resources (specifically Smart Move). So thanks to BiggerPockets for that. After doing some research and finding this community I've found this to be a great way to invest and make money. I'm currently working through my first deal, somewhat of a wholesale type arrangement, and plan on purchasing another rental property later this year.

Anyways, I just wanted to say hello and put myself out there. I hope to get more involved in posting, when I feel I have something valuable to add.

I'm very interested in the Bakersfield Market. I need to learn more about it so if there are any meetups locally, a point in the right direction would be greatly appreciated. I'm always up for meeting like minded individuals, so anyone from this community local to Bakersfield wants to get together and share ideas, hit me up.

Just want to take some time and finally introduce myself. I've been reading the forums quietly for quite some time now. My time reading the forums and listening to the podcast has proven very valuable time indeed.

A little about me, I had lived in Huntington Beach for many years. Fortunately or unfortunately, I was asked to move by my employer to lovely Bakersfield. Unfortunately, I purchased a condo in Huntington Beach in February 2014, and was asked to move in July 2014. So I decided it best to become a landlord. I wouldn't have been able to rent out the condo without the help of bigger pockets forums, podcast, and other resources (specifically Smart Move). So thanks to BiggerPockets for that. After doing some research and finding this community I've found this to be a great way to invest and make money. I'm currently working through my first deal, somewhat of a wholesale type arrangement, and plan on purchasing another rental property later this year.

Anyways, I just wanted to say hello and put myself out there. I hope to get more involved in posting, when I feel I have something valuable to add.

I'm very interested in the Bakersfield Market. I need to learn more about it so if there are any meetups locally, a point in the right direction would be greatly appreciated. I'm always up for meeting like minded individuals, so anyone from this community local to Bakersfield wants to get together and share ideas, hit me up.