All Forum Posts by: Jennifer Krupp

Hi BP Family,

I'm looking for advice. Every week the title company my firm uses sends me a listing of every notice of default sent out in the four counties around me from the week before last. For example, yesterday, I was sent the NOD's for July 13-17. I am provided the owner's name, mailing address, property address, original loan amount, the lender and the loan type (conventional, FHA, etc).

My question is:  How would you use this information?  I am thinking that I should send a postcard and see if I can meet with them and maybe either work a deal to list the property or see if I can buy the property fast using private money and then flip.  The market here is hot and properties are moving fast.  We are back to pre-bubble conditions because of local economic development (Tesla).  A fast flip is certainly doable as we have situations where housing prices are being bid up over asking.  

I would love to hear what folks here would do in this situation.  Would you jump on this, ignore it or what.  Any and all advice and/or stories about similar situations are appreciated!

Jennifer

Thanks for the information BP family.  I'm going to my first Auction.com on Friday (July 10th) to observe and see how it goes, so I was pretty happy to see this post.  I'll let you know if I see any good deals.  I don't plan on bidding since I'll be a first timer.

Dmitri L. They can do ACH withdrawals from your account if you provide your account details. Usually it would be your account number and routing number. I spoke with a banker last week and this is happening more frequently. FDIC law states you can get the money back if it is reported within 30 days if you are a consumer, but if it is from a business account you have to report it within 5 days. She said she is seeing situations where people will use ACH withdrawals to pay credit card bills, student loan payments, whatever. So be careful! Don't give that info out!

Hi BP,

My now husband, but at the time, fiancée moved in together at the end of August 2014.  We decided to rent his house out at the time because it made more sense than trying to sell it a the time.  He rented the house to a co-worker who had been transferred to Reno to Las Vegas.  She signed a one year lease.  She emailed us this morning and let us know that she was moving and is breaking the lease.  She told us that she was giving us 30 days notice and that she sent a check for $300 and to apply her $800 deposit to the last months rent. 

My husband got the lease off legal zoom.  I reviewed it to see what the terms were and it is pretty standard that if the tenant breaks the lease they are still liable for all the rent through the end of the lease term.  However, there is no language really on move out procedures and how the deposit should be handled.  It just says as applicable by local laws.

When we re-rent the house I plan on using a different lease.  What recommendations does the community have for finding a good lease and what sort of information do you make sure you include?  I would love to get everyone's feedback. Is there a good website with leases that you use?

For the record, we told the tenant that we will accept her 30 day notice, but that she has to pay the full amount's rent for March.  Once we do a final walk through and assess the house we will make arrangements to return her deposit. 

Thanks so much!

Jennifer

Hi BP family! My name is Jennifer and I live in Reno, NV. I have been a member of Bigger Pockets for about six months now, but haven't taken the time to really participate in the forums. I'm becoming more of an active investor now and am in the process of making a total career change from health care to commercial real estate, so I decided it was time to get more involved! Up until now I have been a small RE investor carrying one SFR at a time with a buy and hold strategy. Like I said, I'm looking to become more active and diversified, but not sure how just yet. My plan is to do some research and see what other areas I'm interested in.

I would love to reach out  and connect with others here on this site.  I look forward to meeting and networking with as many of you care too.

Jennifer Krupp