All Forum Posts by: Jeshua Patrick

@Erik Whiting I would caution the OP that an experienced attorney with an exceptional reputation should be consulted prior to seriously considering a lis pendance filing. I know an attorney who was hired to try to clean up the mess created by an attorney who filed a lis pendance against a property on behalf of his client without clear legal standing to do so. I don’t know any specifics regarding the case but I do know that he said that it was going to be difficult to extract the client from the situation without severe legal and financial consequences.

@John Thedford so how do wholesalers still operate without running afoul of RE licensing? Disposable LLC's?

@Fabian Friedrich HOA can lead to massive negative cash flow but doesn't have to. Perfect example is the TH we just converted to our first rental. We paid retail for the property in September 2017. $123k w/20% down. PITI is $610/mo, monthly HOA is $208/mo plus annual HOA of @ $375 putting us at $240/mo in HOA fees. We are renting it for $1200/mo plus $60/mo towards water/sewer/trash (part of HOA). We are self managing as we want the experience plus paying property management could put us slightly negative after maintenance holdbacks. Not a HR but a solid base hit IMHO. Perks of TH vs SF are significantly less maintenance risks. Only have to worry about interior of structure. Potential negatives are runaway HOA board or large assessments. You can get insured against some assessments with some insurance companies I think. Something to talk with your insurance agent about.

@NIcholas Hamel just because a deal is off-market doesn't make it a good deal just the same as being on the MLS doesn't make it a bad deal. It is true however that once you meet the right people in the investing world you will start to discover deals that are much better than most found on the MLS.

@Barbara S. I would find out what the legally required notice period is and issue a notice of non-renewal immediately. I hope you have documented the damage he has caused. One thing that might be faster, and may mitigate further damage, is to offer him cash for keys. I wouldn’t give him more than 7 days to get out if you do that though.

@Barbara S. is this door only to his unit or is it a common access for multiple units? Ultimately he is responsible for his own safety so long as you are providing a safe dwelling; however, if he is endangering others you have a couple remedies as I see it. First, you could ask him to sign a lease in which it states that he can be fined for unsafe acts in addition to other things you deem unacceptable. If he agrees to the lease then continues to do this, fine him and follow through on eviction proceedings if he doesn’t pay and cure the problem. Second, and probably less messy, issue a notice of non-renewal as he obviously doesn’t care about the rules.

Can anyone recommend a good, real estate minded accountant in the Charlotte NC area? I am in Landis so Charlotte, Concord, or Salisbury are all ok with me. Thanks.

Feel free to reach out if you would like. I recently moved to Landis from Charlotte and am curious to see how the I-85 widening project impacts the Salisbury area. Might not be a bad time to try to pick up properties in the area.

@Eric Holm does your lease clearly state the maximum number of occupants and a requirement for additional tenants to apply prior to move in? If so, issue the appropriate notice to cure and if they don’t file an unlawful retainer against them for the boyfriend and his +1. I would consult with an attorney regarding the dad and invalid as you knowingly allowed them to stay in exchange for a slight increase in rent. This may cause the state to treat it as a month-to-month and require you to issue them the appropriate notice of non-renewal before starting eviction proceedings. Also, your state may require you to evict all the occupants simultaneously.

@James Slack here is a great opportunity to learn a few very valuable lessons. First, don’t ever hand a tenant a pre-signed lease. Always make them sign first. Second, if they give a verbal notice, send them a written notice of non-renewal dated with the legal time frame for said notice and have them sign it and send it back. Finally, if you buy a property with a pre-existing tenant make them re-qualify under your standards immediately. If they refuse or fail issue notice of non-renewal immediately.