All Forum Posts by: Tyler Smiarowski

Here are the stats:

2 bedroom 1 bath

906 sq feet

no garage, just shed.

roof, siding, furnace, a/c, water heater in good shape.

I can buy the house for 31.5k....ARV 60-65k...located in good lower income neighborhood. Needs $9500 in repair work.... I would be doing some of the work myself saving some costs.

Since it's a lower price home the profit margin isn't huge but it does meet the 70% rule. I was wondering if "rent to own" would be a better option for a home like this? I find rent to own very intriguing. Plan would be to list it for 60k...get a 5k or so down payment and have the buyer cash me out within two years. My total profit would be in the ball park of 18k.

I know this isn't a real detailed post but wanted to get people's opinion on my strategy. Thanks.

if it takes that long to evict...i'm not sure i would ever buy anything in crook county..I mean cook county.

Got a 4plex...the tenants are only allowed to park their cars there. If I issued parking stickers to the tenants (who are on the lease) who have cars registered under their name...when can I get the cars that do not have parking stickers towed? If they are their overnight can I get them towed or should I wait a certain number of hours? The kicker is I was made aware recently that there is a person their that is living their that is not on a lease...rather than serve a 7 day I thought about doing the parking thing first. Thanks

just move

Just wanted to know if you can assign a contract to a conventional buyer? I assume you can but I hear the term "cash" buyers quite a bit in wholesaling examples. Thanks

So last month we got 3 inches of rain in a short period of time. The sump pump backed up and could not keep up. Water got into both the lower units as well as the hallway. It was April 13th which was a Sunday..I was at work since it was tax season I got a phone call from a tenant (not the one that wants to sue me). I immediately called my plumber and contractor to get over there....I left work and met them over there. The plumber replaced the sump pump and contractor brought his commercial grade fans/dehumidifiers...I placed the fans and dehums in each unit. I then called a local carpet cleaner that specializes in water clean up...they stopped over a few hours later to suck up the water in both units and the hallway. All this was done that day.

The other tenant (the one that isn't suing me) immediately moved her stuff out into another unit I had (she asked if I had any available and I let her move her stuff there). 3 days later I had her unit dried up and the carpet was replaced.

I then spoke to the tenant (who is suing me)...I indicated that we will need to move her stuff to the other unit in order to dry the floor and get the place new carpet. She indicated she will move the stuff.....basically she never moved the stuff, had leased housing cancel her lease (she was on section 8)..which was fine with me and told my carpet installer that when he was putting carpet in the other unit that she wasn't going to let him put carpet in her unit.

So basically she made zero effort to move her stuff or "save" any of her stuff.

Overall their was not a ton of water in the unit...the carpet and pad were soaked but no standing water. She now claims that all her clothes, toys, and furniture was ruined due to the water. In her letter she indicated "since I don't have a drawer I had to put my clothes on the floor and did not have any money to wash the clothes"..therefore she thinks I owe her $900 for her clothes. She did throw out her couch/loveseat...but there was no need to. All her kid's toys were fine...all she had to do was pick up the stuff off the floor and put on her bed/furniture/or move the stuff in the other unit as I told her to do...which she said she would do but never did.

I spoke to my lawyer and she said just ignore her "letter" due to the following...if she ends up taking me to small claims so be it:

-In the lease agreement there is a section that is checked indicating that the Landlord (me) recommends that the tenant get renters insurance and that the renter agrees not to hold me liable for any damages due to casualty of her personal items. (I would assume this resolves the issue)

-Also my lawyer said I did what I reasonably could in that time and the tenant could have done very basic things to keep her stuff safe...like pick it up off the floor.

Any thoughts?

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never used a website like this before..have a few questions:

- whats the cost?

- how accurate is the info? interested in preforeclosures.

- how effective have people found it to be?

thanks for any input!

no

Hello,

Need some advice on making offers on rehab properties. I hear people who will make an offer sight unseen on a property. Then will within 3 days or so of acceptance view the property to make sure they want the property based on what they offered. There is some sort of contingency that they put in the offer in order to do this but wasn't sure exactly the terminology etc.

My idea is when a good property hits the market and I know it won't last long...I would make a offer on the property without seeing it...get it under contract and then shortly after view the property to make sure the number jives in order to go ahead with the purchase. Thanks for any advice.

These are straight purchases..no seller financing involved. So they loan me the money the first day I own it. The amortizations are 20-25 but I always do 20.