All Forum Posts by: Jibu V.

Originally posted by @Chris Piper:

@Scott Swanson 30-90 days in my opinion is VERY realistic. Assuming they already have the knowledge on how to Wholesale. If they follow what I say to do in the post, it will work. Ran my first Facebook ads and had leads coming in by the 2nd day.

What was your starting daily budget for Facebook ads and what would you consider a good ad budget to to do 1 deal per month?

What's your cost-per-lead and cost-per-deal when using Facebook ads?

BTW, this is one of the most practical posts I've seen to date on BP. Thanks for sharing.

@Mallory Thompson Why not BRRRR first and have the chance to get your money back sooner in order to repeat? Note that the cashflow number you estimated seems a bit on the low side, but that'll depend on how accurate your estimates were.

The duplex option doesn't seem like a great deal just based on how you described it - sounds like it's just listed at market value (at the high end). A "deal" like this will probably come around again once you pull your money out of the BRRRR.

@Keith Shadle Thanks for sharing. What would be the downside of being highly conservative with the rehab estimate for purposes of the escrow? e.g. why not estimate $30-40K? 

Would it somehow get tied up by the title company due to the actual rehab being less?

Hi Marisa,

Awesome deal! How did you find it?

Do you live in the Detroit area? If not, how are you identifying the good areas in which to invest?

Jibu

The lockout addendum within the lease works well, especially when you review it with the tenants up front and set that expectation. The tenant is responsible for contacting a locksmith in the event of a lockout.

I encourage the tenants to make duplicates as well. I also use the kwikset smartkey, so that makes it very easy to change locks during a turnover. In that case, it doesn’t even matter if the tenant doesn’t return all of the keys that were made.

@Tchaka Owen You can join PenFed by making a one-time $15-25 donation to a military-related charitable organization over the phone.

@Joseph ODonovan That is what I suspected but was not sure, so thank you very much for confirming.

If you have a tenant with a child under 6 living in a rental property in Philadelphia, PA, you need to have a lead safe certificate (lead wipe test results). This applies to all properties built prior to 1978. 

If only one unit of a multifamily/duplex property will have a child occupant under 6 years old, are we required to get a lead safe/free certification for both units or for only the unit(s) that falls within the lead certification requirements? 

I read the Philadelphia guidance and must have overlooked this scenario.

Originally posted by @Ray Harrell:

In this case, just be happy when they are gone. The chances of you getting any additional money out of them are extremely slim to none. As for any damage, do you even have before photos to prove it was caused during their tenancy?

After 4.5 years are you evicting them one one late payment which they have agreed to pay, or have they gone into serious default? I give my tenants one mess up per year (they don't know this). Life happens, and if an otherwise long-term good tenant is late on a payment for some reason, or needs to double up next month or 1.5 over two months, and it really only happens once, I allow that.

If you have a 4.5 year tenant who you said is decent, and who is late on one payment in 4.5 years, and you are evicting them, you kinda deserve some vandalism!!!

They have been late on rent since December 2017 - anywhere from a few days to just over a month. They always eventually paid and they always paid a late fee. They've been late frequently in the past as well, more often than they are on time. They are currently behind on their 9/1 rent and 10/1 rent. I held off on giving them a 10-day notice until 9/23, after speaking with them and giving them a few extensions. Their excuse is that their hours at work got cut. They said they would pay both months by 10/17 - that came and went without any further discussion, so I think I did the right thing by filing the complaint after the 10-day notice period.

I've been fair and accommodating, especially given their tenure, but as I've read frequently on the forums, there comes a point where they are just too far behind and may never be able to catch up.

@Nathan G. Thanks to both. Just for the record, I don’t have a $10K damage claim. Just a tenant who is going through the eviction process after paying for 4.5 years. They don’t seem like the type of tenant that would cause any significant damage, but at the end of the day you never know and all you can do is protect yourself the best way possible, cut your losses, and move forward.