All Forum Posts by: Joe Martin

If they don't have a lease,  can I legally correspond with them before closing and inform them of the rate increase? If they don't have a lease, do they legally have a right to live there at closing? 

I'm under contract and recently found out that the current tenants do not have a lease and are paying far below fair market value ($800 vs $1400). Needless to say, I feel they are not going to respond favorably to my dramatic increase in rates. This property is in an amazing school district so I'm not concerned about finding renters willing to pay $1400. Does anyone have experience in this type of situation? Any key watch outs or ways to protect all those involved and the property would be greatly appreciated. 

I should've noted that I was using Realtor.com, not any of the offerings in the BP marketplace. 

Hello,

Im interested in properties. Please let me know if you have anything in the works. 

Hello, my wife and I are corporate slaves, planning our escape. We are from Atlanta, currently living in Beer City: Asheville NC. I've been interested in real estate investing for about 10 years, and really enjoy the finance/analysis piece of the process. So far, I've listened to roughly 50 BP podcasts, and read BT's book on Rental Property investing.

I'm a road warrior in my current job. I manage the southeast region and constantly visit: Tampa, Orlando, Atlanta, Charlotte, Knoxville, Raleigh and Richmond. Last week, I analyzed 50 single and multi-family rental properties in these markets and the surrounding areas. Only one property looked good on paper, which was to be expected. 

Thank you for sharing your knowledge in the forum, your experiences have helped reduce the learning curve tremendously. I look forward to discussing opportunities and market insights with all of you. If you live close to me, please shoot me a note, I love networking. 

Regards,

Joe