All Forum Posts by: Karl B.

I would tell the tenant(s) they're trespassing and that you'll evict them if they continue to trespass. 

I would also put an addendum in their lease stating they're responsible for any costs you incur due to their trespassing (lawyer fees, judgement amounts, etc).

Also, consider getting a camera that aims toward the parking lot so you can see if they're trespassing when accused (you could get a wi-fi enabled camera and put it in the apartment of a tenant who is not trespassing).

Finally, I would tell the other landlord the things you're doing in an attempt to stop the trespassing from happening. I would also give the names/addresses of the trespassing tenants to the landlord so he is more likely to sue them and not you. 

The plumbing stuff should all be taken care of PRIOR to closing. Pay to have a plumber camera the system to check for broken pipe as well. 

I have a SFH from around 1910 and we're putting a drain outside and so we had to camera the pipe. We realized there was a break in the pipe. Luckily, the break was just inside the wall and the plumber was able to do the job in a few hours - jackhammer the concrete out, put a fernco over the break, and patch the concrete.

Definitely pay to have the plumbing camerad. 

For windows, I pay around $400 to have a standard sized window made, capping included. 

I would be surprised if the seller was willing to pay for the cost of new windows (they would be more likely willing to cover the cost for a handyman to caulk around them to keep potential water/drafts out) but I would make certain al plumbing issues are covered by the seller. 

At the very least the cost of jetting pipes should be covered by the seller. Depending on the drainage issue you may be able to get the seller to cover it. If the gutters need cleaned or repaired, a seller should cover that. If a drain needs installed outside - that would be tough to get most sellers to agree to that.

This is how I bought my first investment property. I messaged the guy on Facebook but it got filtered since he and I had no connections. 

A few months later I e-mailed his wife (a professor) and she either asked for my number or supplied her husband's phone number to me (I forget which). 

I spoke to him on the telephone, asked him some questions and made him an offer. He countered $1,000 higher and I gladly accepted. 

If you e-mail the seller I recommend adding something like if you would prefer to speak VIA telephone  you can call me at (your number) or if you'd prefer I can give you a call.

There's not enough blood in the water for me to get excited yet, though the cracks are showing something fierce. 

I'm purchasing a small commercial property (closing keeps getting pushed back) but as far as larger commercial I'm simply waiting as I can get more from a CD than I can from a lot of commercial cap rates at current time. 

Loans are tightening something fierce and those with cash will be able to get some very nice discounts. 

What class of rental is it? 

I do mostly C-class and my minimum is 625 and no prior evictions. I also require 3.5 times earnings as most of my rentals are one bedroom and are currently renting in the $550 - $675 range (for my SFH I require 3.0 times earnings).

Prices aren't coming down because inventory is still low in most markets. 

Prices will soften when inventory rises, however, due to the high interest rate there are less buyers.

Tell her she'd better hire an assistant to fetch her food and locate the items she loses as you're their landlord - not their servant. 

I bought my first investment property without a realtor. It's not brain surgery. I found an expired MLS listing and contacted the seller. I got a lower price as I used the fact we didn't need a realtor as a bargaining chip.

When the property was on the MLS he was asking in the low to mid 90s (I believe he was asking $94,500 if my memory serves me right) and I bought it for 79K.

I hired a RE attorney as did the seller and it ended up being a great buy and the beginning of my RE journey.... 

I typically ask the tenant if it's alright for me to show the apartment. Many will be OK with it though I've had some who say they don't want strangers in their space, which I understand. 

What I do in those situations is I list the property online roughly 7-10 days prior to the tenant moving out. That way I generate some interest and schedule an open house a day or two after the property is vacated. 

There's typically some minor cleaning and repairs in a turnover but it's been my experience most potential renters don't care if they see a repair/upgrade in progress. 

I have a good amount of long-term rental properties and am under contract to close my first very own commercial property. 

The owner owes property taxes as well as IRS back taxes on the property and must pay them off prior to closing. The property was priced way under market and I offered what the seller was asking. 

We've had plenty of hold-ups as the seller must first close on another property and use those funds to pay off the taxes owed. 

Since I'm a cash buyer, luckily I don't have to deal with a mortgage, which would no doubt have been a pain as we've had to reschedule the closing date multiple times.