All Forum Posts by: Samson Kay

Wow a 14plex at 375k? I wish there were deals like that around here. Congrats. Looks like a money maker.

Just wanted to get everyones opinion on the following method for calculated ARV.

I have 3 recent sales all 3 BR 1- 2 bath with a garage, But the square footage is much smaller and overall lot size is also much smaller compared to the property in question.

Is it acceptable to use the average price per squarefoot of the comparables and multiplying it with the squarefootage of the property to calculate the ARV? Of should I base it primarily on the average sales price for a 3 br 1 Bath?

Thanks

Good Luck!

@George Paiva - No, I didn't follow through, only because they moved out over the weekend unexpectedly and I thought I had to stop eviction since I regained possession of the unit. I know better now thanks to everyones comments.

Lost rent if they had stayed in the unit through the entire eviction process which I'm told could last 9 to 12 weeks.

Cost of paying a constable.

And since its my first time, I was going to have my lawyer take care of most of the proceedings.

@Brian Lucier Thanks for the link, I'll be sure to follow the process to the letter next time. I'll have to study up on the mass eviction process.

Interesting.

@Brian Lucier

@Brian Lucier

I had this tenant that I inherited with a recent acquisition. She must have been living with a boyfriend for the past 2 months, but from the moment ownership was transferred to me, she neither payed rent, or attempted to contact me about her situation. I had no idea what she looked like.

So I began the eviction process in preparation for a long process that would potentially cost me thousands of dollars in legal fees and lost rent. I sent her another text and written notice (the fifth attempt over the last 2 months) the day before I was going to send the constable to officially serve her an eviction notice. The next day, in the dead of night she came to the apartment and moved her stuff. Like a ninja, she sneaked into the apartment building hoping to be undetected.

Little did she know I was there late that night painting! So I confronted her, and she gave me some sob story about losing her phone. And not being able to afford the rent anymore. Shes owes me two months in back rent. She even left her dirty mattress in the front of my house. What the heck am I supposed to do with that?

So I after all the drama, I didn't have to go through with the eviction after all. I guess a few months rent is better than what I could have lost in legal fees if the eviction went through.

I wonder if there is some service where I can warn others landlords of this tenant? Some credit reporting I can do?

Life of a landlord I guess. Cheers.