All Forum Posts by: Ken Gurta

I am thinking of purchasing my next property through a local Auction. I got the idea when I found out that a house in my subdivision was to be auctioned off. It had an opening bid of $77,800, Unpaid balance was around $105,000, and is worth $160,000 after repairs. Sounded like a slam dunk to me. I thought that it would be nice to have another house just down the street, but I was scared off with the "cash only-no financing" requirement on the deal. I have no experience at auctions. Any advice would be appreciated.

I had a family of 4 living in one of my houses. The house is in a small, quiet, and well kept subdivision of approximately 32 homes. The family included a young boy of around 12 years old. I always thought that the boy was nice, respectful, and normal. I was wrong. 

One night, the boy sneaked out of the house just after midnight. He went to every driveway that had vehicles and proceeded to slash all of the tires. He also carved obscenities on some of the vehicles with a knife. At least 13 neighbors became victims. 9 wreckers had to take away around 20 vehicles the next morning.

I didn't find out about it until just over a month later. The community had a meeting to discuss the crimes the boy had committed. Someone at the meeting had my contact info. 

My tenants were in denial that their son could have been the one to do so much damage. So, I did a little investigating on my own. Wanting them to leave my house peacefully and intact, I met with them to talk about the case. I didn't terminate their lease or tell them to go. Instead, I offered to let them out of their lease without penalties should they find a place to move to where they could get a fresh start. I also explained it in a way as though I was talking about myself. I said something like "If this is the way the community feels, I am not sure that I would want to stay here".

The tenants decided to take me up on my offer. I lost 2 month's rent. The community was happy with my decision. And, I then found an awesome tenant who still lives there!

Thanks everyone for all of the advice. I have been burned in the past. This will be my first time using the BPSM background and credit checks. I'm looking forward to it! I will give an update tomorrow. All 3 are claiming to have the upfront money now. I guess it's going to be a race.

Thanks Steve. I have never sent out a denial letter before, but will do so this time. I hate disappointing anyone.

I am showing one of my homes to 3 separate applicants. I have reason to believe that all 3 of them are going to pass credit and background checks. I do not know who contacted me first as they contacted me on the same day via different means. Therefore, I can not simply tell one applicant that he or she gets the first opportunity. Also, I'm not sure what to say to the 2 applicants that I have to decline. How would you handle this situation? Thanks.