All Forum Posts by: Kyle Meyers

I bought my first tax liens last year with 1 year redemption. I went to look at the properties today to make sure they were in good condition and discovered one had burned down. Has anyone else had a similar experience?

I am wondering if there is a good way to insure against these losses. I contacted my insurance agent several months ago, but he was unsure of how to write a policy for that. I called today after seeing the damage and he said it may be covered under a separate policy I have which includes a provision for newly acquired properties.

I am only in for a couple thousand right now, but the property would be worth at least $15k and the redemption period ends Monday.

Any input is greatly appreciated.

I see lots of these "handyman special" rentals posted on craigslist and even more as rent-to-own properties. Oftentimes they are offering a reduced rent in exchange for you to do the repairs, I haven't seen as much mention of the security deposit reductions as in the ad you found. I agree the repairs are most likely never completed, or at least not well completed, and the rents just get cheaper until the place falls down.

I don't know how there could be a revolution if the protesters don't even know what they want. There is no unified goal, just a bunch of people camping in parks across the country. If they get organized, I think there could be some influence to pass new legislation of some sort, but I don't really see that happening.

I don't think you have to sign the lease, but you may not be able to throw their stuff to the curb. Check with a lawyer, but I believe you giving them the keys establishes a landlord-tenant relationship.

What are good landscaping ideas for a rental property? I am planning to find some plants that require little upkeep and last a long time to boost the curb appeal. Anything I should look for in particular?

So far I have thought to avoid putting plants anywhere they would block windows or doors, and not put plants anywhere it will make it more difficult to maintain the yard.

A tenant's 18 year old child moved out. The child was listed as an occupant in the lease, but not a tenant and did not sign. The child still has keys to the unit. Can I change the locks at the request of the tenant? Do I need to have a new lease signed? If another occupant is going to move in, what should I do?

I agree with Jon, as long as your lease made them all jointly and severally responsible for rent, him moving out does not remove responsibility from any of them for paying the rent. If they are month to month, they would have to all give notice to move out, if they are on a term lease, they cannot stop paying rent until the end of the term. If the husband and wife want to sign a new lease and remove the third roommate from the lease, you can do that, but don't reduce the total rent.

I'm still in school and have started investing. If you don't have cash to pay for your deals or income to qualify for a traditional mortgage, you just have to find a different way to finance the deal. You can look into subject to deals, owner financing, lease options, joint venture partners, etc. Good Luck!

Anytime you are unsure of the legality of what you are doing, you should consult an attorney.

I do not see any reason you couldn't talk to a seller about what price they would sell for, but I do think you could run into trouble making offers if you aren't planning to buy.

Owner financing is like getting a mortgage from the owner. Instead of writing an offer to pay $50,000 for a property, you would write an offer to pay $1,000 per month for 50 months. It is a way to get financing outside the traditional route.

I agree with those who suggested owner financing, you would be able to make offers you actually intend to fulfill. Making offers which you don't plan to carry out could have legal consequences, though if you put in a financing contingency and actually look for financing, you shouldn't have much problem. Of course, check with an attorney. I am about to start a similar plan, searching for good investment properties and making many offers, I am going to use owner financing offers to try to get good, cash-flowing, properties with little or no money down.