All Forum Posts by: Leo Don

Hello BP

Looking for some insights in handling a tenant that using unauthorized washer & Dryer in the basement. The tenant also stopped paying rent. I know during the pandemic eviction are stopped. I am just curious to see if anyone is having any kind of similar issues and how to proceed forward. 

As alway, appreciate any inputs!

Thanks 

Hello, @Jasmine Wevers

I actually hired a skip tracer to get an address that I used a Marshall to serve the notice and went through the small claim process. I was rewarded the judgement by the judge and the tenant agreed to pay me a small monthly fee. In my opinion as my real estate portfolio grew I learned that when it’s comes to tenant that has no money it might be better to take the loss and do a write of on taxes. Moving forward, i screen my tenants vigorously and make sure they meet my requirements. I rather have a two vacant months then put the wrong person in. 

Please feel free to share what you end up doing. Love to hear some insights! 

@Marc Winter

I appreciate the insider! I see the collection of the fund might be a long shot. Would you recommend any collection agency you might have worked in the past with?

Hello BP,

I am looking for some insights as far as to how to get your dead beat tenant to pay you there back owed rent. I took them to small clams and won a judgment against them. I order a bank excecution and wasn’t successful in collecting any funds. Does anyone know about any collection company or attorney that can assist with this process. I would greatly appreciate any advise moving forwards. 

Thanks 

Hi 

If you go residential I believe the fha option might work. Only issue I can see from my past experience that lender will get a red flag for you to purchase a multi fam since you already have a single fam. They might require you to go investment route with 25% down. 

@Mack Bailey 

I would recommend if this your first purchase to do a conventional 5% loan program. Try to save fha to purchase another multi in the future. 

@Michael Noto

I would deeply appreciate if you can share your lender info. It’s alway a pleasure to talk to new lenders to seek options on purchases.

Banks are very aware of people trying to buy multi 3-4 unit as owner occupy and turn into rentals. If you go to single fam or even 2 fam you shouldn’t have any issues. If you try to get 3-4 fam I’m sure many banks will give you hard time. I would suggest speaking with a mortgage broker And investor friendly bankers

Condo to a multi Fam will cause a red flag in the bank eyes. They will try to make you go investment route with 25% down. Your best bet might be to go fha since you don’t have a fha loan and your allowed to have a one fha on your credit any given time. Best of luck!

hello 

Bridgeport have high taxes and the majority of the location are high crime hence low quality tenant. I would do a very hard due delienge before making a decision to purchase there.

@Kyle J. your a true rockstar! Those insights are soo true.  I’m going to do my best to make sure no other landlord have to go through this horrible adversity. I really appreciate it!