All Forum Posts by: Linda S.

We tried to get a house through Homepath, looked at it the day it became available to investors, put in an offer over asking, but lost out due to an offer from a person wanting to live there as the primary residence.    I don't think financing vs. cash from an investor will hurt you,  the thing that will hurt you is they prefer owner occupied buyers. 

@Harry Wilson,

We typically buy 30-40% off MLS, due to the house not being able to pass inspections, so it has to be a cash only offer. Not many people are able to do the cash offers, so it knocks out 90-95% of buyers out there. It's when sellers often know the work required will be thousands, and they don't want to invest anything into it, just want out. Cash is king.

@Shawn Ackerman @Deanna McCormick"Nice guy"  was put in quotation, because that's how you sell it to the client, to make them think you're on their side.. definitely recommend being smart >nice.   M2M is not about being nice, it's about being more advantageous for the landlord, and giving you an easy option to kick her out, by not renewing instead of a legal headache.     

I agree with @James Mc Ree,  the amount of money you'll get by doing a rehab and the amount of money you'll get doesn't really make sense.     

If I were in your shoes, I'd tell her that you can do it this time, but it's still late and you'll need the $185 + late fee by  X date....  but you need to switch her to a month-to-month lease, as you aren't 100% sure this is a good long term fit for both of you... be a "nice guy" and say it gives her the flexibility, so if she realizes it's too expensive, she can have an easy out...   I'd switch the lease structure to have it $625, but if she pays by the first of the month $585.  This gives her the ability stay at the same rate..   I'd still include a $25 late fee if it's over 5 days late.   Firm but fair. 

3mm is the lowest I'd go.. check out Floor and Decor if there's one near you

@Kami S., wow! nicely done!!! 

I would suggest doing a M2M, with a significant discount to pay by the first of the month.   Everyone loves their tenants when they sign, and we all get excited about keeping them forever.. but ... what you don't know, is how they will live after they move in.     Can't say we've had a tenant where after a few months, I wished the lease was 2 years, definitely not.  

I think it all depends on what you want to do.. if you want to climb the corporate latter,  then it can help you.    Unless it's an ivy school, I doubt it will help you enough to outweigh the student loan.   If you're in finance/accounting, definitely pursue the CFA/CPA/etc before your MBA IMO.    If you don't have the combo of the certification, it's kind of useless, companies want both.   

If you want to pursue real estate, and really push that.. your better off putting your time and energy into your first rental.    To be successful in real estate, you have to have a different kind of drive, determination, guts and an insane amount of  persistence. 

With it being 6 days, and you knowing they are leaving  (assuming they plan on it), and knowing you don't have a contract to enforce, or security deposit to hang over their head, I'd go in and try to be nice.      You might even try telling them you have another tenant moving in the first week in February, and offer them $100 to clean the place up?  It's a subtle play on cash-for keys.   The check may be in the mail,  in all reality, it's probably not.. but them vacating is the most important thing. 

If they are jerks, I'd post a pay-or quit on their door. In VA, it gives 5-days to pay, or vacate the property. A strong sounding document will likely get them packing. This should have been filed the day they were late, not 25 days after. It's very effective in showing tenants you mean business. It's placed on the door, make sure you take pictures, or have the sheriff serve it.. and then if they don't pay/move, then you have to go through the court process. Hope this helps!

If their lease expires at the end of the month, and it wasn't renewed-- why don't you just keep their security deposit to cover the rent?   That's of course assuming there isn't a bunch of damage done to the property.    Eviction is very costly and draining,  if they only have 6 days left, why put yourself through all the hassle of an eviction, when you can keep their deposit?