All Forum Posts by: Lindsey Jessup

Kyle Hipp - yes, she is a roommate in a house I own and live in. Bryan Otteson - it sounds like I've followed the procedure correctly so far. I'll be launching a ten day notice after the first for her to remove her possessions, which I believe she will abandon. The problem here is that the statutes seem to say that, after the ten day notice of abandonment, I must perform a public sale of her possessions and give her that money less damages. Any suggestions regarding this? Thanks for the feedback everyone!

Problem: I want to get a tenant off of my RSF property. The tenant is living in two of the rooms, I live in another. She is on a month to month verbal contract. I entered into this agreement with a friend, and now she is causing a lot of problems for me. Background: my property flooded due to rain water coming in through the base of my house in August. The tenant has been living with family since then, and I haven't charged any rent in the interim while I made repairs. The house was definitely live able in late November, but now the tenant won't move back in due to a mouse problem saying "it's a health and safety issue". I've tended to the the mice with traps, and had an exterminator come out too. As far as I can tell the problem is taken care of. I sent her 30 days notice via certified mail in late November informing her that I was terminating her month to month lease as of January 1, 2017. She rejected the notice, so I kept it unopened. My question: could this be considered an illegal termination of tenancy in Arizona? I understand there's some laws about retaliation, but I'm having a hard time finding specific statutes to clearing my predicament. I really need to get her out of my property, but she's fighting me the whole way because she won't be able to find housing this cheap in a decent neighborhood. I'm trying to make sure I don't legally bury myself in this mess. Thanks for your time, Lindsey

Forgot to mention the burn radius was about 10-15 feet. -londsey

Before I dig into numbers, let me say that I'm completely new to the industry! The deal: Fire damaged Fiveplex in 85034. Observations: obviously burnt... Through the ceiling supports between the two center units. The fire probably started at the charred water heaters. Also, notice many termite tunnels hanging from the ceiling in the front unit about six inches in length. No HVAC on the property. Good news: it's right off of seventh street and the 17 freeway near all the awesome downtown stuff like Chase field, so many great museums and entertainment. Numbers: Asking price: $75k (seller bought for $40k) Median rent for 1 bed 1 bath ~$675 according to rentometer Gross rent: $3375/mo Estimated repairs... I'm praying for $50k but I honestly don't know. ARV: ~$150k according to Zillow zestimate Mortgage estimate: ~$700/mo I'm thinking of offering 50k (sellers already dropped the price 15k) and seeing where it goes. That leaves me with a hard money loan at 90k and me cash in 10k for the remainder. My goal is to BRRR the property for cash flow. Someone already started tearing out the drywall and insulation in the damaged units, but this doesn't include the termite infested area. If my numbers are anywhere near correct, I think it passes the 50% rule. Should I consider getting an estimate from a fire damage specialist and GC, or just move on? This would be my first investment property, so I might be biting off more than I can chew. What am I missing? Thank you for your time!! Lindsey Jessup