All Forum Posts by: Account Closed

@Brian Hoffman I think you're spot on with allowing them a substitute (that gets screened/applies just like the others) and allow the unemployed to move on. If they've been good tenants and have been upfront and honest about the situation, no use in kicking the unemployed tenant while they're down.

Inspect the property before the tenant departs. Have the departing tenant fix any items that you and the other tenants believe were the departing tenant's responsibility. Have the remaining tenants sign some form of a Condition of the Premises document stating that they agree to assume responsibility for any additional damages to the property from that point forward; meaning they can't come back at the end of the lease and say "We're not responsible..Bob did that.."

@Katrel Kelly It's bad if they're misrepresenting themselves as a cash buyer. I toyed with a wholesaler (who has a profile on here) for a few hours the other night after he misrepresented himself.. Said he was a cash buyer, but wanted a 45 day inspection period.. wanted to put $100 EMD on $250k worth of properties.. completely stopped responding when i asked him for a proof of funds.. etc

If you know what your house is worth to a cash buyer, then why would you allow an wholesaler to profit $5-10k off the sale of your house? All they're going to do is blast it out to the same folks that you could if you go to your local REIA meeting, or post it on Zillow or Craigslist. If you don't mind someone making $ off the sale then why not bring it to an agent and have it listed?

@Katrel Kelly Ask for a recent Proof of Funds **from a legitimate financial institution!!!** within the last 30 days. Anyone offering to pay cash should have no issues producing proof that those funds exist. Any objection to that request means you're dealing with a wholesaler. 

@Steven Bell
1. This sure does sound like a solicitation of services..maybe pony up the couple bucks a month for a plus/pro account and post it in the marketplace where it belongs.
2. You might drum up a bit more business once you ditch the attitude and condescending tone. 

Good luck.

Greg Farricielli
Village Real Estate

@Justice Lee You have a lot more options then simply traditional bank financing!

But that all depends on how motivated she is to sell? Make her understand that selling off multiple properties at once is no easy task, and then offer her solutions!

• Are the properties distressed / lots of deferred maintenance? If so, and negotiate the price down to the "wholesale" price range, take the deal to your local REIA and find a private lender to fund the deal, buy them all and sell them off one at a time, or in small groups, or as a whole package
• Are they owned free and clear? If so, present her with a seller finance option
• Are their mortgages on them? If so, offer to buy them "Subject To"
• Is it a mix of all of the above? Give her options! "If you got cash for 1, 2, 3 and 4, would you seller finance 5-9?" 

A motivated out of state owner with multiple properties to sell is a great opportunity! You've got your foot in the door, take advantage of it. If you need some help let me know!

@Miguel Martinez  Go ask the neighbors, someone in the neighborhood probably knows the owner. If you have his name, look him up on social media. If he's too old for the Facebooks, try a site like Intelius and find the names of his relatives and contact them on Facebook. If all else falls, make a homemade bandit sign that says "I want to buy this house, If you know the owner, call me @XXX-XXXX"   and stick it in the front yard. 

@Dominique Nugent Some advice i received from an attorney after my first business venture (prior to REI) went bad..very very bad.

"Its always cheaper to go see an attorney before a deal, than after"

Don't get me wrong, his books are very motivating, but maybe Grant should be more upfront about the source of his "investing" and say.. "Dont start investing until you have the financial backing of other rich members of the church of Scientology"  ... He let that one slide in one of his YouTube videos awhile back. 

@Meagan Inman 

Lesson 1: Have an estoppel agreement signed before you close on your next rental if tenants are transitioning with the property. That way there is absolutely no confusion about who owes who what and when. It's in writing before you close and take possession.

https://www.biggerpockets.com/renewsblog/2013/06/1...

As mentioned by the folks above, start the eviction process first thing tomorrow morning. I wouldn't waste anymore time/energy trying to reason with them. Cut your losses and move on.