All Forum Posts by: George Paiva

Yes in CT its a pain as well. You can only legally collect 2 months rent for security or if Tenant is 65 or older 1.5x rent. It also has to be a interest account as well.

Unfortunately the market only lets us collect about a months rent and then 99% tenants figure on using it to pay last months rent. So they leave you holding the last months rent and an apartment requiring major clean up for turnover.

I've been trying to minimize my damages by only renting to good tenants ie at least 3x Income to Rent, 700+ credit, no evictions, no felonies... Hard to do in our market lately and have been holding vacancies up to 3 or 4 months on some places. And my rental rates are at the low end.

Sorry for the ranting, just my experience in the last year... At least we don't need all that documentation and legal paperwork trail like in Mass...

Thanks @John Weidner , @Jody Michelson and of course @J Scott for all the help. I will take what you guys have and translate it to a Projects sheet and run a rehab through it. I'll post what I end up with so it may help others in the future.

Hi Folks, I generally deal with MFH, but I have opportunities to do a few flips. Typically with MFH I take a more phased approach by focusing on structural elements of a property like Roof, Heating, Electrical, Plumbing then focus on each unit as they become available. This is done over time.

For a SFH, I know schedules will be much more restrictive as you would want quick turnarounds. Knowing this what is your typical schedule on a fix and flip?

Do you keep track with Spreadsheets, Microsoft Projects?

Post what you have. I am a Project Manager by trade so i am very proficient with Microsoft projects and will be willing to share what I come up with here with the BP community.

Thank You, George

Ask around with installers how much they would charge to do Utility Oak. Its a rougher wood with knots and cracks but for a rental who cares. Its about a $1 sqft but installation will vary from $1.50-2.00 sqft.

http://www.lumberliquidators.com/ll/c/Utility-Oak-R.L.-Colston-OA3U/10000722

Carefully bring up the topic with her mother. Be willing to handle her belongings into storage, maybe pay a month or two then have the mother be responsible. You may want to give it some time.

Welcome to BiggerPockets, another CT investor!

WOW @Joel Owens ... thanks for the insight. Yes these brokers are very one sided on the contract. I will PM you the name as I don't want to drag them public or anything.

And YES they are holding earnest monies now that I see it.

And get this the brokers are getting 10% of purchase price to be split 50/50 between buyer/seller brokers. To top it off the seller is also the seller broker since he is a licensed realtor.

LOL, can't make this stuff up... I almost spit my water I was drinking as I was reading it all.

Need a Georgia Lawyer for a review of a Purchase Agreement between brokers on a MFH property in Walton County, Georgia. Does anyone know any good lawyers?

I have a big issue with this section:

"DEFAULT REMEDIES: In the event the sale is not closed because of Seller‘s inability, failure or refusal to perform any of Seller’s obligations herein, the Seller shall pay the full Commission to Brokers immediately, and Broker shall return the Earnest Money to Purchaser, which shall not constitute a waiver of any other right or remedy Purchaser may have against Seller. Purchaser agrees that if the sale is not closed because of Purchaser’s inability, failure or refusal to perform any of the Purchaser’s obligations herein, Purchaser shall forthwith pay Brokers the full commission immediately, provided that Brokers may first apply up to one-half (1/2) of the Earnest Money toward payment of the Commission and shall pay the balance thereof to Seller as liquidated damages of Seller, if Seller claims such balance as Seller’s liquidated damagers in full settlement of any claim for damages against Purchaser, whereupon Brokers shall be released from any and all liability for return of Earnest Money to Purchaser. In such event, Broker shall be entitled to apply one-half (1/2) of the Earnest Money against Broker’s Commission, notwithstanding the fact that Seller may not claim or be entitled to the balance of the Earnest Money as liquidated damages, and Purchaser shall remain liable to Brokers for the balance of the full Commission. If Seller claims one-half (1/2) of the Earnest Money as liquidated damages, such sum shall be Seller’s sole and exclusive remedy for such default and no action for specific performance shall thereafter be available against Purchaser."

Sounds like we are on the hook for full commission to the brokers if we don't perform on this purchase.

Welcome new connecticut investor!!! How long did it take you from acquisition to finished product? Any lessons Learned?

Welcome to another Connecticut Investor!