All Forum Posts by: Patricia Steiner

You're making this harder than it is...first, did you do an internet search on is that specific market a buyer's or seller's?  There are entities that track that information and support it.  I did it for your stated city and it is shown as 'neutral.'  

As a realtor and investor, you have NOTHING if you don't KNOW your market.  You won't learn it on BP.  

Do the work...

Anyone who claims to have 70 buyers on standby is automatically perceived as not credible. Bandit signs - think of the name itself - will get you a local citation for littering and whole new crop of scam callers.  What you need is a focused business plan.  Going after sellers BEFORE you have determined what your potential client may have an interest in is like trying to sell aluminum siding to a guy in a brick house.  Step back and ask yourself some serious questions - starting with 'do you know what you're doing or are you just doing?'  It's not a dig - it's a refocus/directional play.  Who is your potential client - and why you and not someone else?  Is it a flipper who thinks only off-market properties are good - or is it someone you already know who trusts you and wants to get into the business of real estate.  I hope you'll shut down all the noise and do some serious thinking, list making, more.  It will be the difference between working hard yet failing - or working smarter, more focused and getting business.  

Foreclosures are rarely the great deal that people perceive them to be.  The come with a host of condition, titling/lien/tax challenges/code enforcement/lender issues that are simply not worth the time, money, and delays.  Bottom line:  you can do better.  

Check your PM agreement on acts of malpractice/failure to perform.  Unfortunately, as landlords, we have to manage PMs and require their confirmation and follow-up to our requests. If it were me, I would have the PM not only notify them of the termination/exit date but make an offer that makes moving out earlier to their advantage - at the PM's expense.  It may be to pay for a moving truck if they move out by the 15th, offer a small bonus - $200 - for exit within 10 days, something.  Go back to the PM and let that person know that 30-days of being held hostage due to a failure to perform is simply too costly for you and that you need for her to market an early departure from the very start.  Expect and initiate a follow-up call to check on the status - and the PM should be speaking with each tenant individually to gauge their exit plan/date and schedule a final walk-through.  Stay on this and expect more of the PM - even/especially now.

Best...

You're question isn't unusual - but do yourself a favor and do an internet search first.  There have been RV rentals for vacations around long before vacation rentals and yes, they're already in that sector.  Here's one article that claims to give you 'everything you need to know' about it:

https://www.rvezy.com/blog/air...

Insurance would be my greatest concern in mitigating risk. 

Hope this helps...sounds interesting.

You're running a business.  It's not personal and it's not about being or not being a good person.  You offered a service/rented a product - and the person who PROMISED to pay you, did not.  As a result, the eviction is a normal business standard when a tenant stays and doesn't pay.  Not personal, just is.  This tenant might be a good mother, thoughtful friend, and more but she isn't honest if she lives beyond her means and makes promises to pay that she can't keep.  And, here's what makes me insane:  there are church groups/charities/community organizations that will make a donation or even interest-free loan to help financially struggling persons pay their rent and/or utilities on an emergency basis.  If something happened that caused a financial burden on her, she needs to seek every available resource to meet her obligation BEFORE simply not paying.  Not paying is not an option - and now with an eviction, she did neither you or herself any favors.  Feeling guilty?  Save it for when you get caught telling your mother that she looks great in that hideous dress!  We got to own our own stuff which is plenty without owning anyone else's.

The eviction will be public record so it's up to you whether you report it as a collection or not.  I would engage a collection agency who works on a split to go after the $5k you are owed.  Run your business so it doesn't run you.  

It won't be a cheap date. If you're still within your inspection period, get a contractor out there now to get you some estimates. If not, arrange for an exterior walk with a contractor for "planning purposes only."  Consider:

"Labor usually costs about $50 per hour, and permits typically run between $100 and $500. Smaller jobs, like those around pools, patios, or a single side of a home's foundation, may run from $500 to $3,000. However, grading around an entire home is closer to the $3,000 to $5,000 range."  (Source: This Old House)

Article:  note how a level can tell you a whole lot quickly (and for nothing):

https://www.usinspect.com/blog...

Hope this helps...

And, just when you think there is no SuperMan, here comes Jacob.  How blessed your family is to have you for their hero -  and mine. The world needs more Jacobs.

As for your real estate business, my recommendation would be to not make any big decisions right now, to let things be as they are, and consider the options that come from that strategy.  With the duplex, you have one tenant already, is it possible to rent out the other unit - as is - and cash flow the property (or even break-even)?  Managing properties long-distance is done every day and done so efficiently/profitably.  There are a lot of people here on BP - and I'll offer myself - who can counsel you on that.  As for your mother's house, could she hold a note for now?  Would she quit claim you on the deed while you do a 'rent to own' until things settle down with the children/move and then figure out something else?

I actually think that you can make the WHOLE ENCHILADA work if you can let everything fall into place first.  You're facing a crisis now so start there...give those children that safe place they need now.  Then get your duplex rented - you can do it long-distance.  Talk to your mother about options while you both focus on the family.   It doesn't have to be the perfect long term play for now.  Just hold on and let it be.  

I'm proud of you.

You're running a business - and so is every other investor on BP - so I am shocked at how many contributors have focused on the size of the rent increase. Market rent is market rent for a comparable property. If you have this wrong, the market will let you know because the interest won't be there. But when it comes to pricing, you determine it. If your tenant cannot afford that price, they're in for a real awakening when they go into the market to get a new rental. You don't negotiate, you don't subsidize the rent (you're not HUD), you unapologetically let them know that the rent has been artificially low while taxes and insurance have not been and that the new price reflects that of the market. I have found that tenants can somehow afford the latest i-phone, new cars, vacations and more but any increase in rent is deemed a burden (and it is on their lifestyle).

Make a business decision and stick to it. When you don't do that, you give the perception that you were trying to rip the tenants off - just jacking up the rent for sport. Be the real deal and get the ROI that your property deserves.

Have you tried doing on online search for the tenant - something like 'who lives at (list address)'?  If that doesn't work, I recommend contacting the realtor's broker and demanding that the realtor complete the transaction in full or you will have to file a licensing complaint against her.  The Broker is responsible for all contracts for five years so there's a vested interest in making bad stuff go away fast.  So hate that you're being held hostage...but congrats on the acquisition!