All Forum Posts by: Phil Petite

There is a property that I'm making an offer on that has been sitting on the market for over 80 days. It is a great deal: my all-in will be around $105k and the home will rent for $1400/month.

I think that the only problem with this home is that there is a burned out property next door. It is likely to scare away most renters, so I'm a little hesitant right now to move forward with the deal.

Does anyone have any suggestions about what I can do with the property next door? Can I ask that it be boarded up and/or covered? Any recommendations would be great, thank you! :)

Welcome to the journey of real estate investing, Pradeep! :)

Where do you usually try to find your deals? Do you use the MLS/Zillow/etc.? I'd recommending continuing to sift through deals that fit your buying criteria on those sites, and I'd also recommend adding in some Facebook Groups to your search (type something like "Reading PA wholesale properties" or "Reading, PA off-market properties"). That should help boost your lead flow. You can also always try direct marketing campaigns or paying for leads (absentee owners, probate, etc) and marketing to those homeowners, as well. I hope that this was helpful for you and good luck! :)

I agree, Nathan! The lack of urgency has been underwhelming so far, honestly.  :-/

Quote from @Jordan Ray:

Quote from @Phil Petite:

Hi BP!

One of the rentals that I own in Memphis, TN that I bought in early January had a Section 8 tenant already in place, the deal looked good on paper, but I forgot to ask for the rent ledger. It turns out that the tenant had not paid the rent in November and December (and ultimately January too), because the previous owner allowed the home to fail 2 section 8 inspections before I purchased the property. Now the tenant will not leave, and we have started the eviction process.

This is a clear (and costly) learning experience for me, but does anyone have suggestions about what I can do to fix this situation? My property manager told me that we pretty much can't do anything for the next 60-90 days. I was wondering if anyone has had an experience like this and can offer some guidance.

Hey Phil! You could offer them cash for keys! Its alot cheaper than an eviction (If it works) I would start with the amount of their security deposit! Use this form (Attached).

You can DM me for pdf version of this document.

This is awesome!!! Thanks so much, Jordan!!!!

Hi Christie, thanks for your response! :)

No, the tenant hasn't paid the rent in 3 months now (2 months with the previous owner, and this past month of February with my owning the home). The failed inspections caused the tenants to stop paying, that is a good question. I can't have a re-inspection done yet, because the tenant is delinquent in her payments, so the only way to move forward, it seems, is to have her evicted now.

Ahh, I understand, thank you for explaining! :)

Hi Nick, yes, my PM is in touch with an attorney. Are you asking because we need to have a court date set for the eviction hearing?

Hi BP!

One of the rentals that I own in Memphis, TN that I bought in early January had a Section 8 tenant already in place, the deal looked good on paper, but I forgot to ask for the rent ledger. It turns out that the tenant had not paid the rent in November and December (and ultimately January too), because the previous owner allowed the home to fail 2 section 8 inspections before I purchased the property. Now the tenant will not leave, and we have started the eviction process.

This is a clear (and costly) learning experience for me, but does anyone have suggestions about what I can do to fix this situation? My property manager told me that we pretty much can't do anything for the next 60-90 days. I was wondering if anyone has had an experience like this and can offer some guidance.

Thank you, Andrew!! :)