All Forum Posts by: Mike M.

I do it on my personal via a Google number (mainly for marketing). I will usually pass out my personal number to service providers as I answer it more reliably than the Google number.

Give us details on the A/C and electrical work required. Those items eat up Benjamins fast. A 1950s electrical system could be a 60 amp, fuse box, two-wire setup - completely inadequate for today's needs. Definitely get a handle on what you've got on your hands. HVAC's a wildcard. Roof, windows, and drain piping are worth looking into. Multiple heirs can be difficult - too many conflicting interests and everybody already has plans for their slice, making price drops difficult to achieve. Stay at 65 or less. Don't be like me and countless others who have forced a "deal" just to get one done. There's better out there for something with a ceiling of 100K.

Phil B. You'll have to reconcile the existing mortgage in some form or fashion during the sale. If the mortgage can't be reconciled at the sale price necessary for an investment strategy, then it's not a deal, and I'm not about to make it my problem. That's what I meant.

Mostly correct. You never "get" the house - at closing, your cash buyer pays $70K, you get 10, and seller gets 60, netting 10 after payoff. Now you just have to find that lady who'll let her house walk for fifty cents in the dollar.

I'm confused by your numbers. When I place a contract on a house, I buy it for what the contract says. Existing mortgages are the seller's problem, not mine. It's probably not enough of a discount to make a decent assignment fee for an investor buyer. Only way you know is to shop it and see!

@Todd Runstein Thanks for the reply.  I'm going to give it a go on my next vacancy and see how it works out.

Do you bill your tenants for the cost of certified mail, return receipt requested when issuing Notice to Remedy/Notice of Default paperwork?  I'm debating on if/how I should word this in my lease.  

As a manager, I would make first contact by phone to discuss the issue.  Should it persist, I'd issue the paperwork via certified mail.  I hope I don't pick tenants where this is commonplace, but was interested to see if the cost per mailing ($5-6) is recoverable.

For those with landlording experience, would such a deduct out of the security deposit stand up in court?

My registered agent is my attorney at his building address.

Solving problems pays the bills, regardless of company name. I had such hell picking a name that wasn't already taken I was glad to get what I did. Maybe stay away from "We Rip You Off Properties, LLC" and all will be well :)

Ned Carey why would you not use a USPS box? For all the hand wringing on return address, how can anyone quantify with any certainty which is best?