All Forum Posts by: Randy E.

@Jeff J. in the future, don't promise a new tenant a unit will be available a day after an evicted tenant is scheduled to move.  As a landlord, it's your responsibility to ensure the unit is ready as promised.  You probably should have either waited until the evicted tenant was actually out of the unit before you rented it again, or at least set the move-in date for the new tenant two weeks out. 

BTW, how do you know the unit will be in move-in condition a day after the evicted tenant moves out?  If she's delaying her pack and move until the last possible moment (or longer,) it's likely you'll be left with more than a little clean up and prep work on the unit.

Do you have a legal eviction notice with a date set up for a deputy to come ensure the evicted tenant move out?  Or is this a soft eviction where you have told her she has to move out by the end of the month, but you haven't actually taken legal (meaning court) action yet?  If you haven't gone through the courts, it may be weeks before the tenant actually moves out.

Good luck!

@Mark Graziano, yeah that would be a good deal for you for cash flow.  I wonder if the owner would be satisfied with only $1000 upfront and a 25-year payment plan.  Keep us posted on what happens.  I've never purchased (or sold, for that matter) a property with owner financing.  It would be interesting to see what terms are settled on.

@Mark Graziano I don't see why the owner would accept offer 3 over offer 2.  Accounting for $6K in pre-sale repairs, there's a difference of $15K between the offers.  To the seller in this deal, there is no difference between a cash offer and a traditional loan offer when both are from the same potential buyer.  At closing the seller will either walk away with $65K or $80K. 

I'm guessing the seller will choose option 2.  That's fine, but you should make sure that is what you want?

Good luck!

Correct.  I should have specified I was speaking of the field part of the septic system.

 True.

Many years ago, I had a tenant with an oxygen tank who smoked, and her boyfriend also smoked.  The first time I saw her smoking, it really surprised me.  After a while, I didn't think about it much.  Her life, her decision.  They paid the rent on time all the time, kept the place in great condition, and never complained about anything.  I was happy to have them as tenants.

I understand your concern about having a heat source around an oxygen tank.  If it really bothers you, maybe you can find a reason in your lease to evict them.  However, if they're paying on time and are generally good tenants, and if the unit is not a non-smoking unit, I wouldn't evict.

But if you want to, and you can find something in your lease to support your desire to evict, I think you should go for it.  It's your property and you can manage it however you see fit, within the boundaries of the law.

My primary residence has a septic tank and well water.  When it was built in the 60s, that was the only option because it was located outside of city limits back then.  Now, the property is well within city limits, most of the neighborhood (especially the newer houses built in the 80s) is on city water/sewer, and I could switch to city water/sewer but I don't see the need to pay to do that until I have to.  It costs about $3000-$4000 to switch each.

Septic tanks, as I understand it, are basically built with an expiration date.  I've been told that all will eventually fail.  The older it is, the close it is to at least a partial failure.  When it fails to a certain degree, you have to rebuild the field and maybe the tank.  In my case, doing that costs approximately as much as getting connected to city water/sewer.  My field is in the early stages of failure now, so I'll probably switch over to city services this summer or next spring.  I'm not sure if I'm going to switch both sewage and water, or just sewer which is what the septic tank/field handles.  

Regarding well water, as I understand it, only two bad things can happen.  The well could run dry (rare in my area) or the pump could fail.  My neighbor's pump failed a couple of years ago.  They've been in the house since the early 70s and he said this is the first time he had to replace it.  He bought the pump, dug a hole in the front yard where the well pump is located, and installed it himself.  He told me the cost to have a professional do it was about $300-$400.  I would have paid the price, but he's a big time DIYer.

That's great news @Ryan Dossey.  Effortless profitable deals are the best.  

Welcome @Brian Han!  Glad to have you aboard.  Your location is listed as Durham, but you mentioned you're living in Cary.  Where do you plan to buy your income properties.  Just curious.

Wherever you decide to purchase, the Triangle is a great place for investing in real estate.  I'm sure you'll do your due diligence and end up just fine.  Ask questions any time.

-Randy

@Sean Sudduth welcome.  Good luck in your Real Estate Investing future, and thank you for your service.

Cheers,

Randy