All Forum Posts by: Rebecca K.
Rebecca K. has started 3 posts and replied 40 times.
Post: Memphis Rentals: Eviction and now Bankruptcy
- Gilroy, CA
- Posts 41
- Votes 21
Originally posted by @Randy E.:
Originally posted by @James Martin:
From what you’ve posted you should be fine with getting them out in a timely matter. It seems you have a knowledgeable management company working on your behalf. It’s unfortunate that this has happened to you, but nothing to panic about. It’s all part of investing in real estate. I’m sure your have great news for us soon!
Hi James,
I can't be as quick as you to say the OP has a "knowledgeable management company" working on her behalf, or that the PM got the matter handled in a "timely manner". I'm guessing a little here, but I'd assume that as an out-of-state investor, she bought in TN because of cheaper houses and better cashflow. Further guessing, based on other posts at BP from landlords in the Memphis area regarding such buyers and the properties marketed to them, would have me assume the rent for her property is probably $700-$900/month.
If the tenants are $4000 behind in rent, that means they are 4 or 5 months behind in rent. For a PM to allow a tenant to get so far behind before filing and getting a judgement is not my definition of "knowledgeable" or "timely." I'd go further and say it's a sign of incompetence.
Yes, missed rent payments, evictions, and unexpected events are all part of being a landlord. However, waiting that long to initiate eviction is part of being incompetent. If the PM did indeed wait that long, my first order of business after the tenant was actually evicted would be to fire that PM company and hire a new one.
Post: Memphis Rentals: Eviction and now Bankruptcy
- Gilroy, CA
- Posts 41
- Votes 21
A tenant is almost $4,000 late with rent.Through my property manager, we were awarded judgement and possession after an eviction proceeding. Since then, the tenant has filed for bankruptcy, which has ceased all action to gain possession and evict through general session court. Now my property management is filing a Motion to Lift Stay Order in Bankruptcy court.
Post: Making an eviction in Memphis
- Gilroy, CA
- Posts 41
- Votes 21
Curious as to how your process is going. Through my property manager, we were awarded judgement and possession. Since then, the tenant has filed for bankruptcy, which has ceases all action to gain possession and evict through general session court. Now they are filing a Motion to Lift Stay Order in Bankruptcy court. They almost have $4,000 in unpaid rent.
Post: Bigger Pockets Gratitude
- Gilroy, CA
- Posts 41
- Votes 21
Thanks @John Bryson
Post: JWB Real Estate Capital
- Gilroy, CA
- Posts 41
- Votes 21
Thanks @Jim Schock
Post: Bigger Pockets Gratitude
- Gilroy, CA
- Posts 41
- Votes 21
Thanks, John. :)
Post: JWB Real Estate Capital
- Gilroy, CA
- Posts 41
- Votes 21
I'd definitely love to hear what your property manager would do in this situation. You're right, 10% is about standard. The tenants vacated on July 10 and hadn't paid July rent yet. I'd be interested (which I should be able to find out) how long it took JWB to reach out and say, "Hey, where's the rent?"
I have a bad taste for turnkey properties at the moment but if you work with one, I'd always be interested in researching them. Thanks. :)
Post: JWB Real Estate Capital
- Gilroy, CA
- Posts 41
- Votes 21
That is really odd, Jim, especially since they offer up to $1,000 in reimbursement of travel expenses to investors to come and tour Jacksonville and their offices.
Things are still dicey on my end. The unit is still vacant and my other unit has had some maintenance work that will eat up the majority of my cash flow (after the mortgage is covered). It kind of irritated me further because they told me they cover the first six months of maintenance (not something they put in writing but just a nice gesture they make). I was told it's not part of maintenance. Actions and words aren't lining up. I'm just trying to have faith that it will work out. I've also learned my lesson to have inspections done from now on before acquiring a property. It's interesting JWB didn't suggest this.
Post: Bigger Pockets Gratitude
- Gilroy, CA
- Posts 41
- Votes 21
I just wanted to say that I am extremely grateful for this website. At this point in time, I don't feel like much of a success as a Real Estate Investor, but I'm going to keep on going and am happy there is this world out there for me, known as BiggerPockets. <3
Post: $1,300,000 Deal at Age 21 & I'm Retired!
- Gilroy, CA
- Posts 41
- Votes 21
Congratulations Abraham. Very inspiring!!!