All Forum Posts by: Andres Rivero

If you do use deposit-only cards, use different accounts for each property. Its probably good practice to use a different accounts for each property any how. Keeps your expenses separate and organized. I think you can even nickname each account with the address of each property. That option depends on your bank. I know BOA does. 

@Penny Clark

The lease hasn't expired. She's actually renewed her one year lease in April. I got a copy of it and reviewed it well. I also reviewed the bank statements from the last 12 months. She has paid her rent late several times but always paid the late fees. Rent is fair so I wont be increasing it till the lease is up. I will ask for the deposit at closing and have the tenant fill out my rental application.  What exactly is a CLUE report? Is that a normal request? Thank for the advice. 

@Todd Witt Thank you for the advice as well. I performed a walk through inspection on the property. I used to be a Home Inspector so that has helped me a lot. But I will ask for the move-in inspection report. I did notice where the owner did many of the repairs and some that are needed. Nothing major. 

@Ryan Cole I am going to have the same situation soon after closing. I was just going to introduce myself as the property manager acting on behalf of the owner. I was going to set forth the new deposit slips for rent payments and the phone number to my google voice. For any emergencies I was going to leave them my cell phone and set business hours as well. I have learned from my parents who have multi-family properties to never let them know you are the owner in order to avoid the hassle when you do go and fix something. My mother was always the lady at the office, I was the repair boy growing up and my Dad was the guy who picked up the money from the coin laundry machines and managed the property. It has worked well for many years. 

Thank you Chris,

I will take your advice on the proof of rent payment from the beginning of the lease. Going to research that Estoppel Cert and ask my closing attorney as well.

Hello BP friends,

So, I found a good deal and I am about to purchase a property with a tenant in place. I am concerned with the lease that is in place. I haven't seen it yet. The house looks good and the tenant seems to take some pride in the house by keeping it clean. I haven't met the tenant but by the looks of it so far she's a keeper. 

My question is, in the process of purchasing the property am I  tied to the current lease as well, or can I give the tenant the option to sign my lease with same rent amount, with probably some more clauses added to my lease?

Should I ask the seller for the tenants deposit money?

What else am I missing here? 

As always, I look forward to your advice. Thank you guys very much

This site is great and you learn something new everyday;)@Resa Onunkwo

Tommy Mosley have you looked into limaonecapital.com ?

I am sorry I meant demolish and build new. 

I am running numbers right now to renovate. Those numbers will include an insurance policy for the property while it's being built. I am inquiring about a policy to cover me for liability for the mean time while the property sits dilapidated.  

I need to who would insure my vacant investment property while I workout the details to demo it and build new. Have you guys ever insured your investment property that was vacant and dilapidated? If so, who did you use and what was the premium? Thanks