All Forum Posts by: Rob B.

Hi James, definitely important to make sure you have a dedicated team in place if you decide to set your sights on investing out of state. She's not 100% incorrect in her concerns as it is a big undertaking (especially if you're just getting started). That said, there are some tools available to you where you can bring a certain level of automation to that rental management process (ie. automatically syndicating a single listing to 10+ major listing sites, thorough tenant screening with full background checks, digital lease creation, automated online rent collection, and maintenance tracking). Let me know if you have any other questions, as this could be a good route to go if you are going to get into out of state REI. @James Peluso

I agree with @Jason D. on this; not allowed to collect rent from two separate leases on the same unit at the same time; that timing is key. But, sounds like the new tenants moved in after the lease expired, so even if they moved out a few weeks early, it was rented out to the new tenants after the previous lease expired, so I don't believe you owe them for those two or so weeks they moved out early. As a heads up, there are a lot of platforms that can help to try and automate some of this process for you, if that's a route you'd like to take. @Maggie Ng

Hi Kat, this sounds like a tricky/conditional situation but the first place you should turn towards is the lease. That lease is key. Additionally, I'm of a similar notion as what others have expressed above; as someone who just signed a lease a couple of months ago, I'd personally never give a landlord 12 post-dated checks. That spells trouble to me. But, this tactic may go against what your state law merits (big disclaimer: I'm not a lawyer/legal counsel and don't want to steer you wrong, but your biggest possibility of any type of recourse is that lease; I'd probably reach out to legal counsel to see if there's anything the landlord has done to violate this lease). I'm sorry you're dealing with that. There are other great resources out there as well if you end up back on the hunt for a rental. Happy to help when I can. @Kat Hughes

For starters, I am sorry you're dealing with this situation Emily.  In regards to your ambitions in Real Estate, as long as you've done your due diligence, and the numbers pan out, that is your ammo. There are always going to be those who are a bit more pessimistic when you bring up things that aren't really in their wheelhouse/something they haven't bothered to understand. In this instance, sometimes the ones you'd expect support from the most can become your biggest obstacle. Still, your education on the industry, but more specifically, your strategy and your numbers, that's what matters. If he's worried about the rental management process, tell him there are definitely some tools out there that can even help you to automate the rental management process. @Emily Hill

@Matt Crusinberry - that sounds super helpful and I'm actually interested as well. Would you be willing to PM that to me? Thanks for the advice on this thread, btw.

As noted above, if the numbers pan out then you can make it work; but I want to echo what Anthony has said in regards to major problematic structural issues - additionally, the environment can play into this as well; what kind of land is the house located on? Is there a reason those other house flippers haven't put in a ton of offers and that it has sat for so long on the market? Be sure to ask as many questions as possible in your due-diligence phase. The last thing you want to do is purchase a property and then get hit with an EPA fine. But again, as noted above, I'd also advise against doing a major structural renovation as your first shot. There's still a lot that can come up that, if you're newer you might not anticipate. Smart people learn from their mistakes, wise people learn from the mistakes of others. I'd be cautious about such a large undertaking this early on but do what is right for you and what your business goals are! Best of luck to you! @Kyleigh Morgan

Hi Ernes, meeting the current tenants can be a great opportunity to set the {new} expectations (especially if you've taken over the property mid-lease). As Elizabeth noted above, it can be a great way to get your offer accepted in a multiple offer situation. I hope everything works out-- sounds like you've done your research though! @Ernes Sahic

Hi Jacob! Great question. Since it sounds like you're just getting started, it is worth noting that there are a lot of great tools out there you can use to screen, but I would suggest a platform that helps with not only listing the property (publishing it to 10+ other major listing sites) but also comprehensive tenant screening which includes a nationwide criminal background check, credit check, eviction history check, and requires references for prior tenancy. In addition, leases, payments/online rent collection, and maintenance tracking are all important as well. If you have any questions in regard to the screening process, let me know. Happy to help @Jacob Rivera

Hi Vincent, there are lot of great resources out there. I might note that some software options do offer applications that provide thorough tenant screening; these comprehensive background checks include the basic application information (job history, rental history, and requires that the applicant provides some supporting documentation, ie. valid form of government ID, most recent paystubs, and contact information for prior landlords etc) - but in addition to the basic information, it includes the information pulled from TransUnion (one of the three major credit bureaus). This can include credit score, nationwide criminal background check, sex-offender list check, international criminal check, and eviction history (so any public records or information that might be connected to legal court proceedings would be pulled back as well). You have the ability to auto-request applications (keeps everything easy and in one place - so listing, tenant screening applications, leases and other tools like rent collection and maintenance tracking are all available, just to keep the process seamless). Let me know if you have any questions. Would be more than happy to help! @Vincent Plant

Hi Roy! @Roy Covert- There are lot of great resources out there. I might note that some software options do offer applications that provide thorough tenant screening; these comprehensive background checks include the basic application information (job history, rental history, and requires that the applicant provides some supporting documentation, ie. valid form of government ID, most recent paystubs, and contact information for prior landlords etc) - but in addition to the basic information, it includes the information pulled from TransUnion (one of the three major credit bureaus). This can include credit score, nationwide criminal background check, sex-offender list check, international criminal check, and eviction history (so any public records or information that might be connected to legal court proceedings would be pulled back as well). You have the ability to auto-request applications (keeps everything easy and in one place - so listing, tenant screening applications, leases and other tools like rent collection and maintenance tracking are all available, just to keep the process seamless). Let me know if you have any questions. Would be more than happy to help!