All Forum Posts by: Silvio Brigliadoro

Sorry, thanks for pointing that out, I didn't read what state you were. Good luck !!

Tyehimba welcome to BP,
You can use the forum search feature and you will find most of your questions have already been addressed in BP.

You will need a 3rd party authorization letter if you can convince the seller to sell to you subject to the existing financing, but there is way more to consider on a transaction like this than just a letter.

Matthew, are you planing to do anything to these homes? If you are not I would try to avoid that expensive transactional money, have your end buyer fund your purchase and get your fees from escrow... just an idea.

I am always amazed at how much information you can obtain from court's public records, some courts let you access this information free or with small fees, other services like chexsafe charge $29. Google is great to look up email addresses and phone numbers, Facebook another great "research" tool.

I believe because you did not collect a fee from the applicant you are not required to give a rejected applicant an exact explanation for their not being selected. That general statement in the previous post works great for me. Under the Consumer Credit Reporting Agencies Act, a landlord who rejects an applicant based on information received in a credit report must provide the applicant with written notice...

I think the answer will be: it depends. Are you ok dealing with this tenant AND his past?

If he defaults on his lease, leaves your place a wreck @ move-out, or he is just a problem tenant, you will have to evict him and/or file a law suit to collect for damages. Will his past make you nervous or afraid to act?

On the other issues, I'm with Nathan and Joel; who has great credit these days? That may be the core reason they will be renting all of their lives. If you have good management skills you could make it all work out.

May be a good idea to get a listing agreement signed at the same time as you get the offer signed by the seller. If the lender insists on having it listed, sending them the listing agreement may do the trick...

Great suggestions. To get passed some of your temporary limitations (no car, no money), how about partnering with someone or offer your services to someone else? If you can put together a set of "tools", and present them as "benefits" to other active investors, brokers, etc. you will learn the business hands on, and work yourself up to what you really want to do. You have what you need, now prove it to yourself.

Great selection of REI clubs Tim.

Because your lease stated that the tenant is required to give a 30 days notice, you could have deducted that month's rent from the deposit, the issue I see is that you were able to rent the apartment that same month, and in most states you can't collect double rents, I would check the tenant-landlord laws of your state.

I would charge for actual damages for loss of rent (1st-18th) and add a few extra fees: cleaning fee of the rental unit, repair of damages if any, the costs you had to obtain the replacement tenant such as advertising fees, document preparation fee, etc. Then send your former tenant an itemized statement of the deductions.