All Forum Posts by: Amy A.

I've had this happen to me many times and I believe they are usually lying.  One time I had an offer accepted in writing and later in the day received an email asking for "highest and best because there are multiple offers" from the agent's email account that he had linked to the listing website (not the email address that I had been conversing with him on).  It looked like an automatically generated email. When I asked him what the heck was going on, he said not to worry about it.   

Several times I've been in "highest and best due to multiple offers" and when I refused to change my offer, the house stayed on the market.  One time they even lowered the price a few weeks later below what my original offer was!  When I made a new offer at the new asking price, again I was sent the same message that there were multiple offers.  That time I ended up buying the property.

The only time I've found there to truly be multiple offers is when the house is newly on the market and is priced aggressively.  Offer what you're comfortable with, which should be low due to the economy we're in, and good luck!

What you could do differently next time is assume that you'll have vacancy right away.   Hopefully, you can afford to pay expenses out of pocket for a while.  What you couldn't have possibly foreseen is that evictions would be suspended so you'd be stuck with a non-paying tenant for several months.  

People don't usually sell property that's cashflowing nicely without any headaches.  All of the properties I've purchased have come with a few tenants who are either not paying or are damaging the property or causing some type of drama.  The only one I've purchased that didn't have any problem tenants was an estate sale, and that one had 3 of 5 vacant already.  I'd rather have vacancies than bad tenants.  However, sometimes your lender won't allow you to purchase if there are too many vacancies and it's 5+ units with a commercial loan.

Hang in there!

@Rudy Bello How did it go?  Were you approved?

My first move-out I looked over the apartment while the tenant was standing there expecting his deposit, so I gave it to him. The next day I got an angry call from the neighbor about the trash he had left in the yard!  Live and learn. Now I tell them in advance not to expect the refund that day, and I never inspect with a tenant breathing down my neck!

Typical issues include knob and tube wiring, decks improperly flashed, causing rot below, and moisture issues in the attic causing mold.

A HELOC is a great source of funding for a BRRRR or flip, as long your margins aren't too tight. That is, if a small uptick in interest rates would result in negative cash flow or a loss, don't do the deal. You're in a better position than most people starting out and should go for it. I used a HELOC for my first few flips, now I have one and don't need it.

I got this too.  I wonder if Trulia and Hotpads will charge as well.  I didn't get great leads from Zillow.  It was too easy for people to click a button to ask for more info. without reading the advertisement.   Definitely not worth paying for.  I'll stick with Craigslist for now.

It sounds like the tenant abandoned the property.  I'd follow the abandoned property laws for your state.

One great thing about renting to students is that you can get several months of rent upfront when their loans are dispersed. 

I'm under contract for a strip mall and expect to close this week.  This is my first commercial property, but I have been managing residential tenants for almost 13 years.  I've examined the leases and it's clear that the tenants are responsible for maintenance within their units, as well as windows and doors.  However, I've had some strange complaints about the current landlord not fixing the windows, lights, etc.  Once asked me if I would replace her toilet if it broke.  Is this a simple case of the tenants not reading the lease and the current manager being a push-over?  I intend to improve the exterior of the property and treat the tenants well, but I don't want them to call me to plunge their toilets or replace their light bulbs!  Am I wrong?