All Forum Posts by: Shelley F.

I also have the one about no inside furniture outside. No motorcycle parking in the house. No trampolines. No unregistered or unlicensed vehicles, no RV storage. No cardboard boxes stored on decks or balconies. 

I like the window covering one, Ill add that.

Ive heard that from Section 8...two per room plus one...they did not specify age when I asked, just actual occupants. So a two bedroom , could have 5 occupants.

Interesting thread.

 Im a landlord in California with 17 properties, and three more in renovation. Ive been a landlord since 1978, and in California since 1990. California has a reputation for being tough on landlords, but I learned that keeping my places clean and maintained, and following the rules make some of the problems nonexistent.

One thing that I have learned is that tenants do not view things the same way I do. To them...its just a dripping threaded pipe...to me..a rotted subfloor! I let them know that its okay to tell me about the small stuff, so I can fix it before it becomes big stuff.

I totally agree with @patrick M...I look at this as an opportunity to go in, see how things are going. 

A point of pride for me, one of the towns that I have a half dozen rentals in did  a massive code violations sweep. I heard about it first on facebook. Waited...never got letters. So I called the county NONE of my places were in violation.

I am looking for a small hard money loan - about 25k. I have been an active investor for about ten years, mostly buy and hold rentals, and have used a variety of financing. Many of my deals have been from a retired HML who seller financed . Several of my places were purchased for all cash outright. I have a good track record with these lenders and a decent credit score.

I hadn't planned on acquiring another property just yet, but was 'visiting' with tenants at a place that I bought and rehabbed two years ago and noticed a fsbo sign in the window of the house next door. Very similar house to the one I was visiting, cookie cutter neighborhood.

I have some cash to put into the house to make the LTV work, but was also considering taking equity out of a house a few blocks away that I own free and clear.

Suggestions? References to a HML? Thanks in Advance.
 

I have found all of my deals except one (a REO that was on the mls) by myself. Just walking the neighborhood that I was interested in...no realtors. Puts your 'people skills' to the test for sure.

I look at it this way, 'if you don't ask...the answer is always NO'. In both cases of mine involving similar situations enough time had passed that the places were either in foreclosure or sitting with the heirs doing nothing, because they didn't know where to start.

In the first case of mine I learned through the neighborhood grapevine that the owner had passed away and his siblings 'owned' the place now. It was paid for so no mortgage company was involved. I was able to get his sisters number and simply called her and mentioned that I saw the property vacant and 'found' her number, and was wondering what their plans were for the property. If they were selling, I was interested. lots more details but that's how I opened that door.

Second property, elderly owner had passed several years prior and the property was in a trust. I did a little digging and found the beneficiaries of the trust, one was in a nursing home with dementia. The other was the one I had to deal with. It was a similar phone call, but this time he said he would sell immediately, before I even asked.

The key is to be polite and have a few scenarios in your head before you call, and don't feel like it all has to happen with just the one call.

I should add that a title company can be a big help, once they get to know you you can call them and bounce an idea off to see how to proceed.

Best of luck to you, sounds like a deal.

I dont think you will go wrong by just calling one of the heirs and simply indicating interest at this point. They are likely aware of the property and wondering about how to disperse of it equally.

I have purchased two of my places that were in similar situations. Likely they will indicate the status of the estate and steer you towards the executor. At the very least they will simply say they dont know...so you try the other heir.

In both of my cases the heirs were interested in a quick resolution as then they could get their share of the proceeds.

If it drags out a bit in probate they will still know of your interest...and you could remind them occasionally and keep the door open. 

Snow load is a factor for my rentals. I prefer metal roofs as the 'slip factor' gives them a higher snow rating. Also they tend to shed snow cleanly as compared to shingles which might 'weep' the melting snow, re freeze, and then create an Ice Dam which can do damage to not only the siding, but to the insulation and ceilings. Icicles are pretty...but can lead to damage. (edited to add...I wont even consider solar...one more thing for tenants to break!)

I only have a few Section 8 tenants. Vietnam veterans. Not all Section 8 tenants are young. 

Agreeing with the above...but with a different take on things. My son is a licensed contractor. Many years back he and his wife rented a humble place needing some work. Nice enough, but the landlord wanted certain stuff done. My son agreed to do it, as his 'deposit' (landlord bought supplies so it was labor only) They lived there a few years and when move out time came...and place was in great condition...my son wanted his 'deposit' refunded. He got it. Landlord had to pay the amount of the asked for deposit... I made a mental note of it .....I never let a tenant 'work off' a deposit . This time the landlord was lucky but I see my tenants and just see a train wreck coming if I let them work off anything....