All Forum Posts by: Account Closed

I ran a background check through Buildium on a tenant with a common name. They insist that the eviction on the background check is not for them. I have the case number. How can I identify if this "John Smith" is the same "John Smith". 

Danielle,

I was just having a conversation with @Jerry Skefos about this very issue. How do you add the renovation budget to the purchase price on the HUD? Is it as simple as placing the reno funds with your closing attorney?

BTW, Payne's BBQ, around the corner from there, is a local favorite. However, I would say skip it, there is much better BBQ in town.

To add to Curt's comments: the Annesdale neighborhood Norhtwest of their, Central Gardens to the North and Cooper Young which you identified all desirable neighborhoods. I would wager that this would help with appraisal values. Rozelle is not a neighborhood that I invest in, but you may be on to something.

We bought a duplex with tenants going through the eviction process. We reached an agreement and they moved out. Today I called to transfer the utilities to my name (lights/water are still on)- turns out that according to MLGW, the utilities were turned off in each unit a month before the tenants moved out!!!

Looks like these 'stellar' tenants were stealing utilities. Has anyone dealt with MLGW in this sort of situation? How does MLGW handle this? Who is liable for the month's usage? Lastly, the former tenants really did a number on the prior owner and will continue to take advantage of well-meaning landlords. Is there a way to turn them in?

How would y'all approach this?

@Hadar Orkibi I use almost exactly the same numbers for Memphis- instead of 8% each for maintenance and CAPEX, I just group them as 15% total. Then I assume one month of vacancy ~ 8%.

Your comments on zero sun operators are right on. I'm shocked how many properties I see out of state investors unloading, which they paid 40% more for a year ago.

Luisa,

May I ask why you are looking for an appraiser? You may be better off simply getting a broker's price opinion + an inspection. If you go down the financing route later on, the bank will select its own appraiser.

Good luck,

Tristan

We currently use American Express Serve (Amex Serve) and have a couple of sub-account cards for contractors to use. You can keep cash in one account, hand a card for a sub-account to the contractor, and instantly move money over as you need. However, our new bank has trouble transferring funds to Amex Serve.

Does anyone have a suggestion for an alternative?

@Curt Smith we used American Express Serve and have a couple of cards for sub accounts. However, our new bank has trouble transferring funds to Amex Serve. If your bank can transfer to Amex Serve, I think it works great. You can keep cash in one account, hand a card for a sub-account to the contractor, and instantly move money over as you need. It works great. I need to investigate greendot as an alternative.