All Forum Posts by: Steve Combs

Is there a current lease on the property? Is the tenant failing to pay the rent? Or just utilities and taxes? If the latter does the lease state that the tenant is to pay utilities and taxes?

The biggest question is about your quality of life. Would you be happy living in one half of the duplex or in an apartment? While you would have cash flow from the rental(s), if you would have regret giving up your home, it is not a good idea. No amount of money would be worth your happiness. 

If you are fine with living in the duplex, move into one side for a year while you plan you next investment.

My experience is they tend to come in with a number that the bank usually wants. They err on the side of caution and will come in lower than higher. I did have one occasion where they miscalculated the square feet by 200 square feet under the actual number. They had to come out twice to get it right. Second time it was the owner of the company that performed the appraisal.

My personal opinion is that they are no better than the value you could calculate yourself from Zillow or the county tax records. But if your getting a mortgage, its a necessary evil.

@Chris Reynolds

Have you gotten a second legal opinion? I don't know how your legal system works. But in NC, the case is heard in eviction courtcourt (small claims) and than appealed to district court (downtown). If the tenant appeals the case the tenant must (1) post a bond for the past due rent and (2) pay into the court the regular monthly rent as it comes due.

If you have similar laws, the tenant would have to pay rent while he fights the case. I would call his bluff. If he refuses to pay, you need to follow the eviction laws to the letter. Otherwise he will stay there as long as you let him.

Steve

I would look at your contact with PMC and see what you can do to break the contra t. I assume in your area PMCs need a real estate license? I would to PMC to cancel the contract or your filing a grievance with the real estate commission. Than either self manage or hire a reputable PMC.

Check, with an attorney in your area. But in NC, you can separate the principal owner and the broker function. I've been looking at the concept of hiring a real estate agent to act as the broker in charge for a nominal fee. If your laws allow and a realtor friend is willing to help you out, will that accomplish your goal?

Don't consider them. If you do, the prior tenant will let them know what they did and how you responded. It would be like renting to the prior tenant all over again.

There is a little bubble in my area right now. Therefore, I am not buying anymore locally.

I have properties in other cities, about an hour or two away, that are not experiencing the same bubble and that's were I am looking. 

I am also keeping a very close eye on the bubble. In about another year, I will probably start cashing out hear to buy properties in the other markets.

Start sooner, diversify and join Bigger Pockets sooner.

She doesn't have a lot of leverage with the HOA at this point. She isn't a homeowner yet. Is there a seller or is it a REO? The seller needs to go demand the HOA fill out the paperwork. If that doesn't work, it would require legal action. This is a big red flag, how bad does the homeowner want the unit?