All Forum Posts by: Greg Dyer

I have run into this situation twice and called a tow service that advertises that they tow abandoned vehicles away. When they picked-up the car, I asked them what they did with the car. They first put a lien on the automobile for a fixed period of time but than have the option to sell the care themselves if it is not claimed. There are very specific procedures to follow and each state is different. My advice is to focus on the your rehab and leave the car up to someone else who has the expertise. I did have a neighbor come outside and chase a tow truck because it was actually his car and the previous occupant of the house had told them they could store the car on the property. Good luck.

I agree with the window comments above, but your strategy is going to differ based on your goal. Is this going to be for rent or retail? If rental, you probably want to spend less and are more in the mode of cleaning everything up. The tree on the left needs to be trimmed back and the tree on the right looks like it would block the house in season. You might consider removing it and putting a nice bed in its place. If retail, then replacing the skylights with dormers would make sense. It would be great to change the slit windows in the middle section upstairs, but I am guessing that may be a bathroom. If so, I have seen some creative solutions where a false window has been created with casing and paint creating the illusion of a real window. The house is very dark (the cloudy day doesn't help), so if you are considering painting, I wouldn't consider it a bad idea to paint it a lighter color. If you went down that path, you could make the front door, columns, and garage door standout. Again, a lot of this depends on your strategy. You may also want to look around the neighborhood and see what the other houses look like. Are they all the same style, color, etc. This information may help guide you.

I am in Florida, but we have investors that look for portfolios of property.  As a result, they prefer that the units are occupied and generating revenue from the start. Properties are actually marketed as "turn-key rentals".  For this type of sale, the focus is on the quality of the property, the history of the current tenants, and the numbers. If you move forward, you need to be up front with the tenants about your intentions so they will be as cooperative as possible regarding showings, inspections etc. 

Bill,

Another source of leads that you may want to explore is from probate filings. Every state is different, so you will need to research how property is handled in Virginia under these circumstances. Probate filings are public record, so you can usually track down related property through the tax record and contact the parties involved, preferably family members instead of attorneys.  This is not a quick process, so you have to be patient and have a process to stay in-touch with the leads. Good luck.

Michael,

If you plan on building a management business while accumulating your own property, a management software company such as Buildium may be helpful. They incorporate the application, background check and some promotion in their offering. Another source as a realtor is the National Association of Residential Property Managers website. http://www.narpm.org.

Hope it helps.

You did not mention anything in your post about Security Deposits from the existing tenants. If they did provide deposits to the current owner, then you need to have some type of documentation confirming receipt, possession and qualifications for the return/forfeiture of the deposits to the tenants. Without leases/addendum clarifying these issues, you could find yourself in a sticky situation. Also, if Security Deposits were paid, make sure that all the parties agree on the amounts if it is in writing or not. 

When rehabbing a property for rental, you want it to meet the expectations of the majority of the prospects who will be looking at it. In our experience, a disposal is not expected by most people and is presented as a "bonus" when showing a unit that includes one. An exception would be if you have a unit in a newer condo development where all the units have disposals.  Like anything else, disposals will break, and we change them on a regular basis, approx. $300. You will also get calls about them not working and a strange buzzing sound coming from underneath the sink. In this case, they are jammed. New disposals come with a hex key for unjamming that is usually left under the sink, however, they are never there when you get these calls. There is also a breaker on disposals that will flip and cause the disposal to be inoperable. You reset it by pushing a red button on the bottom of the unit under the sink. It is simple, but once again, you will be getting the call. Good luck.

I currently live in Jacksonville, FL and have been involved in real estate since 2003 when I began wholesaling and rehabbing property. Over the next 5 years, I began holding rental property and started a property management company in 2008. My current emphasis is on managing and retailing properties. I am very interested in best practices around tenant management and retention.