All Forum Posts by: Todd Fox

Amit Sharma text messages are just as good!

Ashley Abramson it's better to spend a couple hundred dollars on an engineer then to risk losing tens of thousands on an Unforeseen problem. There are some corners in this business that you should never cut! Structural issues are one of them.

Amit Sharma you have a nightmare tenant. Believe me, I've been there! I'll bet anything this guy does this to every landlord he rents from. There are people out there that just always try to take advantage of people. I actually had a tenant so basically the same thing to me. They stopped paying rent because they claimed there was mold in the bathroom. I ended up having to evict them for non payment and a judge ruled in my favor and forced the tenant to pay me back rent. I would highly suggest that any communication with the tenant is through email so you have a paper trail. As hard as it feels, you should email him and apologize for the miscommunication. Tell him you were trying to be proactive to his mold compliant. Also let him know your hiring a professional company to do the mold inspection to test for the presence of harmful mold. I think you should get someone in there asap to test.

Are you looking to buy and hold or to flip? 8% is a decent rate but yofg

@Darren Sager I meant to say municipality! Darn talk to text!

Also, zoning will determine how many units you are allowed to have in a buildingyou can go to your Manessa Pallardy's website and I am sure they have the zoning for that street listed somewhere. If the zoning only allows for two units per house then you could almost guarantee you will never be able to use that third unit.

You will definitely have to remove the third unit, it does not matter who is living there if it is illegal. Is your purchase price based on the house cash flowing with all three units?

If you are not renting the property I do not see there to be an issue. But you should definitely call a local bank and ask their advice just to be sure. It's a two minute phone call and you should be able to get all the answers you need from it

Justin Guidry are you sure that the property tax number is correct? I think there should be zero added to that. In my area the monthly taxes on the property valued the same as that property, you would be looking to pay about 14,000 annually. Granted The taxes in my market are extremely high but I still cannot see how the taxes are only $1000 annually for that property.

Protect yourself through your purchase off by having your attorney put on contingencies. You also want the seller to provide estoppel agreements. This will let you know how much each tenant has paid so far and rent, including their security deposit and or if there's any back rent. This is important to get along with copies of the leases. Imagine if a tenant paid a full year in advance and the seller does not disclose this. Now you're stuck not being able to legally collect rent from that person. The estoppel agreements will protect you from that happening. You can also try to have a conversation with the tenant and see if he will level with you. Maybe he wants out of the lease and he will sign a release. You could get something in writing from the seller that allows you to lease the property. You can make it so that you don't actually close on the property until it is fully leased.