All Forum Posts by: Justin C.

I have a combination of LOC's and available loans around 100k at 8, 9 and 10% interest that I can take out at any given time to make a cash offer. Then I have a banker who will give me 5% 20yr notes on pretty much anything I give him. Are usually buy run down houses, renovate, have leases signed, then cashout refi into these mortgages.

Yup, have them loan you money either short term for a higher interest rate until you cash out refinance into a longer-term mortgage or skip right to a mortgage. This will allow you to make cash offers and move quickly to closing which many buyers value highly.

I am acting as a property manager for a friend and need to figure out a way to receive the all mail correspondences regarding this specific property; ie, taxes, utilities, etc... 

Anyone have a good suggestion on how to do this?

@Lynn McGeein

My wife strongly encouraged not to jump to conclusions and delete the email I had prepped, and make a phone call.  Glad I did... I think.  We had a nice, but diplomatic conversation.  I asked her direct questions... 

• Do you still live there - yes. 
• Does your daughter live there - yes.  
• Does this gentleman live there - no, he visits my daughter. 
• Whos dog is it - my daughters
• Are there any issues with the house I should know about - no, all is well.

While I don't agree that the dude doesn't live there, I'm not sure accusing here of lying is going to be in anyone's best interest.  I told her I would have an application on hand Monday at the inspection for her daughter to complete.  If it comes back acceptable, a new lease will be drawn and extended till May 2017.

Good point Lynn, thank you.  Maybe I'll send her an email stating what I saw and that if its not spotless at the time of inspection, the lease will not be renewed.  If its clean and they put their best foot forward, I will bring applications that they will have to pass before the lease is renewed.

Understood.  And if this is the case, I will most likely just send a notice that the lease will not be renewed.  Much easier to wait it through, than entering an eviction 60 days before the lease ends anyway.  Thanks Kyle

I visited one of my rentals yesterday and verified what I thought was happening the last few months.  I own a C- grade single family home that is currently renting for $650 + $25 pet fee which is about $75-100 under the current market rates.  Lease has 1 lady and 1 cat as occupants.  Said lady has moved out and her daughter and boyfriend have moved in, including the original cat and now a small dog.  I went to check on gutters yesterday and noticed the TV on.  Knocked on the door and these answered.  I didn't go in but noticed it was trashed and they were uneasy for sure.  I have an official city inspection Monday 4/4 for the whole house.  Lease is up end of May.  Rent has always been paid on time and without issue.

I realize timing couldnt be more perfect to address this issue.  Here is how Im going to proceed... please let me know if I'm off:

- original tenant have been made aware of this inspection 1 month out, then 1 week out.  I've told her she does not need to be present but is welcome too

- I'm sure I'm going to find the whole house is trashed and not just the living room that I saw.  If damage, then eviction.  If no damage:

- Call and explain she hasn't held up her end of the lease

- End current lease with no penalties in exchange for the 3 of them being on a new lease renewed throughout May 2017 at $750 + $25 pet fee.  

If they are not acceptable to this, then I will be forced to evict immediately.

Thoughts?

So what happened?!?!? lol  This is a great development!

Buying a very nice brick building with a 3 bed apartment upstairs and storefront on the 1st floor. 900sq each. I think a traditional lease would be best, but what about single, double, or triple net lease? How would "building insurance" be wrapped around just the storefront? 

Thanks in advance for any suggestions!

Buying a very nice building with a 3 bed apartment upstairs and storefront on the 1st floor.  900sq each.  I think a traditional lease would be best, but what about single, double, or triple net lease? How would "building insurance" be wrapped around just the storefront?  Any thoughts?