All Forum Posts by: Patti Robertson

We are not required to use an attorney for closings, but I personally would never close without one for investment property.  Too many screwy things happen when you are buying directly from a seller.

Nice job!

Norfolk landlord and PM here!  I agree with @Roberto Sembiante that you never want the tenants to have your contact info if you are using a PM.  No tenant, ever, will go to a PM when they have a direct line of communication with the owner.  Owners are almost always way softer than the PM.  With two steps you are not required to have a railing in Norfolk.  If you feel it is a fall hazard, you can certainly have one installed, but it would not be an emergency request.  Contractors, specifically handymen, are in short supply these days.  As long as you approved it, getting this done in a couple of weeks would be reasonable in my opinion.  

You didn't say to what extend the tenant's are landscaping, but as long as they weren't removing your trees and shrubs, I would be totally OK with them taking this on. Tenants in single family homes are responsible for lawncare in my leases.

Regarding the 5 year lease, as long as there are rent increases included, I see no issue with this as long as you approved the term.  In Norfolk, we can get non-compliant tenants out in 8 weeksish.  My goal is to have the longest run of uninterrupted rent payments possible, and a long lease term only supports this goal.

Regarding the storm door, in low income areas we generally leave them off, because they continually get broken.  If you are going to have one, make it a more expensive, very heavy door, which will minimize the potential for it getting caught by the wind if left unlatched and getting damaged.

In the financing section of  your regular purchase agreement just add in Subject to the seller's existing mortgage and list the details of the mortgage terms.  The more important paperwork will be needed at closing. Make sure you use a closing agent/attorney who is experienced in SUB-2s so they protect you with the paperwork.

Short term = less than 30 days. Corporate rental = less than 89 days. Anything 90 days or more falls under the VRLTAa d is considered long term. 

I think this is generational.  The younger the tenant prospect, the more they want to go on their own and not interact with people when viewing properties.  Self showings also allow prospects to view a property when they want to, without having to coordinate with someone else's schedule.  That said, my company uses and loves Tenant Turner, but we still do supervised showings in occupied units and if requested by a prospect.  Our leasing agent follows up both with the prospect and does a property check after a self showing.  I do think self showings gets properties rented faster, because most people want to see a property - right now - and this tool allows that to happen.

You can purchase a package of your state's leasing forms, which includes a move-in condition form, for $99 from BP.  Here's the link.  https://get.biggerpockets.com/...

If he has the money I would take it and give him an application to complete so you can screen him.  I don't know about your area, but where I live in Virginia the only prospects looking for rentals are deadbeats who are finally able to be kicked out of other people's houses.  While I don't want a non-paying tenant, if they are paying, I'd let them stay until closer to spring when it will be a much better time for you to get it ready and find a new tenant - probably for more than this one is paying.

I tried. I really tried. The SSI Fraud dept directed me to walk the date into my local SS office. I did and waited for 2 hours with a room full of peeps with numbers ahead of mine. I bailed but will try again on a day I can take my laptop and camp out for the day. I did report her to our Crime Line, so if she is accused of fraud in the future they will contact me for evidence.