All Forum Posts by: Wen Guo

@Thomas S. Thanks so much for the tips!!! So if I just call police saying someone broke in and trespassing is no good?

I have a rental, as when I bought it the addition was unpermitted, I bought it, after 2 years, I removed all the tenants and tried to legalize the addition. While sitting empty waiting for permits, someone went in a few weeks ago and changed the lock. They closed all the curtains and I couldn’t see anything inside, nor getting the access.

What should I do?

Cut off utilities? Ask lock smith to change the lock and move all their belongings to the curb? Report to police?

I talked to police, they said if the occupants established residency, I have to have lawyers to evict them. That means months of legal process and fees.

What do you suggest? Thanks so very much!!!

Wen from Castro Valley California

Got it, thanks so much Thomas! I will definitely look it up.

Hi fellow experienced landlords -  I have a question for an all up front payment rental tenant. 

I have a tenant that lives in the building before I bought it. The previous landlord signed a 6 month lease and charged him 6 month rent plus 1.5 month deposit for moving in - not sure why, bad credit I assume? Anyway, now there's almost 1 month left, I am thinking about approaching him for the same thing and ask him to pay another 6 month all together again. But how do I do that, do I sign the lease with him right now or do I sign it when the last lease it up in a month? Do I charge him right now or upon the new lease starts? It's a strange term, anyone ever had this kind of lease before?

Thank you all!

@Chris Mason Thanks so much! That's really cool to know!

As you are a lender, maybe I will keep asking - when borrowing hard money, what do I use as collateral? My primary residence? Do I need to have a formal appraisal for my own house for that? Big thanks ahead!

Hi fellow members, I read the BRRRR strategy that when you buy, you should always borrow short term loan with hard money, and then refinance it with longer term loan. But why can't you start with 30 year loan and then refinance with another 30 year loan after fixing it?

thanks so much everyone! You guys are awesome and so helpful! I just texted him nicely to ask bank letter or else late payment, and asked him to reach out to friends and family, he was responding positively. 

Thanks again!!!!

Hi dear BP members, I would need your help and would love to hear your opinions on this!

I have just purchased a rental, the tenant came with it. He seems to be nice, works in hospital as technician, he does has house foreclosure history though. For this very first month, he told me he had half in cash and half in a check for me to deposit later - the bank just suspended his account due to an unauthorized transaction the night before.

What should I do at this situation? Should I charge extra late fee? Should I just wait? I am a first time landlord and any suggestion would be really appreciated! Thanks in advance.