All Forum Posts by: William Joseph

John, 

I use a collection agency for my management company but I do not believe they deal with one off accounts. Candidly, I like to send them to collection so it does report on their credit. They are not really successful collecting on unpaid rent though, I maybe get 5% of unpaid rents. It is probably one of the harder debts to collect. 

If I were you I would go to a local attorney and see if they will collect for you on a contingency basis and you pay the costs of the suit (probably $250). Most younger attorneys would probably take a case like that and you don't have to throw good money after bad money. Chances are, a guy who can afford $5K in rent will eventually be employed again and want to deal with that judgment you obtained against him.

I'm interested in this answer. I have a property ready to list next week. Debating whether I should wait until after the holidays or just put it on the market.

@Nate Shields That's a good point I didn't think about regarding the serious buyers being out in the winter.

@Corey Spruill Sure. Purchase price $133K, REO, cash, as is, etc. ARV is $225-240K. I think I can get it rehabed for under 40K (plus my partner and I keep some guys busy during the winter). I'm not a professional flipper so people on here can probably give you better advice. However, I have cash, labor, real estate license, and drive. It's actually pretty simple in the abstract if you have resources.

My advice is to save your money and get your real estate license. I hear all these stories about people flipping or investing with little to no money. Maybe I am wrong but I just don't see how you can do it. You need some edge. PM me if you ever want to talk in more detail.

Welcome Daniel. Just got my first shoreline flip (Clinton) under contract. Market definitely varies down there depending on what side of route 1 you are on. 

Atwan, my company owns bed bug heat treatment equipment and we service our own units. You should check your local ordinance or state law, there is a national trend right now where states are passing bed bug laws. For example, you may be under an obligation within 2-5 business days to inspect with a certified inspector and treat within a certain time frame.

My final .02 is to find a company that uses heat treatment (as opposed to spray) and offers a 30 day guarantee. Inevitably, a tenant will not comply with the treatment instructions and they will come back.

Welcome @Account Closed! 

I think your request is fair. You came right out and said you want it for January. If I am the landlord/property manager I will compare your application to other potential tenants. If someone can move in on 12/15 and are similarly situated in terms of underwriting then I will give unit to them. However, I don't think it's out of the ordinary.

Hi Melissa,

Do you currently use a property management software? I can recall when we switched over from an old fashioned quick books type approach to a software platform. That really allowed us to take leverage technology.

If MA allows you to chose to sue under the note you could make demand for the 90K upon him personally and see if he has any other assets worth pursing. This could at least leverage him to list it and get your mortgage paid. Obviously check with an attorney though.

@Michael Noto Thanks Michael. I have seen your stuff from your posts around town (small world). Nice work on your projects. Love the running diary of your progress. I'd love to document one of my projects like that to be able to look back on.