All Forum Posts by: Steven J.

I've got a friend in need of a little tenant to landlord relationship advice. Her current PM company is completely ignorant and unorganized. Between the two of them they cannot communicate. Fast forward a few months after they had her move because the apartment they advertised for her didn't have AC and now they are just causing more and more trouble. She was charged a $50 admin fee for transferring utilities, which I've never heard of. Anyone have experience with that? She just got part of her deposit back from them included with a "receipt" for damages. Currently, they are charging her an extra day, which she had signed would not happen, and they are charging her for the sewer/water, garbage, and gas, which she has already paid. I've suggested she go in with a bit of threatening to go to court to collect those wrongfully assessed payments for 3x, per the Landlord Tenant Law. She'd rather not bring in an actual lawyer, and neither would the company I presume. Before it gets there does anyone have any suggestions?

Also, a pro. carpet cleaning was required, which she won't receive cash back from because she didn't do that. But the 'receipt' simply lists carpet cleaning, can she demand to see an actual companies receipt for that? Or is that just being too irrational?

Hey folks on BP. I'm looking to build up my lines of credit in order to continue my investing career. I've recently applied for a transfer credit card and didn't get approved. I've read you need stellar credit score, mine is 702, but I think what hurt me was my debt to income ratio. I did fall for a few of the guru classes and charged almost 10k on credit cards I had recently acquired. I know I can also call my current lenders and ask for extended credit. What other suggestions might others have to build up my personal lines of credit?

John,

Great service you provide just giving leads to others. Although none are of concern to me at the moment its great to know you're there helping others.

Thanks Bryan, I'll PM you.

And although there isn't many MHPs I'll check out the area in general. I've got an alert set up through ifttt.com that emails me new craigslist ads of mobile homes in minneapolis. Its quite the tool. I'm sure there are others out there as well.

Okay, Annette, what can you tell me about crowd funding some of those properties out there? I'm very curious if there could be a killing in attracting those oversea investors (China) to a bankrupt city like Detroit that is now getting a clean(er) slate than before. And can they be attracted to large complexes?

I'm curious if there are MH investors in Minneapolis/St. Paul area. I'm moving there shortly and hoping to find some partners in deals. If not, I'll take that market by storm!

For those who are looking for partners I'm hoping to do rehab work on MHs and exit with lease-options to have a small initial chunk of change followed by monthly cash flow for a while.

Detroit is going to be a very interesting case study. I'd like to compare that city with South Beach when it was rehabilitated by the likes of Carl G. Fisher. Problem is Detroit isn't really going to grab the tourists for the vacation getaways. Especially with all the retirees in the coming years who generally move to the warmer climates. Still, knowing nothing about Detroit, perhaps there is a movement there that will push it forward into something. Maybe those hipsters will bring home craft beer and sepia toned photography with them starting a new craze that can only be found there.

Annette Hibbler, so what you are saying is invest now in detroit? Even though people are leaving? How are you guaranteeing that you'll find tenants with so many properties sitting vacant. Isn't it a renters market for those that remain? Or are you sitting with properties in the more prosperous city-center?

Bryan Davis, May I suggest you try to do something with those empty lots you're receiving calls on? I'm not saying go ahead and figure out how to develop, but talk to a few developers and see what they look for. You may come across one that with a zone change may reap plenty of rewards to a developer and you can wholesale to them.

From a big developer here in town I've talked to, I believe he said you want to get the land for 20% of what the ARV of the finished building is, whatever that may be. I may be completely wrong on that percentage, but check with developers in your area. You might not know the exit strategy as well with vacant land, but you might find someone who does!

Derek, you've pretty much got the idea there on wholesaling. It is in fact very important to have that 15 BUSINESS day contingency in your contract with the seller because then you can back out at that point. As long as they sign it, and they probably will because they are motivated, you should be fine.

Just a little more detail on the contracts you need. You'll need two. Get your contract signed with the seller including the 15 day contingency first and a clause saying it is assignable. Don't forgot that part either. Then, you'll have a second contract that will be between you and the end buyer. This contract will say that you are handing over all rights and obligations of the first contract you signed with the seller.

Good luck!