elk_hunter
Active member
What did they do to it, chasen?
Anyone Buying
- Thread starter bkondeff
- Start date
Moosie
Grand poopa
I've never had issues... So I like hearing what Could/will happen to one or more of my rentals in the future. Do ya have any pics ?
chasendeer
Member
They turned a house that was new inside into a house that is 10 years old in 3 months. To start off kick a couple of holes in the walls. He had a few mounts and it looked like he used a hammer to find a stud. They were nice enough to leave a truck load of garbage behind. The good news was that I made them give a large deposit to get in$3000. so with the lost month of rent and the repair job that is all but gone. As for the pics I have them but don't have the knowledge to post. It my 1st bad but I hope it will not be my last one. I intend to do it for the long haul.
Jay
Jay
Steiny
Well-known member
This is a real learning experience.
My lawyer filed the complaint w/ the judge Friday. Judge set a court appearance date of 8/4 and had Sheriff serve it to them.
On 8/4 we're supposed to show up at court and the judge will hear anything either party has to say, then make a judgement as to how long they have to vacate. Lawyer say's he'll probably give them 5-10 days.
Lawyer says the judges aren't real keen on throwing people out on the street immediately, especially if there are kids living there, and there are. He also says in most cases, they never even show up at court and the judge goes ahead and makes his ruling.
If they are still occupying the place past when the judge says they have to be out, they are in contempt of court, we re-notify the judge and he will order the sheriff to remove them.
Looks like I'll have access about mid August.
My lawyer filed the complaint w/ the judge Friday. Judge set a court appearance date of 8/4 and had Sheriff serve it to them.
On 8/4 we're supposed to show up at court and the judge will hear anything either party has to say, then make a judgement as to how long they have to vacate. Lawyer say's he'll probably give them 5-10 days.
Lawyer says the judges aren't real keen on throwing people out on the street immediately, especially if there are kids living there, and there are. He also says in most cases, they never even show up at court and the judge goes ahead and makes his ruling.
If they are still occupying the place past when the judge says they have to be out, they are in contempt of court, we re-notify the judge and he will order the sheriff to remove them.
Looks like I'll have access about mid August.
chasendeer
Member
I just got my check for my final vacant unit. I have my newesrt to me home that needs to be gutted, so once that is complete I'll be ready to get one if the price is right.
Jay
Jay
Moosie
Grand poopa
Gut Feeling mostly 
Bdub, you should buy another one, let me do the loan for ya
So, your question. NOTHIGN can "ensure" good quality tenants. I've onl;y had good/OK tenants. PArt of the reason is how you look at them. Someone paying late every month to me isa good tenant. I get my rent and a late fee. Is that good or bad ?
Bdub, you should buy another one, let me do the loan for ya
So, your question. NOTHIGN can "ensure" good quality tenants. I've onl;y had good/OK tenants. PArt of the reason is how you look at them. Someone paying late every month to me isa good tenant. I get my rent and a late fee. Is that good or bad ?
Moosie I will let you know for sure the next time I need a loan. Doesn't it make you a little nervous when you tenants are late? I have had a few late payers move out on me in the middle of the night and it sucked.
Does anyone have any good tips on ways to find renters?
Does anyone have any good tips on ways to find renters?
Moosie
Grand poopa
I've never had problems getting renters. I put out a sign, and they show up. I've been lucky so far.
If you're lacking renters, I'd switch your program to a Lease-2-own. Didn't I give you my info on my program yet I am using for my people ?!? If not, let me know and Ill get my info over to yah.
If I was desperate for a renter I would make a big sign, sit in the parkinglot at the nearest albersons or pauls next to your rental and have a lease to own, No money down, move in today... whatever sign and you should have someone that day. alot of people right now can't buy a house and will pay more "rent" and take better care of your place if there is something in it for them. Like, future ownership potencial.
If you get some money down, who cares if they move out ? I had a leave to own were the lady gave me $1,500 upfront and then walked. Uhhhhhhh so ? I put someone in after a few days and we moved on. Just don't let them get to far behind
If you're lacking renters, I'd switch your program to a Lease-2-own. Didn't I give you my info on my program yet I am using for my people ?!? If not, let me know and Ill get my info over to yah.
If I was desperate for a renter I would make a big sign, sit in the parkinglot at the nearest albersons or pauls next to your rental and have a lease to own, No money down, move in today... whatever sign and you should have someone that day. alot of people right now can't buy a house and will pay more "rent" and take better care of your place if there is something in it for them. Like, future ownership potencial.
If you get some money down, who cares if they move out ? I had a leave to own were the lady gave me $1,500 upfront and then walked. Uhhhhhhh so ? I put someone in after a few days and we moved on. Just don't let them get to far behind
Good to see that the "entrepenurial" spirit is still alive and well, though decidedly more cautious.
Moosie, you and I are in a pretty similar state. I have 4 rentals, 3 mortgages and don't mind residential rentals. I am also a loan officer, but commercial not residential. Of course unlike you I am not man enough to wear pink slippers into the woods.
I see a lot of deals out there but the question to me is the "holding" time to payoff. You can find some screaming deals on land/lots, but you have to have cash and be willing to hold for a long time. I still don't find enough cash flow on rentals to support the current rates and I won't do a rental without cash flow. It's the conservative banker in me.
I am most intrigued by the "vacation" areas. Here in Idaho it's McCall/Donnolley. There is way too much oversupply, and a bunch of talk of bankruptcy at the ski resort developer. I havn't been looking too hard but there are some good deals there, especially with the concern over the resort. The thing is that resort will be there in the future up and running even if another investor has to buy it out of bankruptcy. Either way eventually the market will recover and while the values may not snap back to where they were I think they will jump up. The nice thing too is that you can finance them as a 2nd home which gives you nearly the same rates and terms as owner occupied. We have some friends that we may partner with if the right deal presents itself as we may need to hold it for a while.
By far the biggest issue with real estate over other market investments is that even when you see the market top coming, you can't dump fast enough when the buyers leave. That's why I like my rentals with cashflow.
Moosie, you and I are in a pretty similar state. I have 4 rentals, 3 mortgages and don't mind residential rentals. I am also a loan officer, but commercial not residential. Of course unlike you I am not man enough to wear pink slippers into the woods.
I see a lot of deals out there but the question to me is the "holding" time to payoff. You can find some screaming deals on land/lots, but you have to have cash and be willing to hold for a long time. I still don't find enough cash flow on rentals to support the current rates and I won't do a rental without cash flow. It's the conservative banker in me.
I am most intrigued by the "vacation" areas. Here in Idaho it's McCall/Donnolley. There is way too much oversupply, and a bunch of talk of bankruptcy at the ski resort developer. I havn't been looking too hard but there are some good deals there, especially with the concern over the resort. The thing is that resort will be there in the future up and running even if another investor has to buy it out of bankruptcy. Either way eventually the market will recover and while the values may not snap back to where they were I think they will jump up. The nice thing too is that you can finance them as a 2nd home which gives you nearly the same rates and terms as owner occupied. We have some friends that we may partner with if the right deal presents itself as we may need to hold it for a while.
By far the biggest issue with real estate over other market investments is that even when you see the market top coming, you can't dump fast enough when the buyers leave. That's why I like my rentals with cashflow.
Calif. Hunter
Active member
I bought an apartment building with my friend. It was under-market and will cash flow within 3 months. We are doing some cosmetic work. Eventually, kitchens and baths get upgraded and then the rent goes up.
Moosie
Grand poopa
Well, when you need residential, let me know. Hopefully in a few years I'll need Comercial !!!
Answer me this, what's the "holding" time for a 401k ?
All of my rentals I got into expecting to have them untill I'm retired. (Well, one of them right now I have on a Interest only because I'm banking on the renters buying it and I wanted it to cashflow durring the proccess.) If I decide to sell them before it's gunna be because I want to hopefully not need to. As long as you get into them, hold them a few years, and even sell them a touch less then what you bought them for, You're still coming out ahead. Tax depreciation and writeoffs are worth it. All my renters pay in cash... Also another bonus on many levels
Bdub, Why couldn't you sell it ? I'm not getting that one bit ??? Let me tell you a statistic. 78% of all lease to owns fail. (Yah, it's probably made up but a close number from my experience. 100% of my lease to owns have not gone through, except the house I bought Browtine in Utah and he bought it but we had a different lease then the others have because he is like family.) So, why not get some money up front, offer them a deal In the beginning, figure out a final sales price and move forward ? Best case is they end up not fufilling the deal and you can do it again bt didn't have to worry about a "renter" Worst case is they buy it and you make a pile of money at that time. So, tell me why you wouldn't do it ?
Steiny
Well-known member
Yee Hah !
Went to court this morning to get the deadbeats thrown out of my recent property purchase. The whole proceedings took maybe 5-10 minutes. Judge told him he had 10days to pack up his stuff and get out, and that anything left behind was forfeited. He agreed without any beef.
Guess I'll see what kind of mess I have on the 14th. I know there is a couple dumpsters full of stuff scattered outside on the property. Hard telling what the inside looks like.
I've got heavy equipment, so clean up shouldn't be too terrible. Trying to decide if I should keep it as a rental, sell off the house and 3/4 acre, or have the house removed (it's a modular) and possibly recover a few bucks on that transaction. I guess we'll see what it looks like, then decide.
Renting it out to a couple strippers would be my first choice.
Went to court this morning to get the deadbeats thrown out of my recent property purchase. The whole proceedings took maybe 5-10 minutes. Judge told him he had 10days to pack up his stuff and get out, and that anything left behind was forfeited. He agreed without any beef.
Guess I'll see what kind of mess I have on the 14th. I know there is a couple dumpsters full of stuff scattered outside on the property. Hard telling what the inside looks like.
I've got heavy equipment, so clean up shouldn't be too terrible. Trying to decide if I should keep it as a rental, sell off the house and 3/4 acre, or have the house removed (it's a modular) and possibly recover a few bucks on that transaction. I guess we'll see what it looks like, then decide.
Renting it out to a couple strippers would be my first choice.
ashersdad
Well-known member
Congrats Steiny. Hope it's not in too bad of shape. Good luck with the strippers. Remember to post pics for the rest of us.hump
Moosie,
I have always been curious but not looked up the tax treatment on the Lease to Own. I assume you treat it strictly like any other rental until the transfer of ownership. Do you lose anything?
I might try that if I have one come empty, especially in a market like this when prices aren't rising.
Do you have an attorney to handle the contracts here in Boise?
I second Steiny's choice of tenant, very counter cyclical. Plenty of cars at the Spearmint Rhino in this "recession". Maybe we should start an investment pool here and open our own, "The Horny Hunter" Come check out the record book racks and see our mounted pussy cats. Purely a business proposition.
I have always been curious but not looked up the tax treatment on the Lease to Own. I assume you treat it strictly like any other rental until the transfer of ownership. Do you lose anything?
I might try that if I have one come empty, especially in a market like this when prices aren't rising.
Do you have an attorney to handle the contracts here in Boise?
I second Steiny's choice of tenant, very counter cyclical. Plenty of cars at the Spearmint Rhino in this "recession". Maybe we should start an investment pool here and open our own, "The Horny Hunter" Come check out the record book racks and see our mounted pussy cats. Purely a business proposition.
Bdub, Why couldn't you sell it ? I'm not getting that one bit ??? Let me tell you a statistic. 78% of all lease to owns fail. (Yah, it's probably made up but a close number from my experience. 100% of my lease to owns have not gone through, except the house I bought Browtine in Utah and he bought it but we had a different lease then the others have because he is like family.) So, why not get some money up front, offer them a deal In the beginning, figure out a final sales price and move forward ? Best case is they end up not fufilling the deal and you can do it again bt didn't have to worry about a "renter" Worst case is they buy it and you make a pile of money at that time. So, tell me why you wouldn't do it ?
I own the whole duplex. I am unsure on the process that would need to take place to divide the duplex to maybe two townhouses. I would probably have to re-parcel the property have a surveryor come out and re-record it, etc.. sounds expensive. I like the idea, I guess I just lack the information to feel comfortable to do it.
I own the whole duplex. I am unsure on the process that would need to take place to divide the duplex to maybe two townhouses. I would probably have to re-parcel the property have a surveryor come out and re-record it, etc.. sounds expensive. I like the idea, I guess I just lack the information to feel comfortable to do it.
Moosie
Grand poopa
bk, Yah, I treat it just like a rental. NON of the lease - own info comes into play unless they decide to buy it, then, I treat it as a investment property sale.
Attorney ? Heck nah. I have all the paperwork and go from there. I'm still running the Handshake system. Worst case I get one later but I think the overlapping "Intent" is apparent in the contract that it would outweigh any issues. It's all spelled out pretty clear. I do like your Hunters club idea
Bdub, don't you work for an Engineering firm ? Maybe I'm mistaken? It's not that hard to split if it's plasable in your zoning.I would check into it and do nothing untill the Leasor decides to cash in.. like I said, Odds are you don't have to worry. You could at thattime make a deal and offer to transfer their "Credit" towards a nicer bigger house and start over again cashing in twice. But youd have to be able to buy another investment place as well. I actually did that on one of my deals.
Attorney ? Heck nah. I have all the paperwork and go from there. I'm still running the Handshake system. Worst case I get one later but I think the overlapping "Intent" is apparent in the contract that it would outweigh any issues. It's all spelled out pretty clear. I do like your Hunters club idea
Bdub, don't you work for an Engineering firm ? Maybe I'm mistaken? It's not that hard to split if it's plasable in your zoning.I would check into it and do nothing untill the Leasor decides to cash in.. like I said, Odds are you don't have to worry. You could at thattime make a deal and offer to transfer their "Credit" towards a nicer bigger house and start over again cashing in twice. But youd have to be able to buy another investment place as well. I actually did that on one of my deals.
Steiny
Well-known member
Dig this.
I get an unsolicited e-mail last Thursday from the deadbeat that is ocupying my latest sheriff sale purchase. Judge ordered him out by this Thursday, he is pleading for more time, says he doesn't have a job, no money to move, no place to go, etc. and wishes I could see it in my heart to give him a few more weeks.
I tell him. You have to get out by the 14th as ordered, as I have plans for the place and need to get to work on it. However, in the interest of helping you out, I would trade some work for some money to help you get relocated.
Told him I'd have a dumpster pulled in there immediately and he could do a good clean up on the yard, clean everything out of the house, etc., etc. and leave peacefully next Thursday leaving the keys on the counter.
If he agreed to that I'd pay him $200 immediately, and another $500 if he held up his end of the deal on the clean up.
Guess what ....... no response.
I guess that idea of trading work for money didn't sit well with him.
Not hard to understand why he is in the financial shape he is in?
I get an unsolicited e-mail last Thursday from the deadbeat that is ocupying my latest sheriff sale purchase. Judge ordered him out by this Thursday, he is pleading for more time, says he doesn't have a job, no money to move, no place to go, etc. and wishes I could see it in my heart to give him a few more weeks.
I tell him. You have to get out by the 14th as ordered, as I have plans for the place and need to get to work on it. However, in the interest of helping you out, I would trade some work for some money to help you get relocated.
Told him I'd have a dumpster pulled in there immediately and he could do a good clean up on the yard, clean everything out of the house, etc., etc. and leave peacefully next Thursday leaving the keys on the counter.
If he agreed to that I'd pay him $200 immediately, and another $500 if he held up his end of the deal on the clean up.
Guess what ....... no response.
I guess that idea of trading work for money didn't sit well with him.
Not hard to understand why he is in the financial shape he is in?
Moosie
Grand poopa
Whats funny ...or sad.... is people always expect you to owe them. No matter what you give, you still owe them. The System owes them, everyone owes them. When it's time to do soemthnig about it and they don't, it's someone elses fault.
You jsut proved that by your letter and lack of response. Kick them to the curb. God helps them that helps themselves.
You jsut proved that by your letter and lack of response. Kick them to the curb. God helps them that helps themselves.
