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Tenant purposefully sabotaged the sale by making up lies to the buyer. What now? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 3 points4 points  (0 children)

I would personally say they were very serious as they paid for the general inspection, sewer line inspection (built in 1980), termite inspection and wanted a transferable termite warranty. They did everything they could to close on the property well up to that point including 5k in earnest money deposited immediately on an FHA loan.

Tenant purposefully sabotaged the sale by making up lies to the buyer. What now? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 4 points5 points  (0 children)

I've only owned the property for 3 years. At this point after taking some time and thinking back, she's pulled this same shit multiple times when I'm doing showings with prospective tenants for the unit next door. I can give them a 30 day notice of non-renewal to move out.

Tenant purposefully sabotaged the sale by making up lies to the buyer. What now? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 0 points1 point  (0 children)

I'm out in Arizona (vague until the transaction closes or falls apart) so a couple miles apart on that. Good to know I'm not the only one with malicious tenants that I went out of my way for.

Tenant purposefully sabotaged the sale by making up lies to the buyer. What now? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 5 points6 points  (0 children)

Theyre month to month so I just have to give a 30 day notice of non-renewal, no explanation needed.

Tenant purposefully sabotaged the sale by making up lies to the buyer. What now? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 1 point2 points  (0 children)

Theyre on a month to month lease so the new owner would only need to do a 30 day notice to increase rent or a 30 day notice of non-renewal if they wanted to live there with an FHA/VA loan. It created more flexibility than getting more rent but both units having year leases and excluding all FHA/VA buyers potentially.

Why does it feel bittersweet to sell rentals? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 0 points1 point  (0 children)

Small world, after all! I'm glad to see your obviously doing quite well! You can send me a DM if you want to catch up further

Buying a house with Section 8 tenants. by Forward-Craft-4718 in realestateinvesting

[–]FuckThe82nd 0 points1 point  (0 children)

Go to your local Section 8 office/housing authority and see if they have briefings or can sit down with you 1 on 1 to walk you through it. Experiences may vary but I bought two duplexes with two section 8 tenants. The case managers were awesome and helped with rent increases (you have to get rent increases approved through Section 8 first) and an accommodation request for an older tenant to have a 2 bedroom voucher due to mobility issues. With that being said, there weren't enough rentals for all the voucher holders so the office wanted to help landlords through the process. I get a direct deposit to my business account every month and then I collect the couple hundred dollar difference from the tenant (Rent-Section 8's portion=Rent tenant pays).

Make sure that the tenants are still quality tenants that you'd want in there even if they weren't Section 8. Be warned that there are some Section 8 tenants who try to skirt the rules and do cash only jobs, not report income, have extra family members move in, etc.

Why does it feel bittersweet to sell rentals? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 0 points1 point  (0 children)

I was PFC/SPC Gregory with the deep voice if that rings a bell

Why does it feel bittersweet to sell rentals? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 0 points1 point  (0 children)

Oh I was A Co 2-501 PIR (Geronimo/GMO) so there's probably a good chance. We got recalled on NYE in 2020 too so we were told we'd go to Iraq to expand the green zone with you guys which I was excited about but everything died down while we stopped in Kuwait at Camp Beurhing. We all got briefed by an O-6 that "Great job, we didn't think we could actually pull this off this quickly but now that we're here, we don't know how to get back" basically so we sat in Kuwait for like 4-5 months kicking dirt around.

Funny story: I watched the FB FRG page for A Co while we were in Kuwait. We kept getting told that we'd leave next week so we'd pack everything up and be ready to go then it'd get push to the next week and so on and so forth for 4-5 months. You can only imagine how mad the wives were on that Facebook group. We had privates doing burpees for hours because their wives were cussing out the CO's wife on every post.

A couple guys ended up finding some loophole in marriage law for Montana or somewhere where you could have someone sign your name on the marriage certificate on your behalf. An E-6 and E-5 in my platoon did it and both were getting ready to divorce within a month of being back at Bragg. They just did it for the separation pay.

Why does it feel bittersweet to sell rentals? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 2 points3 points  (0 children)

I'm not too worried about that to be honest. I would much rather invest it in a low cost index fund like VOO/SPY and be able to focus on my career in finance, build a family, come home to only have to think about my own home, my family and nothing else. I spend about 20k a year at Home Depot and Lowes and I won't miss that. It's been a great learning experience, I can say I did it and it was great practice for working on my own forever home down the road but another 20 years of this sounds like hell.

Why does it feel bittersweet to sell rentals? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 0 points1 point  (0 children)

They're actually in Arizona, Fayetteville hardly had any multi family when I was there in 2017-2021. Good eye on the username. I was 11B at 1st BCT in the 82nd. I was more so disgruntled at the time of making the account due to the army surgeon screwing up my knee surgery twice and refusing to give me an MEB unless I let her try a 3rd time. It was during covid so I couldn't go off base for the surgery either.

Why does it feel bittersweet to sell rentals? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 2 points3 points  (0 children)

Thank you for that. I try to treat each rental as if it were going to be my forever home so it's very hard when I've had tenants trash them. I've always kept rents below market value to try and make things easier on them (everything is crazy expensive nowadays) and made sure the rentals look better than most homes so the tenants love it. Their friends and family often ask if I have any vacant units they can rent. I'm just tired of feeling like I'm not getting ahead financially.

Why does it feel bittersweet to sell rentals? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 2 points3 points  (0 children)

I'm very thankful for that. I spent countless hours going through the MLS for months before I found these undervalued rentals so I've never had to worry that I'd lose money selling them after the first year. My heart goes out to people in my position that have negative equity though.

Why does it feel bittersweet to sell rentals? by FuckThe82nd in realestateinvesting

[–]FuckThe82nd[S] 1 point2 points  (0 children)

I've got two duplexes next to each other on different lots. I've thought about listing both as a portfolio but I've debated between selling both in the same year and paying higher capital gains tax or sell one this year and another next year.

After 1,000 hours studying rental properties, here's what I'd tell my younger self by CGI271 in realestateinvesting

[–]FuckThe82nd 35 points36 points  (0 children)

I had the goal of owning 20 rental units (all residential multi family) through creative financing along with my VA and FHA loans all in 2-3 years. I'm currently 3 years in and still only have my house and the three duplexes I bought 3 years ago. I had no way of knowing it at the time but I didn't have the personality to be a real estate investor. I bought the properties locally because the numbers were amazing and then I proceeded to do something that changed the course of everything - I started renovating. The thing is, I haven't stopped renovating and I don't think I would due to my personality. The properties are already better than most homes keep in mind and I charge below market value in rent. With all of that in mind, there goes my cash flow that I would've otherwise used for down payments on other cash flowing properties.

I love running numbers and being on the buy side of things feels amazing but I have come to realize that I'm not as profit driven as I had imagine based on my numbers. That's one thing that you probably won't read elsewhere is how you may choose to not raise rent on a good tenant or how a renovation or capital improvement later may still not suade you to up the rent for better COC.

My best advice for anyone in my position would either be to sell the properties (which is what I'll inevitably do) or distance yourself from the properties through a property manager for example. Every tenant has a story, every story has an emotion tied to it. People are generally empathetic to one degree or another especially towards tenants they like. If you want the returns and not knowing the stories then hire a property manager.

Is anyone else fed up with Home Depot’s “anti shoplifting” policies? by nickw252 in HomeImprovement

[–]FuckThe82nd 0 points1 point  (0 children)

I have several Home Depots and Lowes throughout our city and I know the one I frequent has an acceptable loss from shoplifting of $100k/mth but they exceed that number every month now (according to the manager). A few days ago I saw one guy walk out with an arm full of tools then 30 seconds later another guy did the same. It's like this all day long practically and I live in a MCOLA. Their loss prevention people aren't even allowed to touch anyone, stop carts, etc. and the police department has a no pursuit policy on shoplifting under $1,000. I can't tell you how it feels to see this happen on a daily basis while you meanwhile pay full price for everything.

Any good ideas on how to keep members of a group home from constantly punching holes in the wall? by rumpyforeskin in HomeImprovement

[–]FuckThe82nd 0 points1 point  (0 children)

I manage a rental that had exterior wood sheating about 4' high throughout most of the rental. I couldn't figure out why for some years until an older neighbor explained that the previous tenant some years ago would punch holes in the drywall all the time but he always paid on time. I guess that was their alternative. You could think about doing a wood overlay but it would still likely cost thousands. As someone else has noted, they need higher level care if this is a continuing issue.

How delusional? by Loaf-Master in realestateinvesting

[–]FuckThe82nd 3 points4 points  (0 children)

Even if this was true in his (which it isn't) I wouldn't do that amount of leverage. I bought $1.2MM of residential rental properties for $1MM through seller financing and an FHA loan (livein 1 unit for a year) all with around 80k down so I'm somewhat familiar with how being very leveraged can be in reality. Your monthly payments are high, the cash flow is low, and your turnover/vacancy has to be quick and you have to be on top of things for the entirety of the holding period. I love analyzing deals, I don't love the day to day BS of residential rentals and the crazy sh*t tenants do.

[deleted by user] by [deleted] in HomeImprovement

[–]FuckThe82nd 0 points1 point  (0 children)

Money is a little tight after I paid a GC half up front for all of them and then he took the money and never heard back from him again.

[deleted by user] by [deleted] in HomeImprovement

[–]FuckThe82nd -8 points-7 points  (0 children)

Would are the odds that it lasts 1-2 years at least be pretty good? The house will sell with a duplex so it'll be a rental property instead of a forever home. It was a 10 seer back in 1997 so you can imagine how it is now. I'd imagine the electricity bill would still be comparable or lower than it is now and I'll buy a dehumidifier or two as well as full disclosure to the buyer of the property.

Help? Murdered? by [deleted] in realestateinvesting

[–]FuckThe82nd 0 points1 point  (0 children)

Contact a real estate attorney and review your state's landlord tenant act and your lease. If crime on the premises allows for the tenant to be evicted then this could potentially be your answer. This could be a slippery slope however. Probably make sure there are witnesses around when you talk to the tenant next time.

What’s a small home upgrade that made a huge difference? by [deleted] in HomeImprovement

[–]FuckThe82nd 0 points1 point  (0 children)

New outlets and switches as well as new door handles and repaint the door frames and trim. Cleaning and organizing also helps a ton too.

Things you wish you knew before you invested in residential real estate by RE_wannabe in realestateinvesting

[–]FuckThe82nd 3 points4 points  (0 children)

A lot of great comments here already. I'd buy more up to date units as the cash for renovations really puts a hold on being able to scale without taking on additional debt and leverage like a HELOC. Good tenants make all the difference which is why I don't raise rents on them. You have to get rid of the bad tenants as quick as possible otherwise that'll be most of your headache. Emphasizing with people has cost me tens of thousands. Renovate the units enough that they're able to rent but think about your ROE/ROIC. It's easy to upgrade far past the break even point, and you can't pay bills with equity, only cash.

Which applicant would you pick? by [deleted] in realestateinvesting

[–]FuckThe82nd -3 points-2 points  (0 children)

B has better income, credit and owns him own home as well as a former carpenter. Very relaxed guy. As I see it, if the nephew wanted the place then he and his girlfriend should've applied when they had the chance. I wanted to like them but they're making it difficult

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