Home Buying & Real Estate Thread

[crcballer55]

 

 

How do you guys avoid bad tenants?


How do you deal with bad tenants if you get them?

Section 8. Guaranteed good tenants since their payment is so low and the government subsidizes it. Once you're in the program, people will kill to stay in it.

But what @Pdino
said. Do due diligence. Run a credit report, ask for references from past landlords and trust your gut. If it's tough getting a straight answer then move on to the next one.

This is the funniest thing I ever read cause its so untrue. You have no clue what your talking about. Dont ever again suggest that section 8 tenants are "guaranteed good tenants".

Unless "guaranteed good tenants" means tenants that in normal circumsatances could not afford to pay market rate, tenants that trash your property and require your physical presence at all hours of the night.

Only slum lords are happy with section 8. My pops is a real estate investor and i have to inspect properties before purchase. Most of the properties he buys were previously section 8. No one wants them once the owner sells because they are horrendous. So my pops gets them dirt cheap.

My bad. My point in the "good tenants" comment was that they will pay rent. As with anything else, due diligence is required to ensure the best chance of the tenant taking care of the property.

 

[fraij da 5 11]

Our build is done.  Water tests from our well is holding things up... Test failed the first test, which is strange because our neighbor says his water is the best hes ever had and we're right next to a really nice small lake.  Its always something...

Anyways we moved all our stuff in over the weekend... Gotta organize and sell off everything we don't want/need.

 

[aepps20]

Our build is done.  Water tests from our well is holding things up... Test failed the first test, which is strange because our neighbor says his water is the best hes ever had and we're right next to a really nice small lake.  Its always something...

Anyways we moved all our stuff in over the weekend... Gotta organize and sell off everything we don't want/need.

You have a nice home. Congratulations to you and your family. Did you get a home inspector to follow the construction process? The builders will break ground on our house later this month and I hired a home inspector to help us catch issues we are not qualified to catch.

 

[fraij da 5 11]

You have a nice home. Congratulations to you and your family. Did you get a home inspector to follow the construction process? The builders will break ground on our house later this month and I hired a home inspector to help us catch issues we are not qualified to catch.

That's a good plan.  We didn't hire one, but my Step Dad is the one who recommended our builder, and he is a project manager in construction work.  He stopped in quite a bit to see what was going on throughout the process. 

 

[edshoecator]

^^^ Detroit or Puerto Rico. It's a shame that I see what P.R. will become in the next 10 years and have no funds to jump in on it. Billionaires gon flourish there once that economy is built back up.

Man. I've had convo's with my wife about this very thing is St. Louis. Abandoned homes go for taxes owed (some go for as little as 3k)...It would be awesome to just buy a few blocks worth of stuff and sit on it.

Detroit has homes for $1!

If I had millions...man.

In Puerto Rico...love that place....I would buy up as much beach land and wait for the bounce back and unload it to developers.

 
Our build is done.  Water tests from our well is holding things up... Test failed the first test, which is strange because our neighbor says his water is the best hes ever had and we're right next to a really nice small lake.  Its always something...

Anyways we moved all our stuff in over the weekend... Gotta organize and sell off everything we don't want/need.

congrats...you NTers have me wanting to leave the best weather in L.A. for new builds.

 

[aepps20]

That's a good plan.  We didn't hire one, but my Step Dad is the one who recommended our builder, and he is a project manager in construction work.  He stopped in quite a bit to see what was going on throughout the process. 

Thank you for the response. Do you have any tips for new construction. My parents have gone this route before but any advice you are willing to give is greatly appreciated.

 

[Xennial]

So you guys think Puerto Rico will bounce back?

 

[edshoecator]

 
So you guys think Puerto Rico will bounce back?

the women alone with always make it a tourist attraction.

I think it will.

 

[socalkid]

Section 8 tenants are a pain also because since the rent is getting paid mostly by the government there are inspections that your apartments have to go through constantly.
You have to meet the requirements for these inspections as well. Everything has to be up to code.

Good Tenants. You have to do your research. Its sometimes the luck of the draw. Make sure they work for reputable companies. Families are usually the best to rent out to because its a lot harder for them to find a new location to take their children too. Thats when its compared to individual people or couples as tenants because its a lot easier for them to just get up and leave.

 

[xxnamebrandxx]

Would any licensed lenders or agents want to start a referral network?

I'm licensed and have done property management, residential sales, and commercial leasing/sales. I'm looking to network with RE professionals in CA, NV, and AZ.

Personally, I like affordable luxury homes and single tenant NNN investments.

 

[SneakerProSr.]

Closed July 31st


Man it's crazy how time flew from literally dirt to a house

Nice! Congrats man ! Time really did fly by your house looks great.
Did you find any thing wrong with the house that needed to be fixed during your final walkthrough?

My final walkthrough is on the 27th and closing on the 1st of September, so I am trying to make sure everything goes smoothly.

How do you guys avoid bad tenants?


How do you deal with bad tenants if you get them?

I don't have any properties yet, but your suppose to do a thorough screening process. Of course it won't keep out all bad tenants, but have a good set of standards and you should come out with good tenants most of the time.

Section 8 definitely isn't guaranteed good tenants. Most will destroy your property, but what I have seen is that section 8 tenants in A/B class neighborhoods are pretty good tenants.

There were a few minor things on my final walk through that got knocked out pretty quick.

However circuit breaker in my master bedroom and bathroom is tripped and goes anytime a load is placed. Even plugging in a phone charger trips it

Also I have to do an air flow adjustment on the ac system because the main parts of the house are getting most of the cool air and the backrooms are 3-7 degrees warmer

So I have an 8 months pregnant wife whose room has no electricity and struggle a/c. Suffice to say I now have to call off work to meet the electrician and hvac guy

 

[edshoecator]

There were a few minor things on my final walk through that got knocked out pretty quick.

However circuit breaker in my master bedroom and bathroom is tripped and goes anytime a load is placed. Even plugging in a phone charger trips it

Also I have to do an air flow adjustment on the ac system because the main parts of the house are getting most of the cool air and the backrooms are 3-7 degrees warmer

So I have an 8 months pregnant wife whose room has no electricity and struggle a/c. Suffice to say I now have to call off work to meet the electrician and hvac guy

I would die without electricity. My lazy *** would just rot in the room till the next day 

If you dont mind..what was the total damage?

 

[SneakerProSr.]

It's a new home so I have one year of bumper to bumper warranty.

Anything pretty much no matter how minor they take care of it.

Breaker tripped at 4 am I filled out the service request online at 5am and someone was at my house at 10am

Also my total house note is $200 bucks less than my good faith estimate

Apparently because i built a house the taxes for this year are based on the vacant land so my closing cost were also 1800 less than I anticipated

It's gonna go up in February but I'll take it for right now

 

[antbanks81]

Would any licensed lenders or agents want to start a referral network?

I'm licensed and have done property management, residential sales, and commercial leasing/sales. I'm looking to network with RE professionals in CA, NV, and AZ.

Personally, I like affordable luxury homes and single tenant NNN investments.[/quote

I'm always open to networking. I work primarily in residential in the Chicago area. My brokerage primarily is working with a hedge fund. We buy at auction, REOs and etc. they are open to working in other markets as well. If you can show me a 25-30% return on a flip or 10+% cap rate on multi units, they will generally make the offer.

 

[dathbgboy]

Any of you guys w/ new builds considering solar in your homes, even partially? Would that offset some of the costs on electricity?

 

[capital sb]

Any of you guys w/ new builds considering solar in your homes, even partially? Would that offset some of the costs on electricity?

I am looking at buying a 6 kW system for my home before the tax credit ends next year. It would cover the entire cost of electricity for me, might even receive money back some months. I would say about 15-20% of the homes in my neighborhood have solar panels.

@SneakerPro  its pretty crazy that type of issue passed inspection. Hopefully it all gets handled quickly.

 

[chewie]

Solar was an option with our builder, but we didn't go with it. We built with meritage homes, the number one green builder in the country. They use foam insulation throughout the entire house, including the attic, and use the highest rated energy efficient windows. No need for solar really ( http://www.meritagehomes.com/whybuy/energyefficient/ )

After a 26 day delay, we finally closed two weeks ago. 3,900 square feet, 3 car garage, hardwood floors entire house, his and hers showers, closets, sinks. 10 feet ceilings main floor, 9 foot ceilings second floor. Gourmet kitchen

 

[capital sb]

@Chewie  your house is super nice I remember when you posted the pics of the lot congrats! 

 

[fraij da 5 11]

@Chewie  you could be making some money back with Solar though!  If I had an extra 12 grand right now I'd have solar on my southern roof ASAP.

Nice that you have the foam insulation throughout though... Ours is the traditional but I must say our builder had done a great job on the homes hes put up... Went and checked most of them out in the winter and almost none had ice forming on the roof lines.

 

[edshoecator]

Solar was an option with our builder, but we didn't go with it. We built with meritage homes, the number one green builder in the country. They use foam insulation throughout the entire house, including the attic, and use the highest rated energy efficient windows. No need for solar really ( http://www.meritagehomes.com/whybuy/energyefficient/ )

After a 26 day delay, we finally closed two weeks ago. 3,900 square feet, 3 car garage, hardwood floors entire house, his and hers showers, closets, sinks. 10 feet ceilings main floor, 9 foot ceilings second floor. Gourmet kitchen

those double showers...How much total if you dont mind me asking.

I really should pack and leave this expensive for no good reason *** Los Angeles.

 

[gottabeem21]

Solar was an option with our builder, but we didn't go with it. We built with meritage homes, the number one green builder in the country. They use foam insulation throughout the entire house, including the attic, and use the highest rated energy efficient windows. No need for solar really ( http://www.meritagehomes.com/whybuy/energyefficient/ )

After a 26 day delay, we finally closed two weeks ago. 3,900 square feet, 3 car garage, hardwood floors entire house, his and hers showers, closets, sinks. 10 feet ceilings main floor, 9 foot ceilings second floor. Gourmet kitchen

where are you located? that house would be like 800k around my area of CT... even more further towards NYC

 

[xxnamebrandxx]

 

Would any licensed lenders or agents want to start a referral network?

I'm licensed and have done property management, residential sales, and commercial leasing/sales. I'm looking to network with RE professionals in CA, NV, and AZ.

Personally, I like affordable luxury homes and single tenant NNN investments.[/quote

I'm always open to networking. I work primarily in residential in the Chicago area. My brokerage primarily is working with a hedge fund. We buy at auction, REOs and etc. they are open to working in other markets as well. If you can show me a 25-30% return on a flip or 10+% cap rate on multi units, they will generally make the offer.

Hey @AntBanks81

I was in Chicago at the end of last year and got a chance to tour a property. It was a short sale condo built in the early 2000s in the South Loop neighborhood. I asked the agent how rents were and they seemed pretty stable.

Please share some more on what you guys do... I'd love to hear more.

In general it's a little difficult to get those types of returns in CA. However, I'm familiar with neighborhoods in Silicon Valley, Sacramento, and Las Vegas that could work for flips and cap rate buyers.

 

[chewie]

@beezygotsole, thank you for the warm wishes, kind sir. @fraij, honestly our salesman didn't recommend the panels, considering how good the builder was with bills.

@edshoecator, no worries at all, my good man. Here in the southern suburbs of Denver, Colorado being the #2 hottest real estate market in the country (#1 San fran), we only paid $476k.

 

[chewie]

where are you located? that house would be like 800k around my area of CT... even more further towards NYC

Thats why I live in denver. I am born and raised in dc, RG3, gogo music, and mambo sauce all day lol. But I couldn't afford to live how I'm living now if I moved back to the east coast. Go RG3! DC for life! Lol

We paid $476K for our house. Our realtor, who is originally from Philly, said out house would cost 7-8 hundred in anew east coast city market

 

[aepps20]

Chewie, we were looking at Meritage out by the Southlands Mall area but we decided to go a little north due to me working downtown and my girl working in Stapleton. You have a beautiful home.