All Forum Posts by: Adam Martin

As others have said moving into the new property can work to get more favorable financing and BRR can work as well as long as everything goes right.  Keep in mind not everything will go right and make sure to have reserves in place.  I own 3 properties one one I had to pay 3400 to have a water line replaced and on another this year I was out 2600 on a new ac and that is with a family discount, luckily no vacancy.  Expanding is the goal but in the words of Big Pun, mo money mo problems.  Don't expand too fast without the cash to cover what you have or you are setting yourself up for disaster, maybe not now but eventually.  

I agree that it would depend on the circumstance.  I personally wouldn't until vacant to avoid this issue if it could be helped and was purely cosmetic.  If you are doing it because they asked you to I probably wouldn't without an increase in rent and them aware that they will be on their own without the kitchen while repairing.  If it truly needed an upgrade to be a functional kitchen I would do the minimum while they were there and move the fridge to the garage so they could keep their food.  If they have a minimum of a fridge they should be able to make do but I would be replacing the oven asap to make cooking easier as well. 

It may make sense for the cash flow but make sure you are lookin go at the full picture.  You are going to be paying pmi and under a conventional loan it drops at 80% but with fha it is the life of the loan unless you refinance.  We are at low rates for now but who knows what they would be in the future.  Also in the future if you have moved on to a new house hack you would be looking Hm at higher interest rates since this one would be non owner occupied.  The cash flow is tempting and your situation will tell you what you need to do but I just wanted to throw out other considerations.

I let tenants know up front they need to make arrangements to have them in their name and that I have already arranged the disconnect on move in.  I will check the day before I am scheduled to hand over keys and our utilities will confirm with me they are moved over.  If not I remind them when finalizing the time to hand over keys.  If they are already on it can be done over the phone so there is no reason they can’t get it done.  

Plus one on the Terro ant bait.  I had tons in my bathroom and they were gone in a few days.  Cheap and effective but I would try these before paying for an exterminator.

I think being up front and open is going to be your best bet.  Legally if you have legit paperwork and he evicts or harassed you that is retaliation and could cost him in court.  Also be reasonable yourself in your request on the number and breed.  We do have issues with our insurance so it will go far to stay away from dangerous breeds that are hard for us to insure and also consider the size of the animal vs the size typically allowed.  While my suggestions hold no legal backing it will help create goodwill and make it easier on everyone.  

I had that on my last rental, it was a Mother and father with 3 adult children and one of their boyfriends.  I posted on Wed it would be available to view on Sat however they were insistent on viewing it right away.  I caved and showed it to them since I was there painting anyway and they had the app in less than an hour.  I let them know the qualifications and they were in the low to mid 400's and were ready to move in asap.  While I told them I wouldn't make a decision until Sunday they called and texted numerous times most likely hoping to catch me before I got other applicants.  Didn't work and I rejected a couple days after the application but the texts kept coming offering more money/month and more deposit.  I held my course and feel I dodged a bullet, you most likely did as well.  

I always require certified check since they cannot be reversed and you know you won't get a bounced check fee.  Even if you have a while for the funds to clear I'd still suggest a form of payment that can't be reversed like Cozy or Paypal where someone could have the funds clear, get access to the place, and then reverse it all.

You made a verbal offer to extend the lease you sent over to sign, if they are unwilling to sign the new lease they are under no obligation to do so but you don't have to modify the lease if you don't want to.  I am curious on what they wanted to modify as well and were the conditions they want changed on the original lease.  My thoughts are similar as posted if they don't like it leave but also for you to consider what kind of tenants they have been in the past and how easy the house will be to rent.  If they are minor you may want to meet somewhere in the middle to avoid vacancy, if not just let them go and start again.  

I am not a lawyer and this is not legal advice.  Without seeing the contract it is hard to tell however one out you may be able to use is the original company still in operation or have they closed and switched to a new company.  If the original company folded and is no longer in business I would think your contract would be void since if there is no company who is it with.  This could be that there is a new company that was formed due to issues with the original company and they are just trying to move people over to the new one and hoping no one will notice and just hoping for a quick signature.  You could just simply ask why this is necessary just due to curiosity in purely curious way to avoid any red flags.  They will have to give you some sort of answer or it will look odd but your contract is with the original company, if they are no longer in business then the contract is void and you are free to leave I would think.  Hopefully an actual attorney can weigh in and these are just thoughts.  My thought is you made an agreement with the old company and I can't see how you could be forced to work with a new company with new terms that you did not originally agree to. If you mutually agree fine but if not I would see this as a possible out.