All Forum Posts by: Andrew S.

Could just give him free rent for 6 months, then not have to pay taxes on the $2400 ? not sure if that is legal. Or have him pay $100 a month for 7 months, or whatever the math works out to. 

It seems odd to do background or credit checks on someone already living in there. Especially someone who is holding up their end of the deal - not destroying the place and paying rent on time. I have a few inherited tenants in a 6 plex, if I had to take a guess not all of them would pass new credit/ background check but they are all good tenants who take care of the place. I personally don't make a big deal out of boyfriends/ girlfriends/ friends that move in. The original tenant is responsible for full payment of rent, security deposit, etc. If I need to kick out their boyfriend, girlfriend, friend, etc -> then they are an unapproved guest that is trespassing. Way easier than an eviction. Same as if a stranger is in your house. 

If you kick out their roommate, the tenant that's on the lease will probably be pretty mad. You probably can't have your cake and eat it too. Both or none you have to choose with. 

You could put a clause in the buy-sell contract to have the lease changed to a 1 year or MTM.  A 2 or 5 year lease seems very odd. It may not be easy for the current owner/ PM to change the lease, but everything is possible. Cash for keys, etc

I keep my future down payment savings in index funds. Odds are they will go up more than they won't. It will occasionally hurt, but more often help. Yes it is somewhat gambling. If I find a killer deal and have to use my "temporarily lower down payment" then the deal will make me back the couple grand. 

Read Jim Collins Simple Path to Wealth

I think that locking a thermostat would be kinda weird. 

Maybe just try asking them to leave at a month of their choice in the near future. I'd be curious if anyone would want to move if you asked.

I used to be anxious about the always possible upcoming vacancy, but I know have 8 tenants on a MTM.  Easy for me to make lease changes, them to move if need be and not deal with forcefully staying in a lease they don't want in.  I start mine with a 6 month or 1 year, making them end in the summer months - then I move them all to a MTM. 

Figure out where it is located, how bad it is. It's generally very simple to DIY. Hydrogen peroxide will kill it just like an infection on a scab.  Use a N95 covid mask. You can get a quote to professionally deal with it. Probably be $1k - $2k for a decently large area. You can ask the seller to drop the price by the quoted mold remediation.  

I'd rent it to them per a normal application process. Have them pay you rent, not the insurance company. Have them on the lease, not the insurance company, etc. I'd raise rent rates for a short term lease to help cover vacancy costs.