All Forum Posts by: Andrew S.

Looks like like the coating(s) put on the floor were inadequate

I don't think the 1950 age is much of a negative as your post implies?  I'd probably rent it out for a year on a normal lease and wait for the market to come back.  Repairs & Maint costs should be close to zero after your renovation.  

Correct, not exaggerating by the 95% of my leads either.

Write up a contract before a family disagreement.

Post an online rental ad on Facebook or Craigslist for that neighborhood. See how many hits you get to gauge interest in the market. Waiting until post corona virus might be best to get a real idea.

Cozy has no fee for bank account transfers. I now have most of the my 8 doors paying through Cozy and have received no complaints from it's ease of use. I haven't forced them to use Cozy but provided them the option with the benefits of: -accepts split payments for easy in budgeting -builds credit for future car or home purchases -no driving to the post office or paying for stamps -electronic receipts -can setup Auto transfer so you don't need to worry about it -no fee -accepts credit card payments for challenging times (like now)

Facebook marketplace gets 95% of my leads. I wouldn't lower rents, you'll probably have to wait until this normal life resides.

Keep track of expenses (look up IRS schedule E categories) that relate to your unit and the rented units. Advertise the other side for rent as soon as realistically possible to put them "in service". The BP tax strategies book for savy investors is good. Determine the difference in square footage between personal and rented sections to apply towards depreciation.

Let them move out and be happy you don't have to go through an eviction or give them cash for keys after their dogs destroyed the house.

Are people proactively reaching out to their tenants to see if they'll have issues paying rent?  Or waiting to hear from their tenants that they won't be able to pay?