All Forum Posts by: Angela Smith

That HOA fee is killing your profit. I would keep looking if I were you.

Your mortgage payment plus HOA fees is only $394? That's not a correct figure. A mortgage payment on $100k loan is gong to be considerably more than that!

We are brand new to this.  Hubby and I have our first property rehabbed and ready to rent.  It's been advertised for 3 weeks and we've had some inquiries but only 3 showings.  Now, we have our first applicant. 

The bad:

credit score is low

Income is just barely over 3Xrent

The good:

has been in the same job over 3 years.

Has a solid rental history with no evictions

Has a clean background check

Car is paid for

More info:  this is a single guy, 22 years old, no pets, but is a smoker (at least he's honest about this).

We really want to get a tenant placed and we haven't had any other applicants.  So, here's my thoughts, please let me know what you think:

We approve him for the property with security deposit and first/last month rent paid at lease signing AND we place him on a month to month lease.  Therefore, if he doesn't make good on his rent, we can give him 30 day notice to vacate.

What do you think?  

We listed our first SFH for rent about 2 weeks ago. We have had several inquiries, but only 2 showings. The individuals we showed it to did not meet our requirements. They either had low credit scores, inadequate income or both.

We are wondering how long we should wait before lowering the monthly rent.  I'm not sure if the price is the problem.  It looks like our price point is right in the middle of comparable properties.  There are some less and there are some more. 

What is the longest time you have had a property listed without getting a tenant?  What strategies did you use to attract applicants?

The house is just 2 years old as well.  It is a new build.  It is city water.  

The water is very hard, but when we drained it 2 weeks ago the build up was minimal.

I have a water heater that is not working well.  Currently, the water is warm, not hot.  The heater is warm to touch at the top and cold at the bottom. 

This heater is 2 years old.  We replaced both elements 2 weeks ago.  At that time, the bottom element was broken.  I suspect this is the problem again.

I'm not sure why this element is giving us problems.  Any trouble shooting advice?

getting started with cozy.  How long does it take to get results back after a potential tenant submits background and credit screening info?

Fleas are awful.  The treatment kills the live ones but not the eggs.  So after the eggs hatch you have to treat again...and again.  It might take several times.

Lol. I will settle the argument. We have not yet advertised it for rent. I will hire a CPA. I'm not prepared to do it myself.

This is the reason why I can never give up the Job. Hubby works for a small business that doesn't offer insurance. I have a chronic illness and have already met my maximum out of pocket maximum for 2019! I am really struggling with financial worries. I make twice what hubby makes, always have. It is my income that has allowed us to obtain our first investment property. I carry our health insurance. And I have two jobs. The point of getting into real estate is to generate cash flow in hopes that I can work a little less. I need to work less, my health depends on decreasing stress. My husband is wonderful in so many ways, but as a provider, well he's just not driven. But I'm afraid he's going to have to become so. The health insurance issue is going to require him to find a different job when I become unable to work as much as I do. I am not looking forward to the conversation. It's easier to say it to strangers here than to the man I'm sharing my life with. Anyway...insurance$$$$$$