All Forum Posts by: Karen Bickford

An hour is my threshold but more because I hate to drive, such a poor use of time unless of course you are listening to a BP podcast.

Hi Kevin I am assuming that you are approved for x amount of financing and you are putting in offers based on what you are approved for.  

If you know the amount that you are approved for by the bank have them put in in writing for you and make copies. It should be as simple as Kevin wood has been approved for financing up to xxx amount from xyz bank. Once again I have never used an approval letter so maybe it is more complicated than it should be.

Kevin can't you get a standard approval letter from your lender make copies and submit with your offers?  Seems pretty straight forward however I personally have never dealt with preapproval .

I agree with @Colin Smith 

@Hannah Williams  I did something similar with another govt agency that helps a certain protected class get on their feet.  They paid the security and tenent paid partial 1 months rent. That was all that was paid. 

Said tenant was in my unit for 6 months before I was able to get him out. It cost me close to 10k in legal fees and cash for keys. Tenant was also professional and I was too stupid/tired to see through it

I wouldn't recommend this type of arrangement if you are in a decent rental market. No good deed goes unpunished .

@Jennifer Streamer

I think 24 hours is reasonable. I believe you were just being honest and letting your tenant know about the Sunday option. Don't beat yourself up over it.  If that is your biggest faux pas in being a landlord you're doing great 😊

@daniel miller the charge is $30 per applicant last time I checked.

edit Devin berrian

@devin Bettina congrats on your first deal! Hopefully there will be many more to come.

I purchased a 2 family  in 2013. In a great area. I ended up gutting to the studs with the exception of hardwood floors.  When I bought it it was getting 1200 per month per unit. I had tenants before I finished the project and rent  for 2200 per unit. I did do which I recommend if you are taking out walls, the spray foam insulation. The tenants gas bill in the winter in New England is under 150 per month.

I did do high-end finishes Granite air-conditioning central washer dryer.  Walk in closets etc. if you are in a nice area I recommend doing it right and you will only have to do it once with very little maintenance. Keep us posted.

@Jeff T. yes HOA policy would definitely have to be considered. I have a vacation rental in Clearwater Beach Florida and rented about 39 to 40 weeks of the year. Rent ranging from 1400 to 1800 per week.it is definitely a cash cow, it does take some work to get set up but once it is all set up it is actually very easy.