All Forum Posts by: Brendon Pishny

@Charles Streeter

Is the tenant good? Does it make sense to keep renting through the end of the lease and then renovate the unit after that? If the tenant is not behaving then yes ask to leave or do the eviction.

@Catie Baker

I have no problem with buying properties that have tenants and do it quite often. Most of the time it works out fine. If you manage them properly they will either do well or you will evict them if they don't behave as expected. It may be a few months or a few years but eventually they will move. Then at that time you can treat it like a BRRR. In the meantime take the immediate cash flow and start preparing for when they move out. Also, as long as you're not violating the current lease agreement I usually try to get the rent up some. Typically when a rental is sold with tenants they are under market. If they are month to month have them sign a new lease with you. Even if it's short term. Just my two cents. Hope it helps.

@Victor B.

I've done both. You're right. If you buy in an LLC then you will have to get a commercial loan. Buying in a personal name gets better terms. At the closing table just sign the deed over to your LLC.

@Roger S.

I charge $30/month per pet. That seems to be fair to the tenant and makes enough money for me each year to cover any costs of wear and tear. Most people don’t even blink an eye at this. And when they live there long enough they don’t even remember. It just becomes part of their rent payment. A non refundable deposit is just not enough of the tenant stays long term.

@Andrew Grams

I use Buildium for my 16 properties. It’s very economical for what you get. Rent collection, property management. Each tenant gets a portal to pay their rent, buy renters insurance and make maintenance requests. I started with it when I had very few properties. The application process is very easy too. If you plan on adding more I would recommend a PM software like this. Tenants will definitely take you more seriously. It has saved me a ton of hassle.

@Kathy Green

I agree. Ask him to seller finance while you do the repairs. Come up with a timeline and see if he’ll work with you on it. Then once repairs are done have it appraised and refinance out. Hopefully you’ll have increased the value enough that there’s some equity to work with. Try to stay away from hard money in this situation. I’m not even sure they’ll lend on and owner occupied property anyway.

@Jennifer Rullmann

I was thinking about having them call me on the phone and stay on with them while they walk the property. I would just have a lockbox on the door. That way I can explain things, answer questions and go over next steps. I’ve never done it before and always do showings in person. But I’m in the processing of buying a condo a little farther away from me than I normally buy which makes me want to try showings without being there. Some flyers and information in the house is a good idea too. Or maybe something you email them before they arrive.

@Joe Straws message me. I’m local in KC. I can give you some good ideas for meetups. There’s one tomorrow morning meeting virtually. That’s a great way to learn and network.

@Matt Davidson my personal opinion is I wouldn’t want a tenant to live in a house I want to move back into. Plus I’m not sure it’s worth learning how to be a landlord for one year unless you plan on continuing in the future with other investments. If you can afford it I would let it sit vacant and keep having someone check on it. Then it’s definitely available and ready when you return home. Takes the pandemic issue out of the equation. Just my thoughts. Hope that helps as you decide what to do.

@Sam Leon offer them a 3 month extension through June. May give them time to find a new place. And would help you get through the stay at home order. I wouldn’t go too much farther than June or July. You want to have it rented long term before the fall if possible. Hope that helps.