All Forum Posts by: Corby Goade

Great ideas, thank you!

I'm no expert on this topic, BUT, I know in Oregon the law is written so that the only legal place to smoke is in a private home, which could obviously have an impact on a rental property. I'd be sure to include very specific language regarding smoking marijuana in my leases. 

We've been using it for years and it's great. The only downside is that there is a delay of a few days before you get your deposit after your tenants authorize payment. Small price to pay for a reliable and free product. 

You can actually have both- pay all cash and do a cash out refi. You can even do it immediately by taking a small hit to LTV with a delayed financing deal.

I'd say it depends on the deal and your market. Is it a great deal? If you let it go, will the seller have any trouble finding another buyer? Is the seller not interested in starting all over and putting the property on the market? If you have some leverage, you can just say no, the deal stands as is. I'd guess at the very least you'd get a counter offer of some kind. It's doubtful that the seller would be willing to start all over for $6k.

Unless you have both signed paperwork saying so, the lease has not ended and you should be fine (check with an attorney) to hold on to the deposit. It doesn't matter if they are living there or when they moved it, it matters what the dates on the lease are. 

Best of luck!

Welcome and good luck!

 You should have a lease with anyone who lives in a property that you own. It protect you more than you think. Just because you don't have a lease does not mean you have the right to kick them out whenever you want- quite the contrary- there is likely an implied right for them to live there and you have no lease violations to back up your case. 

Put everyone on a lease that covers whatever behaviors you might be concerned about and then you can legally evict them when they violate the lease. 

Also- I am not a lawyer, you should consult with an attorney in your state. 

Good luck!

Hi Lisa!  Yes, Jonna really is the best!

I have a property management company as well and have been doing that for 15 years, so if I can advise or assist anyone with those issues, I'd be happy to.

While I can appreciate that you are interested in helping homeless vets, I would be hesitant to make your first landording experience one where you work with a high risk population. Yes, rent is guaranteed, but managing tenants that have been recently homeless, presumably unemployed and hopefully drug free could be daunting to say the very least.

Consider what the market rents in that area are- what quality of tenant do you think you could attract? Could you get gainfully employed tenants with reasonable credit?

Beyond that, your numbers look fine to me, I would just be concerned about your tenant placing plan, it could be very difficult to manage as a newbie.

Best of luck!