All Forum Posts by: CJ M.

@Jeff Copeland

Thank you Jeff

So I had a tenant recently move out of a duplex. There is no garage or driveway here. Tenants either park on the street in the front, or in the back yard off a small access street. The tenant shared that the nextdoor neighbor was yelling at her one day for parking on his property. She said she was parked directly behind my duplex in the dirt/gravel area that is on my property.

Anyway, I went to the unit to drop some supplies off, and sure enough, the neighbors car is parked directly behind my property in the back.

Before I "try" to have a civil discussion with the neighbor (this is a D+ neighborhood so I don't know how civil this guy will be), I wanted to get some recommendations. So far I printed the map from the auditor site that clearly shows the area in question is part of my parcel. What if the neighbor refuses to move? Is it as simple as calling the police?

@Tony Marcelle

Download the banks app and then snap a pic of the front and back of the check. It automatically deposits it in your account.

@Marco Morkous

It depends. I know 2 business partners who have 250+ doors (mainly single families), and they manage the properties themselves because they have solid systems in place.

@Seth Larson

Did she receive her stimulus check? Any unemoyment? If so, could she use that to get by for another month or two until she lands on her feet? If not, I would weigh the opportunity cost of lowering her rent, versus allowing her to break her lease (i.e. cost of vacancy). If you do allow her to break her lease, just be professional about it. I would explain that she signed a legal agreement however considering what's going on in the world these days you want to work with her. Ask her if she can clean the place so it's basically spotless since you're allowing her to do this.

@Tony Marcelle

Can you do mobile deposit from your phone via your banks app?

@Joseph Hammel

I'm currently considering 3 different properties. I may purchase one, I may purchase all three, I may purchase none of them. I'll know more over the next week. A deal is a deal in my opinion, and as long as it meets my cash flow requirements, I'm still going to continue to grow to meet my 2020 goals.

@Gordon Starr

It depends. I've had both B & C class tenants who were impacted by coronavirus. I will say the C class units were way easier to re-rent though.

It's good to have a realtor you can use from time to time for different reasons (running comps, purchasing/selling, guidance on a rehab, etc.). Are they needed to land a deal though? No. I've purchased properties off the MLS by simply reaching out to the listing agent, and making an offer through them. It might also give you a little bit of negotiation leverage since there are not dual agents for the commission.

This may have already been covered in another post already (my apologies if so), but from my experience, the DSCR calculation is a bit taboo with some lenders. Many calculate annual expenses differently (personal and business), and some won't even share their calculations...which makes it even more challenging to track for myself. For example, there was a 0.40:1 delta between 3 different lenders I recently reached out to. Seriously!

To the lenders out there, what is the best "general" formula for to use when calculating DSCR?

Thanks in advance.