All Forum Posts by: CJ M.

@Marita Jojo

Coronavirus or not, you're going to experience communication challenges with tenants. What I found is, like magic, as soon as you post a notice, they learn how to communicate again very quickly. Just try and document every touch point you've had with them. I like doing it via text. Heck if you want you can even print out the texts that went unresponded, and attach them to the notice you post. 

I had a tenant about 3 months ago, who was ignoring all of my communication. I posted a notice, and they called me to arrange payment before I even made it back home.

@Matthew Maynard

If you can put solid systems in place, you won't need a PM for a long time. I have a couple dozen doors, and self manage all of them (on top of another FT job). I also have a mentor, who self manages over 200 doors.

@Marita Jojo

STEP1: Let them know rent is still due, and while evictions have been temporarily on hold, courts/businesses are starting to open back up.

STEP 2: Ask for proof of being impacted by coronavirus (job termination, hours cut, etc.). If their job was impacted, ask for proof they filed for unemployment.

STEP 3: Ask about their stimulus check and if they plan to use it.

Step 4: See if they could split their payments over the course of the next month. Or another possibility is offer to allow them to use their security deposit as one month's rent.

STEP 5: If you can't come to any sort of agreement at this point, explain to them that you're still able to file for an eviction, and it will show up on their public record, which could make it difficult for them to find another place to live once the courts open back up and they are evicted. Explained to them you don't want to go that route, but you've tried to work with them.

@Zachary Giles

You'll get different responses on here, but the fact is we don't know enough about your situation. How much debt are you talking? Are you barely able to pay your bills right now? Also depending on how much debt you have, could really impact your ability to use leverage from a bank.

@Ken Marquis

By renter, I'm assuming you mean investor?

Hard to answer that question as the number can vary because of things like, how much money I had out of pocket? Is the property leveraged? Is it turnkey or does it need rehabbed? How much of my time will it take to close the deal?

I think you'll find responses of people who average $100-$500 as a minimum

@Alexander Wodlarski

Did they accept your offer "if" you did not have them put a new furnace in? What's the cost of a furnace? Did you run your numbers assuming you had to pay for a new furnace? I would hate to lose out on a deal over a furnace.

@Byron W.

I generally allow dogs in all of my properties, for a non refundable pet fee ($250), and additional monthly rent ($50/mo). That said, I do not permit dogs on the 2nd floor of my duplex. The risk of noise and ticking off my tenant on the 1st floor is not worth it, and I don't want to end up with 2 unhappy occupants at the property

@Edward Lavin

Sounds like deal has potential. One very important metric to understand though is cash flow. Cash flow is not rent - PITI.

@Stone Jin

You're about to completely disregard your original plan because a contractor told you your house may be haunted? Maybe I'm missing something but this would be a no brainer for me and I would move forward with the original plan. Worst case scenario if you can't use it as STR, see if you can charge the spirits rent.

@Conor Duffin

Good question.

Why are they selling? Are they negotiable on price? Have there been any other offers made, or any accepted in the past? Would they be intrested in seller financing (when applicable). If there are things like a well, or septic, ask questions about those. Do you think $x would get it?