All Forum Posts by: CJ M.

@Ron Singh

I try to stick with lenders that I've done business with in the past and I know who their appraisers are. Sooo many people get caught up in trying to save 0.25%, when in reality, a crapy appraiser could screw the whole deal. Just something to keep in mind. Closing costs and interest rates aren't always the most important thing.

@Elenis Camargo

Congrats! I'm in a similar boat...although my rentals are all local.

@Lesley Resnick

It's still very early, but from what I'm seeing, many people are still looking to rent. As some tenants move out (or are evicted in many months from now), others who have adapted and their jobs are still stable will replace them. It's just a matter of having capital to cover the "in-between transition time." That's why reserves are so critical.

As one investor so wisely put it, "the tide is going out, and we're about to see who is swimming naked." I just hope I still have my bathing suit on when this is over 🤣

@Jay Hinrichs

Out of 22 doors, COVID-19 related issues for April have been:

- 1 needs to split rent between 4/10 and 4/17

- 1 is in quarantine until 4/8 and can't pay until then

- 1 paid but is getting deployed to Kuwait next month and needs to break lease

So, 3 out of 22 (14%) have been effected.

@Justin Bautista

Were they a good tenant? Can you quickly spackle then repaint easily? If so, I probably wouldn't deduct if that was the only thing. And don't deduct for 1 single key...assuming you have copies already. That's petty imo.

If you are deducting other items, yes I would add this to the list.

@Fabian Marrufo

When you say double your money, doe that hold true after favtoring all of the taxes/cap gains you'd have to pay?

@Jonathan Watt

Yes, I learned, confirm all utilities in your name (that tenant was responsible for) are paid.

@Mindy Jensen

What would be a good addition to your question Mindy is "how many doors/properties" each person has? It's not too difficult to have 12+ months of reserves if a person only has a handful of doors (or does not use leverage).

Personally, I keep about 6 months in reserves

Hello,

Working on a communication plan for my tenants who cannot pay rent due to COVID-19. This is obviously a sensitive situation that I don't want to go into blindly.

Part of my plan is government assistance. I could really use some help on where to direct them for any type of possible assistance. What resources are available? Who qualifies? Etc., etc. Can someone please point me in the right direction? I want to help them the best I can while we all work through this together!

Thank you

No idea what will happen, but what I would hate to see are things like:

- Now that they've said the virus can live on hard surfaces, the USPS shuts down which bottlenecks some rent payments.

- Cities/States enact a "no eviction" policy during the coronavirus spread.

- Tenants lose their jobs due to layoffs