All Forum Posts by: Lynn Z

I've rented high end houses furnished years ago for $2500 and have 4 groups interested in a current house ($250k range) at $1350. We rent 4 bedroom 2-3 bath upscale homes for $1650---but just this year and we're in the south where the boom didn't hit hard up or down. Rents just went up last year after being flat for 5 years.

Cheaper houses rent better if they have at least 3 bedrooms. Two bedroom small houses are price pointy. It's hard to get more rent as other small houses around them stay at about the same market rate. They don't appreciate very well either over time. Moderate only.

Four bedrooms are the best houses to rent right now. Everyone is looking for space and value. You see more roommates even among young professionals.

It's very important to check around with large local property managment folks -- see what they consider fair market rent for their 2/3/4 bedroom rentals. That way you know you can duplicate or (with enhancements) do even better.

I bought a house with steel roll out casement windows. I hired a contractor to replace them with Revere windows (18) which helped tremendously with noise (faces a very busy street) and energy. My bill was $4300...but they were done in 1.5 days, glass and frames taken with them.

I've seen my family buy and install storms on countless properties only to have to have them removed for cleaning and for trim painting. They are becoming more window replacement "friendly".

Also, I think you've got to blow in R-38 level insulation in your attic etc. to get a good energy package. At the end of my rehab, my bill last month was $49.00 and we'll see how it performs in the winter months.

many people living in duplexes forget they only can take depreciations/expenses etc. off for half of the building. If you bought a triplex, you can sometimes carve out a free apartment paid for by the other two.

have you considered renting out the two apartments in a duplex, take all of the write offs, and buying a sf where you can take tax free gain after two years? I sometimes think it's the strongest way to begin.

1) How old are you if you don't mind my asking (just to give us a snapshot)
2) Are you a person of means? So that you could pursue something...or are you dependent on family.

Perhaps we are taking your use of "depression" too literally. Could that be the case?

Thanks, yes, I'd appreciate the list of dog breeds. This tenant was counseled and agreed she's just lonely and will wait for a dog when she gets a larger apartment...which means she needs to get out of graduate school first.

All leases say you're responsible for the lease term; however, how many of us are going to enforce that while the apartment sits empty. Can't double rent legally. Also, how many students, and graduate students say they're staying until August and leave in May?

Also, landlord should want to get her out so that the question of the area by word of mouth doesn't affect his/her rents. An unhappy tenant is like an unhappy landlord. Alot depends on the time of year (how easy is it to rent) and has she been a good tenant up until now?

In this day and time, I don't know what you call it..but I'm definitely trying to make tenants happy..

How complex are your leases? Do you amend and try to cover all of the horrible stuff that needs to be added with the next tenant? Do you ever change your lease if the prospective tenant objects to some language in your lease? Thanks in advance

All that will happen if she moves is she forfeits her deposit. If she' stressed over the area being unsafe...and that's all ..she should just move.

Too bad she just can't get the landlord to let her move by allowing them to show the apartment, she picks up the ad cost and they both walk away and she gets her deposit back. No landlord I know wants someone in an apartment they're that scared to be in ...unless there's mitigating circumstances.,,like she's behind on the rent due to this unsafe occurrence, etc.

you mentioned "distressed" properties. I have to go commerical lender to be able to get fix up money and mortgage (rate is .5 pt. with 7.5-7.7 per cent), interest only 6 months-1 year. Amoritized over 15-20 years, 5 year balloon.
At least 20% down or cross collaterized down with a property that has no first mortgage or one with a large equity balance. Very easy to deal with this type of lender.

Lately, I did talk with a couple of mortgage brokers I've worked with who say they can do rehab loan to secure the property and get fix up money. That's a change in policy from a year ago.

Chase mortgage, Countrywide have both been good sources in the past but that's if the property doesn't include renovation money.

Let me know how your contacts work out. Good luck

don't quit your day job. My CPA keeps suggesting I go back to work to support my rentals and I've been at it awhile. He makes me sick....but he has a point. Let's say your quit your job and buy some rentals. You rehab them and have big write offs for a couple of years. You go out to the local mortgage banker and produce your two years of tax records and....low and behold, they treat you like you're a bum...few of them even add back in depreciation when they look at your scedules. What they want is a W-2 that goes with a job which takes us back full circle.

Be prepared on the financing end of purchasing and holding real estate. The pendulum is definitely swinging back to conservative lending guidelines.