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All Forum Posts by: Dave Spooner

Dave Spooner has started 21 posts and replied 812 times.

Post: How would you improve this backyard?

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

Reading through this, I was going to suggest the exact same thing as pretty much everyone else: using concrete pavers and accounting for drainage. What you did looks great!

Post: What Grass Seed Should I Use?

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

You're going to want grasses that do well in cold climates and sometimes higher humidity. Ryegrass can be great, as well as bluegrass

Planting grass in the late summer or early fall is most ideal for where you live.

Here's an article that has some different grasses, including photos of what they look like: 

https://nvslandscapes.com/lawn-care/what-grass-is-right-for-upstate-ny-lawns/

Grass is grass, but different types do vary slightly in appearance. 

When in doubt, talking with someone at a local store like @John Teachout suggested is usually the best way to go. 

Hope this helps.

Post: Your Opinion - What Will Happen When Things Open Back Up?

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

Echoing @George W. and @James De Stefano, I agree. There'e definitely going to be a lot of divide between the rich and the middle, both in businesses and families. I think we're going to see those with generous amounts of disposable income resume purchasing and vacationing habits at relatively comparable levels as before COVID. Those who have the resources will likely be eager to travel and resume regular summer vacationing habits after states lift quarantine restrictions, and begin to reopen businesses and industries. We'll likely see those with less or no disposable income hunker down and seriously consider discretionary spending. Travel and vacations will probably be near the bottom of the list. 

Post: Payment method w/M to M lease

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

@Chris B. Hey Chris, we do offer this structure. Might be worth chatting if you're interested!

Post: Rental owners: do you care about property management fees?

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

@Jordan Meyer how many units do you manage? Are you located near your properties?

As an alternative to a property manager, you could look to contract a local company to simply handle maintenance when needed. This will usually result in a significantly lower fee. You would still be in charge of showings, screening tenants, and collecting rent, but rental management software can automate most of that, and many of those services are free (ours included)

Post: Payment method w/M to M lease

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

Hey @Austin Albright, if your tenant has any concerns about using Innago, we'd be more than happy to speak with him and answer any questions he has.

You of course see the value in using a platform like Innago, but as others have said, at some point, rent is rent. If he's a good tenant otherwise, you can absolutely continue to accept rent offline and simply mark those invoices as paid in Innago.

That being said, a brief conversation may be enough to resolve his issue! Message me directly if you'd like to connect us.

Post: Unpaid Rent Amid COVID Pandemic

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

@Kirsten M. - here's a nice summary of New Mexico's abandonment regulations provided by UNM: http://jec.unm.edu/education/o...

I would echo what Filipe@Filipe Pereirasaid and suggest caution here. Like many states, New Mexico has put a moratorium on evictions related to the coronavirus crisis and this sure sounds like it would qualify. We're in uncharted territory here.

Can I ask, do you think you'd be able to rent the property to someone else? If not, I would hold off. If you think you can and you decide to proceed with removing her, I would not simply dispose of her property. I would put it into storage for her. I also think you need to make a concerted effort to reach her. @Filipe Pereira had some very good suggestions that, at the least, will demonstrate you made every reasonable attempt to contact the tenant and resolve the matter.

Post: Deposit and first month's rent one month prior to move in?

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

@Kraig Krueger Most landlords require their tenants to pay both their security deposit and their first month's rent at the time of lease signing. Your lease should specify this arrangement, since both of the above are required before handing over the keys to the tenants. I suggest you have them pay you both the deposit and the first month's rent on the day you sign the lease, instead of waiting for another month. 

Post: Request for Second Showing

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

@Adam F. From my experience, I believe that if a renter asks to see your apartment for the second time, it's most probably because they are very interested. They could be coming close to making a decision and your apartment is very likely to be on the top of their list. Since the apartment has been vacant for a month already and with the current environment I don't think saying no to the showing would be the best move. Of course I understand your hesitation with the coronavirus outbreak, and I suggest you take all necessary precautions when conducting the showing (wear a mask, gloves,etc).

Post: Refinancing an FHA 203k Loan

Dave Spooner
Posted
  • Rental Property Investor
  • Cincinnati, OH
  • Posts 862
  • Votes 821

@Andrew Postell I'm surprised to hear you say that regarding a conventional loan. It is certainly true that nearly all lenders recommend 85-75% LTV on a loan, and many require it, but there are lenders that will allow you to refinance at 5% down on an owner-occupied property if you're not taking any cash out, even if it has more than one unit. I just did one myself recently.

Perhaps I'm missing something in the discussion here. Definitely don't want to lead anyone astray!