All Forum Posts by: Andrew S.

I haven't seen any that go to 100% but 5.25 for a variable rate seems high to me. I'm paying 3.25 right now for mine (80% ltv)

Though to argue with THAT choice, Andy! Those two deserve the chance for sure - treat them well!

@Kris Elco I think you have a very high chance that this will turn out well. You have to remember that in the vast majority of cases, only the top students of a foreign country ever get the opportunity to come the US for studies. These kids tend to be smart, highly motivated, and focused on their studies and jobs. In addition, getting a job offer in the US is in itself a major achievement for a foreign student, because it puts a significant burden on the employer to help with obtaining a work visa. Their employers would not have bothered unless they thought these kids are exceptional.

I deal with a lot of foreign students in my day job, and while I'm not claiming that there aren't ANY bad apples among them, on the whole, I think it would hard to find a better pool of potential tenants (assuming their stories check out as they seem in your case).

Agree with others - I would consider it but would require a co-signer. I have such a situation in one of my properties and this couple has turned out to be my best tenants. Pay like a clockwork and keep the place in immaculate condition (verified by my maintenance guy who regularly changes HVAC filets in all my units). So much so that I'm seriously considering sending them a "best tenant" gift card to re-enforce their positive behavior.

Not totally sure of what your situation is but it looks like you are hiring a realtor/property manager to get your property rented. If so, then I would absolutely expect them to be there and show the property. In fact, I don't see why YOU have to be there. The rates you quote look like full-price ("hands-off" for you) rates to me.

@Joe Butcher Your concerns are well justified. I do believe that you will significantly limit the target audience that way for all the reasons you listed and personally, I would not go down that road. That said, if it's a great deal, it may not matter - all you need is one good tenant.

You might do ok with a ductless system I mentioned above - they are cheaper (than a full-fledged central HVAC) and you determine how many (and which) rooms you install the AC. You can use those for heat and AC, by the way.

@John Nisewonger : I'm a little farther South than you, so it's even a bigger issue for me. I would seriously consider putting in central HVAC or a ductless mini-HVAC system (google: Misubishi Ductless Air-conditioning), unless this is a really low-end rental. Most folks simply expect AC these days (at least in our neck of the woods). That said, if you decide against putting in a permanent solution, I would NOT supply window units.

As @Steve Babiak points out: cheap enough for the tenant to buy themselves, and too finicky for you to maintain.

I have to agree with the others that I don't see these numbers work as a rental. It's the same conclusion I come to every time I evaluate a condo or an HOA associated townhome (or even many times with HOA associated SFRs). It really kills the cash flow - in addition to having to deal with sometimes whacky rules and regulations.

I know some people right here on this board are successful with condos, but I just cannot figure out how that works. For condos HOA fees tend to be VERY stiff (yes, much fewer repairs, but still...).