All Forum Posts by: Eva Neikirk

@Craig J.

Brilliant! With 2 weeks notice, they’ll probably neaten the place up and keep the property in presentable shape!...maybe even change their filters like they’re supposed to!

Eva

Austin, Texas

@Matsa Sundara

Great job on getting started! The experience with already doing a rehab is absolutely invaluable.

I am eager to hear what you find and how it turns out.

Yes, finding and keeping the best contractors is a challenge, but as you build your stable of skilled technicians, it gets easier. Of course the better ones are often booked for months, but with good planning, you can get them lined up ahead of time.

I set it up with a great bathtub refinisher who came in the day after move-out...booked him months in advance, and although there were date changes by the tenants, we were able to coordinate.

Good luck in your venture!

Eva

Austin, Texas

Thanks @Sean Tagge!

I appreciate your help and now understand better how to approach the loan process. Will reach out to these folks and let you know.

Best,

Eva Neikirk 

Thanks! That’s what I thought too about it seeming unfavorable for us.

Will google Credit Unions, since I am out of state and don’t know off-hand.

I bought a duplex and house in Memphis in 2016/17. Cash $42k and $34k. Have put in $20k each (most of which was paid for in rents). Now valued $90k and $75k and cash flowing.

Need to pull cash out to fund medical care for sister.

Have been offered a 60%LTV loan at 7 1/2% adjustable rate over a 20 year period. Will cost probably $4k closing costs.

Is this a good deal in today’s climate? 
Are there better options? Who should I go to?

I’d appreciate some feedback.

@Elena Casey

Good on ya for making the move.

I’m not sure when that paralysis stops; there are always some unknowns and you did your analysis and came out positive.

I bought my first SFR at an online auction! A foreclosure, no inspection, but a careful search of county records for unpaid taxes, etc. I did have my son drive by as I live in another state.

It turned out to be a good deal and has tripled in value in the 5 years I’ve had it.

I’m eager to hear if you got the deal...and how it pans out over the years.

Best, Eva

So far things are ok in Memphis. Of my 2 SFRs and 2 duplexes only 1 paid 1/2 rent now and will pay the other 1/2 on the 15th. One is due on the 15th and plans to pay  then.

Question: if a lease expires May 15th and the tenant wants to stay, but doesn’t want to pay rent, is there any recourse? She’s already screaming about how we can’t take her to court and she can just squat if she wants. (I inherited this tenant from the previous owner. She’s always late and refuses to pay late fees)

All my other tenants are wonderful, having been well screened.

Good discussion.  I wanted to be more proactive in finding out where my tenants stand. Since I have only 6, I mailed out a booklet on How To Keep Yourself and Others Well with a letter acknowledging the global situation and asking them to keep me informed about any particular challenges they may have.

I’d rather know up front if they don’t plan to pay.

Since the first line of defense against the virus is sanitization I checked if everyone is following protocols.

Next step for one tenant is to let her paint during any downtime and have it checked by the property manager since I am out of state. I didn’t offer a rent reduction before I find out where we stand. I think that giving them something productive to do keeps the morale up.

I have other projects in mind, so we shall see how it goes. 

I have expenses to cover as well, so we will need to work together.

Hello Amanda and others, I live in Texas but have a few properties in Memphis, and would like to acquire more, however I don’t have reliable and affordable contractors for the rehabs. I see your posts are 10 years old and wonder if you are still active in the Memphis area.

Just found out about Stessa on FB. Looks good but uncomfortable linking bank account. I will try manually entering data. 

Any one have long term experience with Stessa?