All Forum Posts by: Filipe Pereira

This would be a hard pass for me. Not only do the logistics of it sound brutal, but what happens when something breaks, or a Airbnb tenant does something they aren't supposed to do, or there is a disagreement between your tenants and the airbnb guest, etc?

How much extra money in your pocket are we talking about here @Account Closed ? I guess that matters because unless that number is significant, I don't think it's worth it.

@Russ Wahl Sounds to me like your credit portfolio changed, and the bank is not in favor of the change. Typically when you get underway of getting a mortgage or a refi, lenders are adamant about not taking on extra deaths that will negatively impact your overall credit image. I'm surprised that they did not tell you this.

If I were you I would try to find a friend or family member to borrow the money for 2 weeks from, and proceed that way. If this were in the US however, they would probably require a letter showing where the money was coming from, and would only allow up to $10,000 as a gift. I'm not sure how it works in Canada unfortunately.

@Tauna Eranio - what does your lease say? 

Is he the only person on the lease? If not, can the other tenants afford to stay? Are you looking for a way to get them out? 

If he is convicted, have a conversation with the remaining tenants letting them know you will let them off the lease if you want them out. They may realize that's a blessing in disguise if they are already thinking they can't afford the place. 

It's hard to claim tenancy if you're serving a multi year sentence, so I doubt you will need to evict him. How much time is left on his lease? 

I did this at one of my houses in Connecticut and got between 600 and 700 per bedroom. Remember - the quality of the tenant is more important than the rent amount most of the time if you are living there as well (sounds like you are in this case). 

Tips - check facebook marketplace for the going rate. That's where I had the best results in calculating what I should rent it for. 

I am in CT, but here is what I use. It goes without saying, but I will say it - check your local laws. @Jim Peckey

32. MOVE OUT, CLEANING, VACATE NOTICE.

If Tenant intends to vacate the premises upon end of initial lease term, Tenant must provide notice in writing and must be received by the Landlord at least sixty (60) days prior to the date that Tenant intends to vacate the premises. In addition to Tenant's requirements to maintain the Apartment and yard, (if any), the Tenant must conduct its final cleaning and repairs to the premises on or before 5:00 P.M. on the last day of the Term. The Landlord will then conduct a walk-through of the Apartment to note any damages or failure by Tenant to adhere to the terms of this Lease. There will be appropriate charges deducted from the security deposit if the Tenant does not clean the Apartment and appliances prior to 5:00 on the last day of the Term. This provision shall survive the termination of the lease term.

@Reggie Rearden 

Is there a reason you think there won't be a demand later that is similar to the demand there is now? If the demand is the same, it would make sense to me to wait for any unforeseen circumstances that may pop up between now and then. If you do choose to go ahead and determine who the tenants will be now, make sure you collect as much money now as you can to lock in those tenants. 

People often say one thing and do another, unfortunately.

The information you have received isn't really misinformation. It's actually pretty accurate with the exception of a relocation (to my knowledge). I had a friend here in Connecticut purchase a 3 family with a FHA loan, then relocated to New Jersey and was able to get to another property with a FHA loan.

You have to be a certain distance away from your original purchase to be able to get that second FHA loan, or at least that's the caveat he was able to use.

As to your second question @Kim Freeman, you can get a low money down conventional loan (5-10%) for a primary residence pretty easily. It's got less restrictions than a FHA loan, and is a cheaper product usually (PMI vs MIP). Ask your lender if s/he offers it. If not, find another lender :)

This is a classic case of "tenant / civil issue" not a landlord issue. Your tenant isn't going to become best friends with their neighbors, but that's not the end of the world @Jonathan Swartz. As others have mentioned - keep your tenants aware of their responsibility re town ordinances, but beyond that to be decent humans first and keep in mind when the dog is outdoors. 

I have a noisy dog neighbor and chalk it up to "such is life". If it was bad enough I'd go speak to the neighbor, but hey, I just live with it. 

The next time you get a complaint, remove yourself from the situation by asking the person making the complaint if they have spoken to pet owner. Chances are they haven't? Put the ball in their court. 

Most people aren't willing to address their problem with the source and would rather "speak to a manager". 

Definitely stretch for the triplex if you can @Wendell Butler. I try to buy real estate for "future me" not "current me". Future me would want the extra unit to help with the overall financials versus just having the duplex. It will also help you currently (economies of scale almost always win) as long as you can make the numbers work on the buy side in terms of financing. 

I am not familiar with Ohio, but for how much people praise OH here on the forums, I would expect that you could get better returns than the ones you described in your post @Nate Ziegler. The margins seem very thing on this one as @Kwame Amoako mentioned. You're talking about a 1% ish here on the "1% rule", which definitely doesn't sound "too good to be true". 

Don't forget to calculate all of the expenses that so often get overlooked like @Scott Swanson mentioned!