All Forum Posts by: Frank Geiger

How did you only invest $1 down? 100% Seller financing? 

Seems like you left yourself a good buffer for cost overages. Did you have a purpose for the property before you decided to buy? Sounds like you jumped in and then decided.

I wouldn't worry about a bubble as long as you can pay the mortgage. You have 30k worth of equity already. Do the numbers pan out with a long term tenant?

Issue the pay or quit notice and then proceed with the eviction. It is easy to postpone these things and next thing you know, you're into the next months rent. Stay on top of it and issue the notice when it's due. 

So you are all in for $135k... General rule of thumb (1% Rule) in a low property tax area atleast $1,350/month for rent. Then ARV for selling is kinda subjective. Just add your profit, holding costs, etc. You need to look at the comps though.

You may get more interest in the rental. But the others are right, you get a better ROI freshening up the interior.

Agree with the comments above. I would make sure he has your contact information in the event he has a sudden change of heart. Sometimes tenants can be huge headaches and lots of things can go wrong at once. 

Abide by what the current lease says. Once you get them on a new lease, you can specify who pays for what. Make sure to explain to the tenants the reasoning behind the change

....H....

Line of credit plus your cash or private money

All the above and I would add cat urine....