All Forum Posts by: Eric H.

@Karyn S. Greetings,

Great question, glad it's you and not me.

I had a similar problem with parking. The neighborhood has street parking, no driveways, and my tenant had three vehicles (2 were commercial vehicles/work trucks). Neighbors were complaining because they could not park in front of their house and started calling the city on the tenant. The tenant got fined several times for parking a commercial vehicle on the street. I spoke to the tenant about the issue, made some suggestions but ultimately let the tenants and the neighbors come to a mutual agreement among themselves.

With that being said, I would have a conversation with the tenant but I do not think it warrants a lease addendum/adjustment. I would also tell the neighbor to politely speak to the tenant regarding his/her concerns and let them figure it out. You are right, its a balancing act trying to please everyone involved without becoming a punching bag.

You need the neighbors to keep an eye on your property for you and you need the tenant for obvious reasons.

It's all a part of the landlording game!!

I wish you the best!

Peace!

Greetings @Armel Bayot,

If you are in the process of a refinance, do not try to get pre-approved for another loan at the same time. It will not hurt your credit score significantly (1-5 points max for a hard inquiry) but it may raise a red flag to the lender doing the refi. Inform the lender doing the refi what you are trying to do and see if they have any loan products that fit your needs regarding your desire to invest. The new loan or refi (not sure if you are getting a line of credit or pulling equity) will ultimately effect your DTI so be mindful of that. Again, ask your current lender and start talking to other lenders. No the lender does not have to physically be in the same state you are investing but they must be licensed/qualified to lend in that state.

Greetings @Pedro Bartolomei,

If your comps are direct matches (same number of beds, baths, sq ft, lot size, style, within 1/4 mile radius, etc) then take the average of at least 3 SOLID SOLD COMPS to come up with your ARV.

Greetings @Tyler Harrel,

1. You can put it in your lease that the tenant is responsible for all lawn care, including irrigation. (***My recommendation***)

2. You can place a water meter on the water line to the irrigation system. Your water bill should tell you the total usage for the property. Owner pays for only what portion was used for irrigation.

3. Owner pays for the water bill entirely. Increase rent to compensate for this. Some months you may win, others you may lose. Including water bill with rent may increase tenant pool and make your property more attractive. Are other landlords in your area including utilities in rent amount?

No matter what you choose, make sure it is clearly stated in the lease and tenant understands their responsibility regarding the matter.

I wish you the best!

Peace!

@Tremayne Morant Welcome to BP!

I use Golden Trust Title and Escrow.

Greetings @Eric Lawson,

You should not be paying the realtor anything to show you the property. The realtor should be getting paid at closing and his or her commission can be a flat fee or a % of sales price. Sometimes realtors will charge a flat fee when selling lowered priced homes in order to make a minimum $1000 or $1500. For example, 3% on a $20,000 home is only $600 so instead the realtor may opt to charge a flat fee of $1000. I don't think you should pay both (a flat fee and a %) but almost everything in real estate is negotiable.

Peace!

@Medriand Arnold Greetings,

IMO, pay off the car note. Sounds like you already a good saver. How much more could you save, and consequently invest, if you had no car payment????

I wish you the best!

Peace!

Greetings @Jordan Rayfus,

Welcome to BP and congrats on taking action.

You said if I do make a mistake, I wont be able to make payments.

You are going to make a mistake, it's inevitable and it's a part of growing and learning. Since that is the case, I would say do not buy the property. Someone with such experience willing to mentor you is one enormous asset at your disposable. Take serious advantage of it while stacking cash and improving credit.

I wish you the best!

Peace!

Greetings @Sam Hagen,

Check the FilePlace.

Greetings @Andre' Arceneaux,

Hire slow, fire quickly. It seems as if they have given you enough signs that they are not the right fit for you.

Read the agreement to see if firing them constitutes a breach. If so, it becomes about math at that point. How much money do you think you will lose by keeping them around until the 'cancellation fee period' is over? What is that amount in comparison to the cancellation fee? Another thing to consider is the hassle factor. Yes it's going to be a hassle looking for another property manager but it's also going to be a hassle dealing with an incompetent one that is currently losing you money. Choose your hard.

What does your lease say about utility payments? Does it state that it's the tenant's responsibility?

I wish you the best!

Peace!