All Forum Posts by: Jason Nelson

Know that American Interstate Bank will not lend in the Lincoln area as they have lending boundaries and limit themselves to the Omaha area.  

@Ramon Mota when you contact the tenant in writing, you might think about giving them some options. I recently had some success in giving 3 options with a staggered rent increase. Meaning 12 mo lease = X, 6 mo lease = Y and M2M lease = Z with the M2M being the higher options. I would also follow up with either a face to face or phone call to make sure they received the letter, understand it or have any questions.  

@Brock Smith Depending on where you live in NE, the water company will give property owner notice if the tenant is behind, just like @Josh Nix said above. I currently have a duplex in which I pay for water as that is how the previous owner had things set up with the tenants. Along with paying for water, I pay for trash, thus allowing me to charge a bit more for rent and having the piece of mind that every month that water bill is paid.

In addition to what has already been said above, how about discussing property upkeep and maintenance. Also if they when adding value to the property how to add enough to value without breaking the bank yet getting a good ROI.

WOW great job @Collin Schwartz !!! I have recently started in what I hope is a similar story as yours. I will be at the next weeks meet up in Omaha and hope to introduce myself to you as I would love to chat more about your story. 

@Anthony Wick great tip. I have met the tenants already and did a walk through however I haven’t had them sign anything yet. I have several docs I have prepared now for all the great feedback here. Thanks everyone!

@James Mabe thank you for the info!

@Nathan G. Thank you for the info! I have reviewed both the security deposits and the leases for both tenants. I haven’t had an estoppel doc signed yet..we are set to close on 31st am I too late for this? I know the current owner very well so I could introduce this now but would I risk a closing delay?

@Ned Carey thanks for the tip good stuff!

Thanks Stacy for the response. I have met both tenants already but haven't exchanged information yet. I agree that to start its to my advantage to keep the M2M, however I feel that each side is under on current market rent value. Along with one side needing more cosmetic updating. So after a few months I'm looking to increase the rents and locking into a 12 lease or find new tenants and refresh the property.