All Forum Posts by: Jason Smith

That's great advice. I don't need the cash flow right now but I do have a 5 year goal to live off my rental income. 

@Rich Ramjatan it might be depending on the property. I don’t have one right now but I’m looking.

@Rich Ramjatan I do have enough reserve for the other properties. I'm not sure what you mean by how far can 40K take me? 

I own 10 properties (7 with loans, 3 owned). I recently sold one I owned at 100% to buy another with better numbers. I got the loan and it left me with $40K. I could pay down a different property and own it faster or I could invest in another. It's a tough market right now in my area as property values have increased. I've been looking in two different markets for 2 months. What would you do? Pros/Cons

@John Underwood thanks for advice. Yes, I’m getting market value but I’m not sure if they will renew or not. There is still 5 months left on the lease. 

I have a single family home that has been leased to the same tenant for 3 years.  They pay on time but are extremely messy people.  There are 4 broken or missing window blinds, a broken kitchen drawer, molding damaged by the cat, etc.....   Should I go ahead with some of the repairs and charge them for it?  I know I can keep the deposit but I'm concerned the deposit may not cover all the unseen things that might show up whenever they move.  I know I will have to repaint the inside of the house too. 

@Greg Gaudet

House is great. Spent 20K but $7500 was a new roof.  Equity position is about 25K. Owners left in 2 days. It’s leased for $1500 and I should be getting all my money back out very soon when the loan finishes. 

@Greg Gaudet 

I’m very interested in how you rehabed the countertops. 

I hit a homer and the lady was very nice. Her sister owned the home and died of cancer 4 years ago. They have been in litigation for 2+ years. 

She moved out yesterday and I’ll be repainting and replacing all the floors, fixtures and I need to buy a stove. I should be all in at $145k and its value is around $175K.  I should be able to rent it for around $1500 or maybe someone will make an offer to buy. We’ll see

Over the past two days it's been a crazy story but the bottom line is that I got access to the house and they are moving out completely tomorrow (I hope).  The house is in great condition and has a good layout.  I'm trying to determine how "big" to go on the renovation to get it rented.  It's 1740 sqft, it has 3 real bedrooms and maybe a forth that has a small closet. The living area is huge and the kitchen has an island with all laminate counter tops.  All the carpet needs to be taken out but the laminate floors in the kitchen and bathrooms seem to be okay.  I know it's hard give advice without know my market or seeing it.   

Closed on the house today.  I went to the residence but no one was home.  I left a note on the front door with my number and that I'd like to meet them and see the home tomorrow.  The yard was recently mowed and edged and seems to be in good shape in the front.  Still hopeful for a good transaction.