All Forum Posts by: Jason Stephens

Unfortunately, I can't delay the closing. The seller is very motivated, they have had 2 offers fall through due to people loosing their jobs from Corona related layoffs. They want to get this done before I loose mine, I guess. 

I talked (emailed really) to the apartment manager. According to them, they are unable to modify the early termination fee because it's an agreed to term in my lease and it would be violating NM fair housing laws... 

Either way, terminating the lease or letting it run out, I have to pay 2 months rent. I'm just going to let it go until it's original termination date, this way I can spread those 2 lease payments out over the 2 months instead of paying it all up front. 

Fortunately, my first mortgage payment isn't due until 1 August, so there won't be a lot of overlap. And this gives me time to do some painting and minor repairs before I move in. 

Thanks for the help.

Hey all, I currently live in an apartment. My lease is up on 15 August, and I just made an offer (17 April) on a house in my area. Assuming the offer is accepted, we are planning on closing sometime between 1 June and 15 June. This house is for me to live in, though it will end up as a rental in a few years. 

The lease for my apartment clearly states that they want a 60 day notice that I'm leaving and the early termination fee is 2 months rent. If my offer on the house is accepted and I give the apartment manager my notice today, I will have to be out of the apartment around 17 June and pay 2 months rent as an early termination fee. I'm at the point where, by the letter of the contract, I'm going to be paying 2 months of rent no matter what I do. This was budgeted into my plan, but obviously I'd prefer not spending an extra $2k if I don't have to. 

I'm looking for suggestions on how to spin this for the apartment manager's so that I don't have to pay the full early termination fee. 

Thanks,
Jason

Long story short, I've got a house in East Mesa that I'm trying to rent out. It is currently under contract to a property manager, but they are not giving me a warm fuzzy that they are actually doing anything. They are difficult to get a hold of and they are getting to be pretty bad at following through on commitments. 

Can anyone recommend a good property manager? If I can't get this house rented for a reasonable price, I'm going to have to sell it, which I would rather not do.

Thanks,
Jason

Hey all, in June of last year I closed on a house in Mesa AZ, just east of Phoenix. It needed a bit of TLC, but nothing I couldn't handle. After a bit of elbow grease, I had everything the way I wanted, new appliances, new floors, home theater with 7.2 surround sound, fresh paint... the list goes on. I didn't buy this place with the intent of BRRRR'ing it. It was going to be home.

Well, shortly after I finished my reno, I received a job offer in Albuquerque. I have family in ABQ, so I took the offer. I used to live in Washington State and I successfully rented my house up there for several years, and I was hoping lightning would strike twice. So far it hasn't. My Mesa house has been vacant for going on 3 weeks now.

A bit about the place: it's 2,300sqft on a 1/3 acre lot, built in 1998 and after my reno, it's been completely updated. It even has a brand new roof (courtesy of the previous owners). My break even point for rent is $2,050 and that doesn't include CAPEX or any sort of rainy day funds. That's purely my mortgage + property manager fees.

Speaking of my property manager, she talks a good game, but I don't get a warm fuzzy from her. She's hard to get a hold of, and I when I can get her on the phone I'm not sure I can trust what she's telling me. When she says she'll do something, she doesn't follow through. 

So, long story long, I am looking for another property manager in the Phoenix/Mesa metro area. If I can't get this place rented for a reasonable rate, I'm going to have to sell it. Even with all the work I put into it, I'm not sure I would make any money on it. I'd probably loose a few $k.