All Forum Posts by: Jacob A.

@Gene Marcowka

I personally use the Quickbooks software currently due to switching to an all MAC platform, but the experience I have had with quicken was not the greatest ( especially at tax time). I find quickbooks essentials for small business the best accounting software because of the ease with which CPA's can import and utilize the data provided. 

Hope this helps

@Casey Miles

I think a 1-2 page information sheet concerning other things like maintenance, restrictions and such. I am not trying to build a book per se, but just was looking for examples of wha tother landlords use as an informational guide for their tenants. 

@Linda S.

I like that idea. I have been exploring options that allow myself to be able to more effectively manage the properties I have on a more consistent basis. 

Thank You Guys!

@Chris Crull

I think this all depends on your goal. I personally do not mind properties that do not appreciate if the cash flow is solid because I am okay with having a consistent return on the investment in the form of rent. The issue you could run into is if you were looking to re-finance this property to pull more money out of the home. 

I personally would not worry with the appreciation because I would know the cash flow is solid. 

Just my thoughts, but it all depends on YOUR GOALS and what YOU WANT from your business.

Hope this helps. 

Good Morning BP. 

I am looking for some examples of advice on what other landlords use when It comes to handbooks for their tenants? 

I am looking to draft a tenant handbook that lays out the expectations of the tenant for the duration of their lease as well as outlining provisions of the lease agreement. I am looking to cover things like House Rules, Move in Packet, etc. 

I would appreciate any examples or leads to where I could find this type of agreement. 

Thanks!!

@James Petry

I would be curious as to why they are requesting such an increase in the money? I would just make sure you have the proper contingencies in place in case something goes wrong. (Murphy always shows up when not expected)

@Jennifer Lynn Lewis

I would hire a bulldog attorney. I would evict them. It seems like they will damage the interior worse than the exterior. I then would sue them for all the unpaid fees and breaches in the lease. I then would ENSURE this goes into their credit report. I then would make sure my property was not destroyed and if it is I would go after those damages as well as lost rental income as well due to their actions. 

Just my approach. 

DONT WAIT EVICT ASAP!

@James Cassell

I don't think you will find someone to do this deal. I may be wrong, but agents are in the business of making a living as well and to be frank, A good agent is worth every penny of their commission.  They are an invaluable tool for networking and hearing about deals that may not be on the market. I suggest you find a realtor who is AWESOME at their job and use them for their services. 

Good Agent= Great networking partner to help you find future deals. Burn/offend one of them and they will talk to everyone else. 

Just my thoughts. 

Hope this helps

@Charles Adams

I would take that 20K and try to find a hard money lender and attempt to do the BRRRR strategy with a hard lenders funds. The money you have saved up could go towards the points and downpayment potentially required. I then would refinance the property and take the profit and combine it with what you save during that period to do the same process over and over again until you have the income/ financial level of security you desire.

Hope this helps!

@Eric Gross

In my opinion it seems that you are about to up-end your life for $107 dollars a month once you rent it out. I personally don't think I would go with this property especially for only $107 a month. The property being in a class C neighborhood also means that resale ( if needed) is not going to be super quick either. 

I am personally a bit curious how you are estimating your expenses because a mortgage on a 65K home should not be running you that much monthly. Could you manage it yourself since it will be the first one you do so you get an idea of how to be a landlord? The appliances should not be that expensive either when figuring cap ex because you stated they are already new. 

Hope this helps. 

@Brad Lowery

I personally would look for a property that I could purchase with some of that money as a downpayment and see what the rehab cost were going to run me.  I know that this may not always be doable depending on the market but If you could land a property for roughly 60K-70K with a 5%-10% downpayment, you should be able to potentially rent it out and begin to see a return on your investment. 

Just my thoughts. Hope this helps!