All Forum Posts by: Jill F.

@Sean Youngberg When you start typing the @user_name you have to use your mouse (or touchpad) and hover over the name box when it appears and the DOUBLE CLICK to select the user. I am not a windows user so I was unaccustomed to double clicking to select and it took me forever to figure that out.

I haven't been immediately raising rents on my inherited tenants. I usually go in and renovate empty units and then offer renovated units to existing tenants at higher rates. That gets some of them. I give 3 months notice and then add pet rent for all unauthorized pets that gets more of them. Usually you'll lose some tenants to attrition to in the first year too. If I had someone in there for 12 years, I'd want to keep her. Talk to her about money, is she on a fixed income? For the kid whos Mom pays, I'd go ahead and raise the rent on him when his lease is up. 

That's significantly cheaper than my bank. Also replying just in case-- I like steak ;)

We had that issue too. You might try seeking commercial financing through a portfolio lender. They seem to look more at credit and net worth than income for the borrower and the most important thing seems to be the DSCR and overall quality of the deal. Your terms won't be quite as good but you can do much bigger deals if you have the downpayment.

Does he pay water and utilities? I would only charge him extra for utilities. Or you could submeter.

Work study grant for about 10-12 hours per week during the day, cocktail waitressed at nght (a long, long time ago).

my husband and I have 2 four units in our names. We used traditional residential financing and are prohibited by the terms of our mortgage from moving the properties into an LLC. We still use an LLC for our managment company and we keep a large personal umbrella policy to protect against any liablility claims.

If you had a big apartment complex you might need an armored car if you collected rent in cash (for example: $800/month*200units=$160,000). I really encourage tenants to pay online, we have a site through Buildium. But I have two retail vapor stores and I will accept cash rent payments at my stores where we have drop safes and a regular deposit schedule.

@Tim Milazzo , @Ryan Kurth , @Ken Jernigan, @Kiley N.

I wanted to report back that I got some good news. The underwriter said that our deal was approved by the loan committee, he said our loan officer would call after Christmas with the terms. They gave us reasonable terms on our last deal so I am very hopeful that the terms will be good this time as well. Thank you all so much for your input. It made the waiting a little easier. :)

Next, I'll start worrying about the appraisals...

1) Call your insurance company and tell them a tenant reported an injury. Ask insurance company (who will be representing you if tenant sues) if they have a contact for the tenant and/or if you should discuss the matter at all.

2) In my city you can look up police reports by address, if that is available put in the address and see if there was a report.

3) Let your insurance company deal with it.