All Forum Posts by: Stone Jin

@Bob Mueller Jr. are you targeting just families with kids?  I think with the bunk bed you are limiting use really to people with kids.  I would think a queen would be better as you can fit 2 kids or 2 adults, just a little more versatile.  

@Brian Kalinowski why do you think listing on the MLS is going to yield better results? Why not lower the price by $100 a month? I've never used the MLS to list a rental and have never had issues renting stuff out. When my properties sat vacant, usually there was something wrong with the property or the price.

I would agree with @James Wise, if he is paying his rent on time and notifying you of issues, that should be enough to not worry.  It is the holiday season and he can be out of town without access to email.  When he responds just schedule a time to do the repair, hire it out while you are overseas.  

@Randy K. I would agree with randy and maybe get a third opinion. I don’t see how the electric panel breaking down can cause the ac to turn on and off. If the breaker is bad then wouldn’t it just be off?

I don’t know how big your house is but the last couple units that I replaced were in the 5k range.

Pm me if you need a referral.

@Kyle Hassig I started buying in Az end of 2008. If I can go back to that time period I’d raise more capital to buy 10x number of houses.

I think even $200 positive cashflow is a safe learning experience for you seeing that your purchase prices is only 70-80K.  

Good luck

@Rauni Pacheli Rueda I use 13% of rent for pm and I use 10% for cap ex and vacancy

Lastly you may want to account for cost of property management even if you don't use it right away.  This will give you the option to hire one if you decide that landlording is not for you.

You need to consider vacancy and cap ex (AC water heater).  I usually use 10% of rents to cover both of them. @Rauni Pacheli Rueda

I would agree with @Shaune L Clark II.  I'm under the belief that firecode allows 2 people per bedroom but laws vary by each jurisdiction. 

You should really have a written lease with your tenant.  

If I was in this situation, I would likely reject  the additional tenants.  There is no upside for you, only downside.