All Forum Posts by: Justin Seng

@Tim Haenn Hey Tim I just completed my first buy and hold in DELCO. I used the BRRR method. Going through cash out refi now. Will get pretty much all of my money back bringing my COC to almost infinite and I'll have $25K equity. I'm cash flowing $275 managing the property myself. I like the $275 since I'll have no money into the deal. Not sure I would like it if I had ~$40K in the deal.

@Ned J. Thanks for the advice. Sounds like everyone agrees. 

@Nathan Gesner Thanks. Makes sense! 

@David Hildebrandt @Tony Mai @Josh Engelhart   Great points! I appreciate the replies! 

@Caleb Heimsoth I don’t think I would have that feeling if the tenant had been there for a month or more. It was more because she just moved in and there was already an issue. Thanks for the advice. 

My tenant has been in rental for 2 weeks. She let me know that the washer standpipe was overflowing some when she did wash. I draino’d the drain and ran the washer. Didn’t get any leakage. The next day she let me know it was leaking again. Got a plumber to snake the drain line and clear it out. All good now.  The tenant seems like she’ll be great.  My question is...should I take some money of this months rent due to her not being able to do wash? My gut feeling is yes but I don’t want to set a precedent...

I just finished a property in Glenolden Darby township. Some of the neighbors are rough but I was able to find a great tenant.  Row house renting for $1300/month. 

@Karen Johnson Thanks Karen. I actually did read that book and used the deposit to hold form from it.  I will have to add the renters insurance piece to the move in requirements.  Great place to put it, thanks for that!  I did speak to the tenant about it and sent her some articles on why it’s a good idea for her to have it. Seems like she is all for getting it. 

When should you let an applicant know that you will require renters insurance? I already accepted a deposit to hold from my tenant and haven’t mentioned it. Is it ok to just put it in the lease and that be the first time they see it? Wouldn’t want to lose this tenant...

@Holly Thomas Hit up @Ray Peslar like Rich Oneill said. He also helped me get my first property. Great guy and knows what he’s doing! 

What if the lender or lenders are family or friends but you want to have a promissory note to make them comfortable and the lending legit?  Can you draft your own note or does it need to be drafted by an attorney or can you have the note you draft notarized?