All Forum Posts by: Kevin Perk

Your vacancy rate is low. You will also have many more expenses as the property turns over. Did you calculate in reserves? In my opinion you can find a much better deal with a lot better cash flow.

Looking at the comps for 4/2's in 38118 you will be paying top, and I mean top of the market. Comps range from between $50 and $60K. Looking at the comps also demonstrated that everything was out of state owner. Hmmmmm...wonder why folks from Memphis are not picking these up?

It's almost instant for us. Comes with our property management software.

Just curious, why did you leave your previous company if it only took an hour?

Have to? Probably not. But then again I am not familiar with your lease or California law.

Should you? Maybe? Why did she leave? Was it a job transfer or something out of her control? Was she a good tenant? Did she always pay in time? Will she leave the place in good condition? Will you be able to re-rent the unit quickly?

So you may not have to but you may want to work with her depending on the circumstances.

Upstairs! You will thank me later. :)

Great list! I hope we all make some money off of it!

So what will be in your next list? :)

Kevin

Welcome aboard! Your post was as long as it needed to be. :)

You have found a great site to help you be successful. Search around and ask for advice. Check out @Sharon Vornholt, she is from up your way and has some great material.

Perhaps we can talk basketball one day. Our two towns/universities have a great rivalry! Go Tigers!

Welcome again.

Happy Birthday! Excellent site and glad to be a part of it.

Yes, it is a bad idea.

It will be more hassle than it is worth.

It is generally a bad idea to rent to friends or family members. You do not want to mix the business and personal relationship because mixing the two can create a real mess. For example, what if you rent to a family member or friend and they stop paying rent? Are you going to evict them? What happens to the personal relationship when you do? The best way to avoid such situations is to simply not get into them in the first place.

That said your dad needs a place to live, that is close by so you can take care of him. If you an your family are cool with that then go for it. There are no special legal restrictions that I know of. As Bill said above, if medicare ever comes into play, be sure you have done everything that you would have done for any other renter. Have a signed lease at market rent.

Hope it works out for you,

Kevin

Memphis here.

You are not too far from a good REIA group in Nashville. I have worked with several of them in the past. Check them out and I bet they know some folks working in your part of the world.

Kevin