All Forum Posts by: Kristopher Hanks

@Andrew Jackson Welcome and good luck with your future investments. Take advantage of everything this site has to offer. Webinars are helpful. 

@Jamie Henkin I always negotiate every deal no matter who is selling it. I have a personal rule that I never offer asking price. To me the asking price in real estate is the seller's dream price. And you will never know if you can get a lower price and better deal unless you ask. 

@Jason Green Welcome and good luck with your future investments. 

@Damian Pearson Welcome and good luck with your future investments. 

@Keondra Blett Welcome and good luck with your future investments. 

@Dylan D. I have been told by other experienced investors that Huntington Bank will do HELOCs on rental properties. Specifically in the Cleveland area. I have rentals in Cleveland that I own outright but I have not tried to get a HELOC on them yet. I'm not sure if that is going to be your best option. Hopefully others will chime in and be able to give you other resources.

My grandmother caused two fires in her kitchen when she was 90 years-old. And she did not live alone at the time. One reason why she lived to 92. It is an unfortunate thing, but I have to agree that she should probably not be living in your property anymore. Protect yourself and the other tenants. 

@Stephen Dougherty Welcome and good luck with your future investments. This is a great place to network and learn. Take advantage of everything on this site. 

@Gerard Charles Looking at it just from a business angle and leaving the details of this specific situation out; this is why you must always factor in your vacancy %, and I always factor in some cap ex like everyone should. If you are setting that amount aside every month you should be able to carry the property until you get the new tenant in place. I completely understand that this is a business and you have a mortgage to pay, but that is what your reserves are for when the unexpected or the expected does happen. 

@Bill Flannagan A lot of cities make you register all of your rental properties. For example Cleveland, OH charges a $35 per year fee to keep each one of your rental properties registered with the City Housing Department. It's not a huge expense but one that has to be factored in to your budget if that is the law in the city your investment is located in. And that is a per property expense. Some other places charge up to $100 per property per year.