All Forum Posts by: Kevin Yeats

Sounds like a headache. Right now the bank has one. They want to sell it to you.

Finding the next one is always the challenge.

I'm curious as to what expenses you did have if you put in no rehab (expenses). Carrying costs certainly but what other expenses?

Sad really. It is fortunate that some people never learn responsibility and are never held accountable to learn that responsibility. Doubly sad when someone else has to pay for it.

Why did you renew her lease?

Why offer to deduct the partial rent from the security deposit? That only gives your tenant LESS reason to abide by your rules in the future.

I would have used the nonpayment of FULL rent as grounds for eviction. Of course, consult your attorney and abide by the landlord rules stipulated in your state.

Meg, a lot of messages here on BP discuss the 50% rule.

Look it up.

This deals seem iffy under that rule. I would go by that rule to determine if this deal makes sense ... especially if you do not have a deep pocket for sudden expenses ... like a new roof, new A/C or 6 months of vacancy.

Meg,

I'm going to the cold water being thrown at ( on ) you.

Keep reading.

There are LOTS of useful and free information here on Bigger Pockets. Learn from the mistakes that other have made and discuss here. Also learn from those who have "been there, done that" and have the scars to prove it.

Keep reading and feel free to ask questions --- like you did with adding this post.

IMO 18% seems very high. Keep looking.

A HELOC also presents additional risk. Do you want to risk your own home IF something goes wrong with your rental property? Again, IMO, unless you have a number of rental properties or other assets that could be sold to cover the debt, I would not use my own home as collateral to buy a rental property.

My $0.02

I was hoping someone would have "superpowers" like perfect foresight (of financial markets).

Debra

That sounds like a good plan but be careful about serving two masters - your existing businesses and your new real estate pursuits..

Let's connect. I have something I'd like to share with you.

Debra, you can buy and read a lot of books, buy and listen to a lot of tapes and DVDs and go to seminars and listen to gurus ... all in all spend a lot of money and waste a lot of time ...

OR

you can spend some time here on Bigger Pockets and read a lot of the threads and blog posts and interact with the members ...

for the wonderful price of FREE.

I encourage you to go Pro on here eventually.

Welcome.

Is there a lease with this tenant? What terms? Length of the lease? If it is a good property and you can get a good tenant in place (or raise the rents on the existing tenant), then you may have a good deal that you can pick up from a motivated seller]. It all depends on the price and the other missing factors as J Scott mentioned.