All Forum Posts by: Account Closed

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Are there any laws there on how much of an increase you can make in rent for the next lease period?   Instead of throwing them out, perhaps it would be easier to make them want to leave?  Just a thought...

I think the question is more do they have good credit, references, etc.  I would qualify them just like I would any other renter.  I wouldn't consider them a good candidate just because they were referred or just because they are building a house.  A relative could be paying for it, or co-signing, who knows.  Where are they living now?    Do your homework before even considering the six month contract question.    With that being said though, why not accept a 6 month contract to get you started?  I would do it, and also give them a month to month option afterward because it may take them longer then six months to build.  There could be a lot of different things that can happen that could delay it and I have found there are often delays; rarely do these types of things happen ahead of schedule versus the chance of them being behind.    Who knows you may end up with 8 or 9 months.  Just my opinion. 

Good questions, I wonder about how different investors do this as well.  I have heard that some put all of these funds together for all their properties, and some who don't.  

In order to help you with this, you will need to provide more information.  What type of repairs?  Are you talking now or in the future?  The more information you can provide, the more helpful fellow investors can be.  

Are you putting money aside for Capital Expenditures?  If not, then start putting aside for the roof now.  AC is something you can purchase off Craigslist for a fraction of the cost of new, but unfortunately, not so with a roof.   If you put aside costs for maintenance, capital expenditures, and vacancies, you should be just fine.  In essence, let your renters pay for the repairs, not your equity.  

Usually your pre-approval letter is good for a month or so, I would ask for another letter or use the same one, depending on whether the other property costs more or less than the first.  For example, if you were approved for 200k 10 days ago, and now you are looking at a property that is $175k, then I would use the same letter because obviously if you were approved for 200k, you can afford 175k.  However, if it is a 250k property this time, then you would need a new letter.   But this close to the first offer, they should not need to run your credit again.

 I do believe the owner is on the hook for the rental itself, but not the contents.  The renter would be responsible for their contents and anyone hurt in the fire. Renter's insurance usually covers that.   

I am not sure about the closing cost reimbursement question, but I do know that until the property is recorded, the buyer always has the right to back out if the property is not in the condition it was in when the contract was written.

Not far from you, Canton here.  Feel free to connect!

Pics?