All Forum Posts by: Mark Douglas

@Zach F.  thanks for the input ! I think I'll do a 15/16mo lease to start, so I can end in a spring/summertime month, then resume with a one year term from there

@David Krulac sounds like the ideal situation !  Was it harder to find a tenant without supplying the appliances?

@Lynn McGeein Just curious, are these SFRs you're renting?  Sounds like you've found what works for you, sort of on a case by case situation.  I'll have to play with it for a few tenants/turnovers and see what tends to work for me.  Thanks ! 

@Thomas S.  So do you just do month to month for everyone? Or are you saying just do the standard year lease, and if the tenant wanted to go, they go either way?

@Michael Pendleton  sorry for the delayed response!  No, I don't think it will detract from them wanting to bring you on.  It's like with any other lender, you'll always have some rotation/turnover, it's just part of the business :)  Just make sure they explain the provisions that come with refinancing out before you commit !

@David Panzera  It's got an auto-renew if I don't receive a 30 day notice, but I

 may try and offer both and see if that works

@Kim Meredith Hampton thanks !

I usually do a 1 year lease, but I have a vacancy I'm getting ready to fill, and I'm tossing around the idea of offering a slightly discounted rent with a two year lease. 

I've heard that if you offer a great property with great customer service, it doesn't really matter how long the lease is, but it would be nice to anticipate longer stays...?  I don't want to seem like I'm trapping someone in a lease though.

@Eric DeVito  Maybe call a few different community-specific banks and run the scenario by them as well?  You're right, in that people use this strategy quite often, however, it seems like adding the 58k to your existing principal isn't setting you up with the best opportunity

Hey @Michael Pendleton !  I work with the USDA in Nashville, TN, but in the single family mortgage division, so I'm not sure about the particular requirements for the 538 loan.  But, you'll want to reach out the Las Cruces Area Office (they cover Sierra County) and ask for the Area Director, Clyde Hudson, or the Housing Program Director Art Garcia. 

I couldn't post their #, but it's on this page -->

https://www.rd.usda.gov/contact-us/state-offices/nm

I'm sure they'll be able to walk you through the requirements.

Hope this helps !

-Mark

Mike Lightcap I'm in the "nay" crowd. It's great that they're model tenants, but I'm sure your utility companies don't reward you for meeting your obligations as agreed..? Just a hypothetical: You have a 12 unit complex, and give gift cards to 4/12 tenants for being the perfect tenant. How would you respond if a tenant that didn't get a gift card found out that others were getting one? Could be an unnecessary headache. Respond with great customer service (addressing questions, maintenance issues, etc.) like you're already doing, and that will be all they need.