All Forum Posts by: Mayank S.

In normal home sales, property title liens like HELOC are paid off from a home's sale proceeds. Say you have a $200,000 first mortgage and a $50,000 home equity loan and you sell your home for $400,000. At your home's sale closing, your $200,000 mortgage and your $50,000 home equity loan are deducted from your home's sale proceeds, leaving you $150,000 ($400,000-$200,000-$50,000 = $150,000). In order to clear your now-sold home's title and make it marketable, any liens must be eliminated.

Thanks @Jason Hartley and @Thomas S. I have asked my PM to pass and wait for other applications to turn in. Can't handle so many pets plus a nuisance/liability to neighbors in the quiet community. Thanks all for your inputs.

Thanks for your inputs @Kaycee Miller, @Al Williamson, @Mike Wood. I am not very comfortable having 5 pets at the first place just my PM is asking my opinion. She had good experience on other properties with pets and claims one of the property she manages has 2 big size and 2 medium size dogs and that neighbors can barely tell that they are there.

The potential tenant has not submitted her rent application yet, just called in to check with PM and in turn she wanted to check with me if I am OK with the pet policy. SO at this point no idea if applicant is super qualified on other things. I had turnover with other units with pets (2) and it wasn't that bad. Tenant paid all the damages through security deposit so my experience has been good so far however I am not sure what to expect with 5, it is little more than I can handle or like to have...probably I will pass and wait for other applications to turn in.  

Considering a potential tenant for renting SFR 3/1. Only problem is they have 5 pets (2 dogs under 40lbs and one small ~13lbs plus two cats). The property has a huge fenced in backyard and that could be big draw for tenants having pets. My PM charges $200 per dog and $100 per cat as non refundable fee along with pet addendum that list out all the pets breed/weight and clauses for damages done by them has to be paid by them or deducted from security deposit at the end of the lease term. I prefer to have max two pets.

what would someone do in the situation, would you go ahead with the prospective tenant or not? How many pets do you normally allow in your units? Do you think non refundable fee above would be enough to cover turnover expenses caused by pets.

Any experiences to share.

Fleas are easy to get rid of. Any professional pest control company should be able to treat the property quickly. I recently had my property treated for fleas as new tenants complained. Luckily they hadn't moved in and property was vacant, it was found 2 days before move in. not sure what's the situation in your case. Did treat two times in quick succession and it's all well now..

Hi! Welcome to BP

 @Account Closed has investment on both locations, he can probably throw some insight.

Turnkey investing is a great way to get started. That's how I got started as I was in expensive area and cashflow properties were hard to find. Most of the midwest market has cash flowing properties with plenty of TK providers to choose from. Now depends on what ROI, asset class you are willing to deploy your capital, research and narrow down the market, socialize other investors who have invested there and what their experience has been, vet TK providers thoroughly and definitely visit the place atleast once to see things through your own eyes. Markets you mentioned are great cash flowing and good starting point for your research.

Congrats @Alexander Price . TK is a great way to enter into the rental space. I did the same and glad I was out of analysis paralysis mode sooner than many stuck in that forever. Now the journey gets smoother and interesting as you learn the ropes through real time experiences. Great job!!!

welcome on this platform @Stephen Heine.  Great place to hangout and learn from fellow investors.