All Forum Posts by: Michael Deering

Losing two months rent on an eviction is a good deal.  The most important thing is that you now have control of the unit and can move forward with repairs and finding good tenants.

Getting a judgment is fine but I've never collected on one.

Buying Russian oil isn't an option.  Probably why the prices have tripled.  Have them contact Catholic Charities or get local aid- there are a lot of non-profit and govt programs that pay for everything

Network.  Attend a local BP meet up or other meet ups

Interesting question. I have used HELOCs to make additions to MF and I don't factor the interest paid into the initial expense. I do that for the following reasons- PMI is an operating expense, not a 'cash in' expense. And if your property is making profits your tenants are paying off those operating expenses. Secondly, when I sell my home the buyers are going to cover the primary and HELOC loans so it'll be free money or an expense others will pay down.

I'd be interested to hear other thoughts

Steel House Abstract in Bethlehem are great.  I've used them for Comm. MF, and SFHs. 

I've used others in the area and Steel House is the best. 

Why do you want bad tenants?

Hopefully you're in a good market and finding a new tenant won't take long.   You can't stop someone from breaking the lease and leaving and going the legal route is time consuming.  Mitigate the loss the best you can by being upfront with the tenant; send them a notice that they will have to cover any rent loss during the original lease, they have to be very accommodating to showings, and if they could find a replacement that meets your vetting process then all win.  Things will work out if you make clear provisions and ensure the tenant plays ball.   

On the brightside- its better to look for a tenant in the Spring and Summer than six months from now.

It depends on the relationship you have with the tenant and the current state of the unit.  A disgruntled tenant and a messy unit could just waste everyone's time.  

Class D -yes

Class C- maybe

Class A,B- no

I would recommend doing a pre final walk through so you can prep the repairs in a timely manner.  See if your tenant will refer someone for a $500 finders fee- you'll save vacancy, time, and turnover minor repairs

When rates go up it would lower demand and that demand would be made up of more qualified buyers.

More supply would crash the market

Buy if it's a good deal.  Are you waiting for something specific to happen?