All Forum Posts by: Mike Hanneman

I don't think I would try to get out but I would keep them month 2 month for a while for my protection. I would talk with them and let them know your concerns and why you want them month 2 month.

Well first off, the question is how much equity do you have in it? You need to run the numbers to see what will be a better return. Assuming you only put 20% down at purchase you will only be able to pull out around $30k before closing costs, I'm just guessing on those numbers with the info you gave. Depending on your APR you might want to refi to get the lower rate and up your cash flow. What is your laon rate at?

How much below market are we talking about regarding rent?

I need some answers to those questions to really give you my thoughts on what I would do.

Something to think about is the hardest thing about starting out is getting that first property under your belt. .

I have never painted tile but can't imagine it would be easy, and I doubt that it would hold up.

Unless you are installing a stove there, you should tear out the hearth/tile and sheetrock it, it shouldn't cost more the a few hundred bucks to do that. You could even demo the tile to save some money. This way it would be done right.

Something to think about is are stoves pominent in this area? I know wood stoves here in my area are a must have, even as back-up heat and could be a deal breaker.

This does vary by market and price range.

However I always like to provide all the appliances so they are all matching. Plus I think this helps some buyers that could be on the fence about the property.

You can even get creative and say there's a credit at closing for a friidge.

It seems not too many people use quickbooks is there a reason for this? I don't have any experience with any of these.

I would let her know that it's not allowed and warn her about damges, then I too would address this at renewal time.

Thanks for the knowledge, didn't realize the difficulties in getting a tenant out in SF.

Is there a time when the landlord can go to the tenant and say I'm not renewing your lease you need to find somewhere else?

Oh I'm sorry didn't realize the month to month laws. So if you want a tenant to leave even when the lease is up you can't have force them leave by not renewing their lease?

@DG A.

Am I missing something? If your tenants are on month to month leases why are you evicting them? All you have to do is tell them you will not be renewing their lease there is no need for eviction. In my area I have to give the tenant 30 days notice that I won't be renewing their lease and they need to find somewhere else.

Correct me if I'm wrong or didn't get the whole story.

I'm under contract right now with a duplex that I want one tenant out(under rented), before I close so I can do repairs and list the unit at market price. I had to push my closing back 30 days to do this but I will have a vacant unit to do the remodel.

Why am I looking for a discount? Because it's a business, if you are not looking for the absolute lowest price for your investment/business then you are running a hobby! It has nothing to do about affording full price.

Those "savvy real estate investors" might not be too savvy then. There are deals everywhere. Just because a lot of people have passed on it doesn't mean it isn't a great deal for you. Some people won't ask for a lower price, some won't do any repairs, others are just looking for something different. I know that some of those examples don't deal with turnkey but deals are everywhere.