All Forum Posts by: Mike Hanneman

In my area most sellers won't supply tax info until you have an excepted offer. That's kind of the norm. I always always ask for it in the initial offer too, along with copies of the leases. This keeps that info out of just anybody's hands and this way the seller knows you're serious about buying. I know if I was selling I wouldn't be giving that info out to just anybody, regardless of my personal info being blacked out. 

You can always back out after seeing the information though.

Business doesn't sleep or celebrate events.

I know from my experience unless it's a child's b-day or the big holidays, Christmas, Thanksgiving, etc... most people get annoyed with stuff being shut down. On the other hand though if it's your business I'm sure one of the reasons your in business is to run it the way you choose.

I believe in second chances. If their references check out it could be a very good deal for you. You can always do a month to month lease so if they are late you can get them out quickly. Maybe do a month to month lease and say due to your history, if you are even one day late in the first year you are out!

What has happened with this group meeting? Is it still ongoing?

Is the county assessors where I would go to see if an owner of a property was free and clear or if they are absintee owners and such?

Where else can I go to get this info? I'm doing the driving for dollars but not sure where to find all the ino to contact owner and such.

Pets in my area can add alot to the rent and deposit. However one must screen the pets as well as the owners.

I agree with the others, I don't allow smoking in the house.

I hope you did your homework on this "deal" before you signed all the contingencies!! You should ultimately have your plan well ahead of closing with back up exit plans, anything else and you start running the risk of things going badly, quickly.

Most big banks want you to be a "land lord" which requires minimum 2 years experience. Each bank or lender has different criteria but mostly it's 2 years. You need to ask your lender.

I would put an offer in, low of course due to these issues, with an inspection contingency. Then have an inspector and at least 2 contractors, with structural experience, come and look at it and give bids. If you don't like the outcome and price to fix you can use your contingency and walk away.

My advise is to treat this Landlord thing as a business, not a friendship. Your fear of not having a tenant is blocking the overall picture. There is a difference between keeping a tenant happy and catering to them. An unfinished basement is not going to cause them to move out, if it does then you would have bigger concerns down the road anyway. Respond to the tenants that finishing the basement is not in the plans right now and leave it at that.

As for the landlord thing, as some have said to sell to ease your mind, I would not if I were you. Not yet anyway, you have already conquered the hardest part of getting your first property and getting it rented!! Excellent job on that part. I would see it through on the completion of this first lease and then reevaluate. Being a landlord isn't as fun as it seems once you actually become one, but it is the beginning of setting yourself and family up for the future.

My main issue is finding properties that cash flow accordingly. I live in an area where home prices are out of line with rent. I won't give up and still check the listings daily, about to start a drive by and mailer system to see if I can find some deals.