All Forum Posts by: Nadir M.

Where is everyone’s market. Mine is in the nebraska. 

I currently have a rental property in the Midwest that’s is about to become vacant. Lease expired last month but tenants chose to stay month to month through May. They’re currently asking me if they can stay through July and potentially August. They’re great tenants, they pay on time, I’ve had no issues. The house is in a decent location. I would say B- to C+ neighborhood.  The issue I’m facing now is that I do not want the property to become vacant end of Summer as I feel that I would have better chance of securing a great tenant in the beginning of the season. I have another property that’s about to become vacant as well end of May. With how the market is going I feel like I shouldn’t have a problem renting and will potentially get more rent, and more importantly a year long lease, instead of waiting until September which will make it harder to find the quality tenant  that I usually screen for. No sure if they tenants will asked to renew for a year after August. 

Wanted to get everyone’s opinion on this situation. What has worked best based on experience and should I really be concerned about property becoming vacant in September? Any help is greatly appreciated. 

I’m emphasised that no smoking allowed again. He said he uses candles daily and happened to be on during the walk…I question it but house didn’t reek and there was no visual damage to walls or paint. Also, tenant explained this is his inventory and he collects shoes and sells some from time to time. He said it was strictly online and would never allow anyone in as he fears for possibility of theft. I agree. I told him that I will write an addendum that all business to be conducted online and if he signs I can continue to lease to him. In terms of candles, I agree I can’t be the candle police so I’ll have to take his word for it. I do feel like it would smell worse and candles will not mask it. 

Thanks for the reply. To my knowledge, it was lit during the walk through. What concerns would you have with that? Also, how would you write up your lease in regards to a business being run inside the house? 

Good afternoon 

Did a yearly walk-through with one of my tenants and I found that he is running a business in my property. This is a clothing and shoe business so nothing illegal to my knowledge. I believe he is running the business strictly online. No where in my lease does it say that no business can be conducting. I’m thinking of adding an addendum to make sure that for next years lease, he know that this can only be conducted online. Thoughts? Should I be worried? 

Also, the tenant does smoke. It was made clear that smoking can not occur inside the rental. During the walk-through, they lit many candles. When asked about it, they said they like keeping the house smelling fresh. Not sure if I buy it, regardless, having that many candles is a fire hazard. I heard some Landlords have a clause saying they can’t light candles. I mean this tenant always pays on time. I’ve had no issues. What’s everyone’s thoughts on what my next move should be

Thank you 

@Joe S.

This wasn’t a flip for me…it was delayed brrrrr. Costing me about 5k to refi two homes…not bad

What's everyone take on the BRRRRR method? I think it's a fantastic idea but I'm beginning to hear more and more investors against it. Shouldn't be leaving money in your property. 75% LTV or even 80% isn't enough. Losing more money in long run. I disagree

@Curt Smith

I agree and I am. Took me 2 weeks to close on this cash out refi. Absolutely love my lender. I like to have cash in the account to invest as soon as I need it. I plan on investing it as soon as something comes up! I wish I had more doors, but I still have my day job for now, so I can afford the loss of CF to help me scale so I can go full-time RE

@Joe Villeneuve

Cash out refi makes more sense to me because I still get cash flow and another property or asset

@Joe Villeneuve

All valid point. Leaving equity in property yes which doesn’t reduce my Cf even more. I can always sell to get that equity difference out. To me it’s a good method to grow quicker instead of the steady CF on a monthly basis