All Forum Posts by: Nadir M.

@Nadir M. Correction to initial post. Tenant is actually locked into a lease until April 2020. Not sure where my agent got mtm. Not sure if this makes the situation more/less complicated.

@Jonathan Watt

Sorry for incorrect post but tenant is actually locked into a lease until April 2020. Not sure where my agent got mtm.

@Nathan G.

This morning my real estate agent texted me and told me that they were in a locked lease until April 2020, not sure where he got mtm to start with. I guess this makes it easier for me. I can either buy the house at a lower price or just not go for the deal at all.

@Mike McCarthy

I def like the idea of staying mtm. Will find out more tmrw. Thanks for the advice

@Nate Gombus

The 760 is the house payment including taxes and insurance...PM charges 8%. Doesn’t include any repairs, vacancies, etc. at 975 it would not be cash flowing at all.

Hello everyone,

Currently looking at a house that is tenant occupied, tenant is month-to-month. Seller states the tenant has been great. What should I look for? If I purchase property, do I keep tenant or vacate and restart? We are approaching the Fall season so finding tenants in the Midwest becomes more of a hassle. My PM is saying I should keep tenant and bump rent in November/December. I was thinking of bumping rent now and give them the option of signing on for another year or vacating. Currently they are paying $975, my monthly payment will be around $760, my PM is saying I can get $1150 (PM has been spot on in terms of rent rate the last two buys). Side note, house does need some external work as well that will need to be done sooner than later.

Any suggestion much appreciated

Thx

@Matthew Reichert I was told the issue was fixed, the call from the warranty company was canceled, but apparently there was a repair done and I was invoices for it the following month when I was told it was taken care of.

@Lucas Carl correct but I was invoiced in August for a job that was in July when I was told it was fixed in July and that it didn’t cost anything.

Hello Pockerters

Recently, I’ve had a little set back with my PM that’s managing one of my properties out of town. My understanding was that as a PM, when there is a tenant issue, they should try to find the cheapest solution without always having to send someone out and charging me the invoice. Example was that last month, there was an issue with the AC unit under performing. They wanted to send out my warranty company to try to resolve the issue. During that time, it was hard for any unit to keep up as it was in the middle of the summer and with the Midwest humidity it overworked the unit. Long story short, I spoke with PM and they said issue was resolved because it was hot and humid and it’s typical for most residential units to keep up, also ac cleaning and changing of the filter were two tasks that the tenants was responsible of according to my PM. Forward to today, I got an invoice from my PM from a heating and ac company for $112 that was from July. Basically I was charged for something from July in August to make it seem like there were no expenses in July because I did complain to my PM that since we rented this house to this tenant, we have yet to have a month without any complaints or invoices. I hope this makes any sense at all. My issues is that every time the tenant wines the PM fixes the issue and bills me the invoice without finding another alternative or a cheaper alternative. Thoughts?

@Charlie Moore

Yup definitely set up an open house and those interested will make it. Also sounds like you need to increase your rent

Gl