All Forum Posts by: Nathan Brown

Hey this is a little late, but I've worked with Rhino before. There's a little more paperwork on your part, and you won't be able to hold the deposit (if that matters to you), but it does take a lot of the risk off your shoulders. It's a good service and worth considering.

Besides the plumbing issue, if your tenant has renter's insurance, you may want to have them file a claim so you don't have to come out pocket for both the hotel and the vacancy. You might get reimbursed for one or both depending on the coverage.

Agreed with the above. Keep emotions out of the way and just spell out the next steps with the outgoing tenant. Many times, the threat of eviction is more than enough to cause movement in your favor. Lesson learned for next time though. Don't go making promises where your fulfilment is entirely dependent on other peoples' behavior. 

many of my clients do one llc per property (or in some cases per portfolio), but you lost me at the whole management company for tax write offs thing. I mean are you already licensed and self-managing?

There's good opportunity in buying occupied properties. The instant cash flow is nice. But yeah, you can't just kick someone out mid-lease. There are rare exceptions in cases of emergency or habitability but check your local laws. It's also unlikely you'll find someone willing to be temporarily dislocated for the privilege of paying more when they move back in. Your best bet is try and find them that are nearing the end of their term by the time you close escrow. 

Hopefully a seasoned investor may come in and correct me here, but I personally wouldn't dirty up the conversation with that unless you're prepared to walk away over it. Having lived there for 2.5 yrs, I would think you can make a few safe assumptions yourself. As I read your post, it seems like it'll continue to be a place for you to live in (at least at first), so it may be helpful to just assume you're carrying the whole mortgage yourself without a tenant in place at the other unit. You don't want your first investment home to break your bank.

@Lee Hines lol I figured there was something we were missing. Thanks for the follow up.

@Ravi Kumar I receive requests on occasion from people looking for homes to rent for this purpose. My company doesn't manage them, but if you want, I'll send them your way next time.

thanks for the kinds words. It's new and exciting but I'm open to looking a fool while I get the hang of it.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $260,000
Cash invested: $20,000

I moved in to this house as a renter and was able to purchase it, and now I'm leasing it out myself.

What made you interested in investing in this type of deal?

Honestly, it came by chance and I was aware enough to see the opportunity in real time.