All Forum Posts by: Nathan Brown

 Hey Dan, I'm currently acting in the role of a BDM for a property management company in the southeast valley. As a general rule, Phoenix has one of the highest per capita property management company saturations in the nation. Do you have a specialty other than being an investor yourself? That's where I've seen people gain the most traction. I get leads all the time that are perfectly fine but aren't a good fit for my company. Can you describe your perfect client? Perhaps we can help each other out.

Even if "what" is stated in your lease? The contract is king, so the premise of this question doesn't even make sense. You go by what's been agreed to by both parties. There's usually a caveat about who pays depending on who is at fault for the blockage though. 

 I mean if it's a solution you're providing to inherited tenants as you try to make the best out of a hard situation, more power to you. I've used a similar service called Rhino at an old brokerage that alleviated the pinch many tenants experience in coming up with security deposits, but those terms were negotiated at scale (we had over 13,000 doors under management). It can still make sense for smaller investor owners though. Just so long as you go into it knowing the risks. You're smart to check around and do homework. It's not for me, but that doesn't mean you won't find value of your own.

eh, is a tenant who would benefit from that type of service the kind of tenant you want to attract? It's your investment and your life, but I personally wouldn't touch it with a 10ft pole.

That sounds like the best case scenario, given the situation. The non-jailed resident wants to end the lease a month early, great. I would still charge for the final month of rent though. Call it an early termination fee. If she can't pay it, you could negotiate to deduct it from the deposit so you kill two birds with one stone and eliminate the stress of figuring out how to return it.

Rently can be nice if you set it up to include the smart lock and smart thermostat. Both can be remotely controlled/monitored. No internet connection required.

Legal answers are well provided above. I'll just add to not take it personally. It's a business transaction for all parties. If they're still paying every month, albeit late with late fees, then they're entitled to all the tenant rights afforded them. You too are entitled to your right not to renew if things are getting weird. If it's financially beneficial to risk the vacancy for the increased rent, go for it. Otherwise don't let feelings get in the way of a steady income producing property. These things are tough. Good luck!

Lender, shmender! Most people know in general it's 0% down for VA, 3.5% down for FHA and 20% down for conventional. As you've already stated in your question, the rest of the money you want to save up for is entirely dependent upon your personal situation and which house you buy. You will likely need as much as 2% of the purchase price for closing costs (bearing in mind this could also include up front expenses like a house inspection and appraisal). That's my bare minimum "benchmark": down payment + closing costs. You will also likely have moving expenses and incidental house upgrades and repairs as well. I didn't feel like I had enough at the time of my first investment, but the opportunity presented itself and I took the risk anyway. You're in for a wild ride, but it's worth it. Good luck!

I think you made the right choice hiring an attorney. I'm sure they would have told you not to accept any rent at all now that they're on the case. Good luck!

A little late but I'll throw in my two cents. I use turbo tenant on my rental because I like the buffet style business model. I'm a long time professional property manager and I'm not afraid to deal with delinquency or other legal matters myself, so I only pay for the services I want, like screenings and the tenant payment portal.