All Forum Posts by: Johnny Nuchols

Sarah, your written contract is your LAW. The lease he signed will show when his lease started and when it ends. You contract is even stronger since the lease has the situation of what happens if the property sales. 

You are not required to give back the deposit if he does not finish his lease, this should be written in the agreed terms that he has already signed. You have the right to start eviction if he did not pay rent.

You have two options;

1. Send a written notice that a eviction will be filed for non payment and explain it will show up on his rental screening for his new landlord, possibly preventing him from renting a nice place. Your lease should state that the deposit will be forfeited it this situation. 

2. Allow the tenant to move out early and give back deposit after walk through between you and the tenant, minus cleaning/ repairs cost. 

I personally would want to hold him to his contract, but since he only has 1 month left I would sallow my pride and realize its better to let him out of contract rather then him damage unit and me spending hours in the court system trying to recapture my loses.

You both entered into the contract with the clear understanding that the unit was as is. She had been living their for several months before she even brought up the issue of mold, but you both stilled agreed to terms AS-IS. 

That would be like me selling you my house and you get the loan to pay me but then contact me months later to complain about mold even though the home was listed AS-IS. I feel you should not stress about it, as long as everything is in writing.

Well after calling dozens of lenders I was able to find two lenders that will count the rental income immediately. All they request is proof of deposit, contract and first months payment; they will apply 75% of the rental income to my debt/income ratio.

Does anyone know of any lenders that will use income from rents with less than a year of rental income on property. Most places I'm calling want you to have 2 years of rental income before they will count the income towards your debt/income ratio. I have found a few lenders last year that would count rental income less than a year, but I did not keep a list.

I have used Weeks & Irvine in Charleston. After calling over a dozen offices they were the cheapest and provided an easy closing. I've had to call about a legal question on a rental and they returned my call same day and were very friendly and helpful.

I apologized for posting incorrect information. @Mike Moreken is correct in pointing out that section 179 is not used for rental properties, but can be used to depreciate leasehold property improvements . The roof is depreciated over 27.5 years when replaced and repairs are deducted in the year they were made.

Google IRS Publication 527 for more details on Residential Rental Property, including IRS Topic 414 on Rental Income and Expenses.

Thanks! I have a meeting I am going to with my local REIA on the 6th of next month and plan on going to an local auction the first Tuesday next month. I plan to be aggressive with networking.

Thanks for the advice but I have always wanted to get into land lording and I already have experience in this area and enjoy it. Its true it can be a head ache but I find always stepping back and learning from bad situations, being open to taking the advice from others and always having an open mind with learning new things only get easier.

I am a person that sees a solution or has a goal and I get hyper focus and don't like to waste time. Getting my Real estate license I feel is the obvious choice for my long term goals.

I have been in agents offices that received a call from their investors to make a low ball offer on a property just to have them get off the phone and spend hours with me and tell me it ridiculous that they think they can get that property that low and then submit the offer hours later, that could be too late. If I'm mining through the MLS and see something of interest I want to have the access to run out to the property right away or just review the numbers and be able to submit the offer right then and there.

I have always found real estate interesting since I was in my young twenties. I rehabbing properties and managing them is the way I want to get my feet wet. Just because I want to hold both these licences doesn't mean I can not network with others still. If anything it will allow me to meet with more people.

I have met several investors that rehab couple properties then take there capital and invest it into a rental property for long term then rinse and repeat.

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Our long term goal is to hold a least 5 rental properties and have them paid off for retirement years. We will look at each property and determine what is better for our ROI on a 5 year plan. I plan on getting my Real Estate Licence this winter along with my property management licence. I am a server at a private resort which I normally only work in the evening and less then 8 hours. This gives me the ability to have my days free and time to focus on rehabs and getting additional licences.

I'm not sure why I can't see the link or sheet. Has this post been edited? Where is the spread sheet?