All Forum Posts by: Peter M.

Yes you can. Just make sure you don't get over-leveraged. As long as the properties cash flow significantly you should be able to weather vacancies and market downturns as long as rents don't drop too dramatically. As always, plan worst case scenario and if the numbers work, go for it. 

Looks great and a lot of work for 33k. Did you do the rehab yourself?

Agree with @Dennis M. 100%. Don't focus on the overall price as much as what coverage you are getting. Optional things like slab leak coverage, earthquake, tenant damages, vacancy allowances and other things not normally covered if you feel it is worth it. For example it only took one slab leak for me to realize it was worth the extra $10-20 premium. Paid for itself 6 months later when one of my rentals got a new slab leak. Only downside was the one that taught me the lesson was my own residence and the kicker was a RE agent told me I should get it and I blew her advice off. 

Unfortunately you just have to follow the lease. If it isn't stated then you are out of luck until the lease is up. For future reference you should have estoppel forms filled out by current tenants as well as a clause in the contract that the owner will not make any changes to leases or admit new tenants after the contract is signed.

You could check your insurance policy to see if pit bulls is against the policy in which case you could give them notice that it violates your insurance and they have 30 days to cure or move out. I once had to take a dog from a tenant because i made the mistake of telling him that if he doesn't get rid of the dog I will. I should have evicted him then (I eventually did when he got another dog a year later). Luckily I found a home for the dog but I learned my lesson and decided I didn't want to see that look on a kid's face ever again. 

Don't refund anything until she is out. Period.

I use and like it. The tenant pays the $40 charge, I don't collect any fees. This is good because 1) no additional re portable income 2) I know if a tenant is serious or not if they go online and actually do it. I don't think the background check is that thorough but I haven't found anything better. Also, don't confuse the tenant score with a credit score. It's not the same but I bet they aren't that far off. The information in the credit report is more important than the score anyway. You could also check out Cozy's screening. I've never used it but I would be willing to bet its about the same quality. 

File a complaint with the state board of realtors. Contact local and national associations of property managers and ask if they have a complaint process. 

The refinance process is just like a new loan.

Go to the lender and fill out the application, provide documentation they require and they will give you a sheet with the estimated fees for funding and closing. The bank will order an appraisal which you will pay for and when that comes back they will tell you how much they are willing to refinance. They may require a new survey if you cannot provide one which you will also pay for. The loan will go through underwriting and if approved, go to closing. There are closing costs just like any other loan but they are usually much less for a refinance because there are no commissions or taxes being paid. Sometimes the lender will allow you to roll these into the loan if there is enough equity. Then they pay off the old loan, you sign a new note and deed of trust, and a new deed is recorded as well as the old lien being removed. 

As for numbers everything @Hadar Orkibi said is correct for a cash out refi. A normal refi does not give you any money back, you just keep the equity in the property.

I wouldn't pay him back for this. My lease(and most leases) specifically prohibit tenants doing repairs. Explain this to him, show him the lease clause, say thank you and don't do it again.

Send him the 3 or 5 day notice (whatever is required). Tell him if he is not out by then you file for eviction. He's already had 3 weeks free so you're already in a bad situation. I don't know how long the eviction process takes in Ohio though so it may be worth trying to get him out on his own but it sounds like that isn't going to happen. Good luck.