All Forum Posts by: Philip Mullinax

@Keith Goodwine, thanks for the options.  I will start looking for a good real estate attorney tonight.  I hate this tenant didn't work out as the family seemed nice, but I guess lesson learned on my part.  I appreciate everyones advise.

Thanks everyone for the advise.  Is there anyway to do this process from out of state?

Hey guys,

I have a bit of a quandary.  My current tenant is 18 days late paying the rent on our property.  I spoke with her last week and she said the payment would be in the account by last Friday with the late fee. Fast-forward to this week and now she is not responding to any of my calls, emails, or text.  She didn't have the best credit history, but I took a chance on her.  The property is in NC and I now live in Hi.  In your experience how long do you wait to start the eviction process?  With the distance I can't make a trip back home, so it will probably be through a lawyer.   I am concerned I will be stuck paying multiple months rent trying to get her out if she doesn't pay.  Any advice is appreciated. 

Thanks @Brianna H., @Arlan Potter, and @Justin Fox.  It seems like a mixed bag of pros and cons.  I may just need to start socking away more for the unexpected repair and keep up with my preventative maintenance.   Arlan- thanks for sharing your breakdown of the properties.  I am no where near that number of properties, but I can see with that volume how this could be a true cost savings.  I appreciate everyone's help. 

@Steven Picker that's definitely a concern for me.  The home was built in 2007, but you never know.

Thanks @Linval T. and @Arlan Potter.  I appreciate both of your insight.  Either way I think I may need to change companies if I do stay with a home warranty at all.  The one time I used them it took them close to a week to tell me they had no one in my area.  I had to call the vendors in my area to coordinate the service and then there was an issue of payment because all it turned out to be was flushing the system in a dishwasher.   Arlan- how do you handle repairs when needed?  Do you have a property manager or do you coordinate the repairs yourself? 

Just putting out the feelers.  I currently have a home warranty on my rental home that I am considering dropping.  I have had them for about three years, but have only had to use them once and it turned into a headach and required a pretty good deductible.  I have had the same renters in the home for the past three years and they seem to truely care for the home.   I wanted to see if other investors use a home warranty company for their rentals or if there is a good formula that takes into account the age of the home when considering if using a home warranty company is in my best interest.  I appreciate any feedback.

Thanks,

Philip

Thanks @Account Closed

I am specifically interested in the 12 month time requirement for a veteran to live in a residence before they have the ability to rent it out.  I saw in the article

when you do a VA Streamline Refinancing you can use prior residency, but I wasn't sure if there was a set timeframe you must live in the residence prior to. I am also interested if I have the ability to rent the initial property if I can then purchase a second home (primary residence) with the intent of eventually renting both properties out. Any insight would be much appreciated.

Thanks @Ross Ellington 

  I appreciate your help.

Hey Ross, just curious about the one year rule. I had read that the only way you could have a VA loan on a non veteran resided property was if the spouse of the veteran occupied the home. I am very interested if you can share any literature on the 1 year occupancy you have.

Thanks,

Philip Mullinax