All Forum Posts by: Reed Kelly

“The rent on this property is $8900 a month.” Oh boy I really hope this was a typo and meant to be $8-900 a month. Losing $8,900 a month would be brutal! Good luck!

Wow this sounds like a really hard situation for them. It’s always hard to see someone else go through a difficult situation, particularly if there’s not a straight forward way out. Like most people here, I agree that you can’t let them stay indefinitely or for free (not a surprising conclusion given this is a real estate investing site). You are running a business and eventually need to make a decision in the interest of your company. It will be hard because you’re an empathetic and caring person (I’m guessing. Otherwise you wouldn’t be writing about it here). From a legal perspective, are there ramifications from NOT kicking them out?Treating tenants differently? Would your response/action be the same if they weren’t in wheelchairs or weren’t seniors, but we’re average tenants who were out of work and ran out of money?

Congratulations! This looks like it was a good first deal and it sounds like you learned a lot about the process that you can take to your next project. I’m from Oregon originally and it surprised me that your market supports $1,200 rent on a $110,000-$140,000 property. Well done!

It shouldn’t be a problem if you have a solid deal and you’re willing to shop around to several banks. If you’re upfront with what you have and what you’re looking for, and if the lender has a limit on mortgages, it’s in their interest to tell you to avoid wasting anyone’s time. It might take a few phone calls though! This could be an opportunity to begin building relationships with local banks that may fund you after you reach 10 properties.