All Forum Posts by: Amber Gonion

@Francis A. Treat it like any other contractor and interview at least three and make a decision on who you are comfortable with.

@Richard Ochoa don’t worry, we have a few tenants that we manage on some assistance, there is also some programs for owners to help out. The tough time will come when people need to start paying without assistance again.

@Gerardo Hernandez generally what we see is that 1% properties end up being more expensive in the long run. I think too many people focus on the here and now. When I buy stocks I don’t get upset if they don’t produce in a week. The same goes for rental properties, we look for properties that will be solid and not money pits. Most properties we look at the 2, 5 and 10 year outlook for cashflow and appreciation.

Properties that cashflow today may be money pits over the long haul. I don’t know of anyone with a property for over 10 years that is upset over paying by 10-25k.

We tell our client to look for a solid property and the profits will be there long term, waiting for a home run deal will take a long time and you may end up with a property with lots of maintenance issues and or rental issues over the years.

@Sanna Prescott. Normally I would agree to make the seller remove the tenant before closing, but since you are a owner occupant I would request money from the seller to pay for the removal. The seller has no legal recourse to remove the tenant as they will not be the occupant, they have no standing in court. You however have a right to evict as an OO. Requiring them to evict could delay the closing indefinitely, while you could educate the tenant and ask them to leave and follow through with eviction.

@Tucker Mortier. There is no better or worse area in general. Investing is a customized approach. Your strengths, weaknesses, experience, and preferences all play into which areas are the best.

@Mike Ritz in the last couple months lumber has gone up 30% on our project. City permits, watershed permits, county permits, everyone has their hand out. For a 2.5 million build we have 60k in engineering, 90k in architect fees, 100k in city permits, and 20k in other non building costs.

@Jimmie Perales we work with Tim with many of our clients and he closes on everything we send to him. He is also good at pointing out potential problems early on in the process so that we are prepared.

@Matthew Kern. It is the law and it is $100 fine for each one you don’t send out. We sent out about 500 crps last month between current renters past renters and properties sold etc. Not fun but neither is being on the Department of revenues naughty list.

@Ethan Brown great plan, lowering costs and building equity for your future. My dad graduated from the U of M as a dentist. He didn’t invest at that time (much later) but wished he would have.

@Chris Morris during this time of no evictions, I would tread lightly. They are currently in a month to month lease with the old lease so why rock the boat? You may want these tenants out in two months so signing a year long lease would handcuff you to the one year term, tenants usually leave when they want anyway (usually too costly to go after them).

Last year as our leases expired and the pandemic and riots started we made the decision to do nothing with our rental renewals as they were all paying on time. We did not want to put into their head that they can move. None did and a few asked about renewal which we accommodated.

If your tenants don’t pass the background check do you want an empty unit in March or April? Plan your vacancies to end June through August these are prime months for filling vacancies. When I worked for the major management companies they all had policies in place forbidding leases ending During winter months.