All Forum Posts by: Ryan Johnson
Ryan Johnson has started 4 posts and replied 10 times.
Post: Lease Renewal and Issues in Pittsburgh
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Originally posted by @Thomas S.:
At renewal offer a M2M lease and add everything you wish in the way of changes, dog related fees and increasing the rent. Based on what you have in the way of a tenant situation it would not be a bad thing if they decided to leave and you had the opportunity to start fresh with a new tenant. If they agree to all the changes you will be golden but now is the time to make the changes.
The only way to avoid the issues in the future is to include in your purchase option vacant possession. You then do not inherit tenant leases and can start fresh with your own screened tenants.
Greg, Thank you.
Why do you suggest M2M over a year lease?
Post: Lease Renewal and Issues in Pittsburgh
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Hi, Bigger Pockets.
I currently own a duplex and have tenants from the previous owner who plan on renewing after their year lease is up. They are decent tenants who pay rent on time. Here are my issues:
1. The previous owner only asked $600 in security deposit for rent that is $945. Should I ask them to make up the difference, if they stay.
2. They have a dog and didn't pay a pet deposit or additional pet fee per month. I don't love that the have a dog in a duplex, but willing to let them stay. I normal would require $295 non refundable deposit and extra $25-$35 a month. Would you enforce those fees on new lease?
3. I would like to raise the rent 5% to $980. Does that seem reasonable?
4. How can I avoid these issue on my next purchase?
Thanks,
Post: Credit Setback-Huge Drop
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Originally posted by @David Dachtera:
Continue as if nothing happened is one option.
Another is to learn to find and partner with private lenders. They look at the deal first, then your credit, if at all.
You might also want to explore some recent changes in the credit industry. As time goes on, scores will become increasingly less meaningful as prospective lenders and creditors look more at the report content rather than the score. A score is just a snapshot in time, anyway and - as you discovered - can (and does!) change without prior warning.
David J Dachtera
Would my interest rate rise If I just continued? How would you suggest finding private money lenders?
Post: Credit Setback-Huge Drop
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Hi, Bigger Pockets.
I spent the last 2 years working with a credit relief company to repair my credit score. My credit was finally in great standing and I was pre-approved for a mortgage. I continue to monitor my score and early this week my credit was hit with $150 past due that I was unaware of that drop all 3 scores by 100 points. I paid the past due bill and have the relief company working on removing it from my credit. The scores will take several months to return to the previous numbers.
Any ideas how I should move forward with my investment plan before the scores rise?
Post: House Hacking and Offer Accepted
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Update: The buyer sent a counter offer and we accepted. Unfortunately, before they were able to sign the papers a cash buy placed an offer and they accepted it.
Post: House Hacking and Offer Accepted
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Originally posted by @Melissa Gittens:
Congrats on your accepted offer! Will this be your first investment property?
Thank you and YES!
Post: House Hacking and Offer Accepted
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Hi, Bigger Pockets.
I just made an offer on a Duplex In Pittsburgh, PA and it was accepted. The units are both 2 bed room and 1 bath. The bottom unit is currently rented for $850 and I believe is low. The upstairs unit should rent for $950 and my wife and I plan to move in for the time being. I have included my rental property analysis and would appreciate feedback and advice
Thank you,
https://www.biggerpockets.com/calculators/shared/237431/46b0525a-8666-4ca3-9109-bd2653120df6
Post: Newbie From Pittsburgh, PA
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Originally posted by @Jen Kurtz:
Welcome Ryan! You've come to the right place. From forums, to blogs, to podcasts- its so easy to get addicted to information! :)
Thanks, Jen. I am excited to learn and get started.
Post: Newbie From Pittsburgh, PA
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Originally posted by @Michele Fischer:
Ryan, welcome to BiggerPockets! Jumping right into multifamily, eh? All the travel could be a detriment to self managing, but it could also open up other investment areas to you if there is consistency in where you go. Stay active on the site to move forward on your goals faster!
I should have been more clear. Potentially, FHA loan and moving into 1 of the 2-4 units. I have complete control of my schedule and could make it work.
Post: Newbie From Pittsburgh, PA
- Rental Property Investor
- Pittsburgh, PA
- Posts 10
- Votes 5
Hello, BP
My name is Ryan Johnson and I am from Pittsburgh, Pennsylvania. I work a full-time job in sales, which requires 65%-70% travel. I do not currently own any real estate, but looking to own a Multi-Family property in the next 6 months for buy and hold. My current REI goal is to research and get a game plan. I found BP through my podcast listening and a great friend.
Pura Vida!