All Forum Posts by: Samantha Klein

Very unless you qualify due to an unforeseen circumstance change like a job transfer otherwise if you sign papers saying you'll live there for a year, you better honor it or risk mortgage fraud. 

I would give notice. Child support is one of the worst for reliability, all it takes is the payer to start falling behind and not pay or do anything else that would stop them from paying. Get someone who has an actual job and isn't counting on someone else. My 2 cents. 

You're gonna have to eat a months rent. I find that the only time you can successfully cut vacancy down to close to 0 is when the tenant cooperates and is a clean person, at least for showings and has kept the unit in good repair.

I would want him fully out, take care of the bedbugs and make any necessary repairs before I started a new tenancy. You may find that if you rush, and miss something, your new tenant relationship will be compromised.

I'd recommend you get an inspection, at least then you can negotiate repairs or walk away if there's some major capex you aren't seeing. 

I've closed three properties this year and my closing costs have been around 3k which included my first year of insurance. The purchase prices were under 75k. Your closing costs may be high due to the cheap price but I would shop lenders and see what the typical closing costs are for the price range your looking at.

I have one RSO living in a unit of mine. He's been one of my best tenants, always pays on time and does not cause any problems. His offense was 20 years ago and he did his time. Sometimes we can be excellent tenants just because they know many landlords won't rent to them.

Is there a reason your looking for a SFH as your first investment? You should take full advantage of the economy of scale (and still getting that cheap 30yr money) and try an owner occupied 4-plex.

You said its $615 all in for your mortgage payments, ect but does that include the normal expenses such as vacany, repairs, maintenance, management, capex? I'm a little surprised to see you say its a 30% COC when your just taking the gross rent minus the payments...maybe I missed something so if I did, please forgive me.

I would start eviction proceedings against her for not having renters insurance per the lease agreement and also causing damage that she refuses to pay for. You may have to go in front of a judge and argue your case but this tenant needs to go. Most reasonable people don't just leave the water running in a bathtub and go off and do other stuff. 

The deposits should be transfered at closing. Under absolutely no circumstances does the seller get to keep them especially when you'll be the one turning the units when they move. Tell him you get the deposits or he can sell to someone else.