All Forum Posts by: Scott Rogers

How tight of a deal did you make? Are you worrying about a few thousand dollars that will make you tens of thousands or more over the life of investment? If truly 4300 dollars is making that much of a impact then you made a bad investment. But I hope your deal is better then that and you just getting nervous. Dont let pennies keep you from picking up dollars.

I would think if you analysis is saying the deal is bad if you have to pay for utilities going forward. then it would also be bad if you have to pay the cost of splitting the utilities. Install multiple meters and hook ups is very expensive upfront, and if the deal is that tight now that isnt going to help

did they pay June rent?  will you be able to have it re-rented July 1st?  Any damages to the property?  since they only performed 3/4 of their contract and are responsible for rent until end of contract or the property is re-rented and you now have accelerated turn over costs.  Cleaning, paint ect. they would be lucky to get out with just forfeiture of deposit IMO

Depreciating assets and difficult to impossible to acquire funding making selling in the future more difficult. 

Personally every investment property I acquire having a out or capital investment recovery is a big part of the overall plan.

Hopefully they are month to month or near lease end.  If so I would send them notice of a substantial rent increase and let them make the decision to move on their own.

Weren't these fees all disclosed to you upfront?  Didnt you read the whole contract and settlement statements?

In the grand scheme of things 4300 isnt a great deal of money, and if the deal (which you haven't disclosed) was properly vetted then you should be able to make up the money much faster then 7+ years.  You will have increasing rents, property appreciation, tax write offs. ect.

If your going into the deal feeling you have been ripped off it will sour the whole experience. Move forward with your investment, and use the education you have received on this deal to better your prospects on future deals.

I live and invest in a Georgia town that boarders Alabama.  I tried to invest on the Alabama side of the boarder once.

1st problem,  rent rates are extreme low compared to GA.
2nd Utilites cost more in AL then GA

The ROI and more frequent turn overs made me decide to stay on the GA side of the river but if your numbers match your criteria then go for it

do you really want to be a land lord?  do you think you will ever move back into the house?  If you are not truley on board to being in this business you wil be truely dishartened when you see what people can and will do to your once beuatiful home.  no matter how well you screen or what price point you are in they will not care for your home the way you did.

I would truley weigh you future life goals and the pros and cons

You should be holding the tenant responsible for the service calls when the issue is turns out to be frivolous.  A dead remote battery, ac unit turned off. ect. they should be responsible to pay the service call for those false issues.  If the garage door opener was actually broken then you pay.  ac unit to mechanical issues you pay.  Operator error tenet should be paying.  

Evaluate your current lease and make sure you covered for these frivolous costs in the future

no it is not illegal, but in most cases the legally binding lease will still be in affect.  but be more specific about your situation and we may be able to better advise you