All Forum Posts by: Sen A.

@Ryan Frampton

Share your listing with us and we can tell you if you're overpriced. A lot of us have rentals in the Lehigh Valley and can provide constructive feedback. FYI--the hundreds of inquiries is normal in this area. I think you will save yourself some time and energy by only doing showings once a week within a 2 hour time block.

@Shiloh Lundahl

Don't allow your personal and political issues about the school system to cloud your investment decision-making. You may be able to take your kids out of public school, but the vast majority of your tenants don't have this opportunity. 

@Ted Klein

If I were a savvy northwest tenant, I would reject all three options. 

Option 1 alerts me to the fact that the landlord does not have the required 90 day notice and I would wait until the current rental agreement automatically renews.

Option 2 - Since I am a fantastic long term tenant, I would push for a term lease and reject the month-to-month agreement. In the case that I sign the month-to-month lease and find out later that the landlord is only doing so to increase rent in September, I would take it to court. 

Option 3 - Same idea as option 2

Even if you are in good standing with your tenants, don't expect that they will be understanding of your situation. It's possible that they are great, low maintenance tenants because rent is well below market rate. I suggest that you discuss this with a lawyer before taking any action. 

Hi @Savannah Lewison,

If you can purchase this duplex for $26k, it seems like a great deal. But for this price, you are most likely in a D neighborhood. Have you checked with any lenders to see if they will offer financing for a property this cheap? Usually, they start around $50k.

Where are you getting $20k for repair costs? The pictures on zillow don't seem to indicate a need for any major renovation. Your expenses seem pretty conservative and I'd probably reduce capex and maintenance. Why are you accounting for PMI and what are the miscellaneous expenses? They seem to be throwing off your cash flow.

@Matt Heerwald 

Personally, I would release her from the lease at the one year mark. Involving lawyers and trying to keep an unhappy tenant will cost you more over the long run. Like you said, it's a great area in Austin. You should have no trouble finding qualified tenants.

Some tips when looking for new tenants--make sure they walk the property before signing the lease and reduce your lease cycle to 1 year.

@Jacob Walls

If you use an LLC to house hack you will lose all of the tax advantages and preferable financing terms when buying a property in your name.

@Tyler Labelle

If the terms of your lease say that late fees are not assessed until the 10th then I don’t believe it’s fair for you to begin the eviction process on the 5th.

typo *non-owner occupied

@Sinil Kim

Cash flow is only one metric by which to evaluate an investment. A vast majority of the BP community invest in stagnant or volatile markets and solely rely on cash flow for their ROI. I suggest reaching out to local investors and attending meetups to understand why they are investing in the area.

With that said, it's important that you have a clear understanding of the market you're in before you raise the rent on your inherited tenants. You say the property is in North Bergen county. Is that Bergen county or North Bergen, which is in Hudson county? If it's North Bergen, then all non-occupied rentals are under rent control. Each city/township in north jersey has it's own particular ordinance and this information is typically available online. 

The furniture was a postmodern response to the renovation's insidious HGTV barn house aesthetic.