All Forum Posts by: Account Closed

yes i do like that incentive and will do that, now as far as insurance is concerned since i want those doors back on if he gets "Hurt" fixing them can he sue me? I am really nervous and have looked into an umbrella policy as well as my 1mil in liability i already have on the house, since it is all under my name now

the only documents I would need is my lease right? and also the move in inspection report??

Also he did have the doors off at the inspection and they were in the attic. His kids come on the weekends and they wanted to have curtains up as there doors how should I handle this? tell him to put the doors back up? I have my move in report now and will take pictures

Ok, so I think I will leave him at 625 to start and then see how the process goes when I get a new tenant in downstairs. Also since he is on a month to month lease do i just ask him for a copy of his existing lease? Then write up a change of who to pay too etc. I do have a lease I want to use but I am unsure how to set it up month to month? I am also going to try to set it up right after closing and approach him and introduce myself and my lease. since i am aware he HAS paid for April should i have him sign my lease at the beginning of May or now? I will also take pictures of the rooms today thanks

Yea but don't I need a contract in place or a lease? The seller has him at month to month and my agent said after I close i should go with my lease right away? I will do a month to month lease for a few

ok and I just have to find a bank that will consider me doing this right away not waiting the 6 months and that would be the smaller banks that deal with investments sounds like a plan thanks guys!

thanks for the great advice guys. I am hoping once I get both my leases in place they will see I am making a profit and not mind giving me some of the equity back. I know most want 2 year tax returns but I will just have to look harder to find a bank that won't. I am employed and have little debt to begin with, just most banks want OWNER OCCUPIED equity loans.

I like the idea of month to month, because then I know I can increase the rent. I also will see how it goes when I list the downstairs unit at 725 and see how many QUALIFIED tenants i get. Now regarding the space he uses in the attic and garage do I go about saying this stuff needs to be cleared in a week or what? I also should go right after I close to introduce myself and review my month to month lease with him correct? and then take pictures and complete that whole process. I have also seen bank checks from him he usually pays on the 7th or 8th and that is annoying but I can't charge late fees IN CT ( until the 10th))? that is another problem i am having

stan, he is on a month to month lease, and as of May 1st I can write a new lease with him. I am aware he paid April's rent, but I was thinking of setting up a month to month as well, and I can inform him of the increase to 650 for may which is only 25$ and keep him at that. I will then see how it goes with my bottom unit once i am done painting and see how many QUALIFIED applicants I get at 725 for that and then decide if I should raise him up another 25 or so. The issue i have is the small security deposit, and the fact that he uses the garage and the attic

ok Des can you also send me your phone number I have some questions as I close tommorrow on the process of the tenant upstairs and want to get a few opinions on how to deal with him. Has been there 4 years but is paying below market rent (625) could be 675 and only has a 250$ deposit being transferred to me!!

No i am not looking to flip I am strictly sticking with this as a rental for now. I have considering flipping in the future though, but would need more education on it before I decided to consider flipping properties, another issue with paying cash is how long would i have to wait to transfer to an LLC? I know it isn't smart right away because I would have trouble with getting it REFianced I am worried about the potential to sue since i owe it free and clear though.