All Forum Posts by: Stephanie Gledhill

@Canesha Edwards

TRUTH

@Corina Eufinger. Smartmove didn't have a place to put personal questions like...Do you have pets? Do you just email them that part of the screening process. Smartmove was so easy to use. Loved it.

@Cameron Tope thank you for your response. My property is in TN and I live in CA. I would think it would be better to take this prospective tenant since it will cost me atleast $1,800 to hire Zillow to show the property plus the vacant period. It would just make things easy. 

Do you still recommend putting it on the open market? The property is in Franklin, TN. If I do a Rentometer on it, the median is $4,500 with in a 5 mile radius and $3,100 within a 10 mile radius. Quite a difference. There really isn't anything on the market now to compare to. Any advice is appreciated.

@Dena Puliatti thank you for your response. So that means if she's not ready and the date of availability is 5/1, she must sign the lease to start 5/1 right? Is that the price she pays for me to hold the property for her? I would think she would NOT want to occupy it sooner. Would you recommend that I just eat those days if it becomes available sooner? Thank you for your advice.

I found a new renter for my property. I am giving increased rent $200/mo back to current tenant for finding future renter. Current lease is month to month. Renter is looking for home out of state and gave me a move out date of 4/15-5/15. New renter said they can move in when current tenant vacated the property. Question is: when would the new lease start date be? I want to take deposit and get a signed lease now as new renter wants to secure this place also?

Do I just pick a date of 5/15 and tell current tenant they must move by this date? I want to make this work for all. New renter will put their place up for sale also. Lots of moving parts.

Thank you for your advice (first time self manager). You guys are awesome.

@Corina Eufinger

Is Zillow Applications sufficient for screening. It looks like Mysmartmove.com has an additional feature called Income Insights that verifies income. Is this better? I only have 1 rental property. Thank you for your response.

Thank you @stevevaughan. What comes first the new investment property or pulling money out of the existing property? I don't want to pull money out if I don't find something, but you need the money ready to go if you want to buy something in this market. Right? I hate to pull money out and be paying interest on it if there's nothing to put it into.

@Simcha Davidman thank you for your response. I forgot to mention that the loan balance is $392,000. I would like to buy another property with the equity that has been made. Here's my problem though. 

I can't decide if I should refi this property. At this time, I think this is a buy and hold investment. The total interest savings is $40k which is attractive. The monthly savings is only $100 and I plan to put monthly cash flow back into paying off the loan faster, so who knows if I would really save the $40k. Loan cost is $4,600 ($1,750 of loan cost is initial escrow pmt at closing. TN requires taxes and insurance to be escrowed).  Any advice is appreciated.

Current Loan 30 year @3.685, New Loan 30 year @3.125 - total interest savings over life of loan = $40,000

Current Payment - $2,182 , New Payment - $2,082

Current Rent - $2,900

Purchase Price 515K 

Current Value $700K - $750K

@Todd Rasmussen

Thank you