All Forum Posts by: Jimmy Murray

This is probably based ok the lender. Also how long did you hold the property for? Most banks have a 6 month to 1 year "seasoning" period before they will be willing to refinance the property. A portfolio lender may have more of an appetite to take on a deal like this.

Jake Valkusky I know most states allow you to provide a 48 hour notice to gain entry to the unit. I would suggest to serve the notice and enter the unit to complete the repairs. If the tenant becomes confrontational you could always have a police escort.

This is super creative. I really like this idea. I guess the only struggle would be hoping the most qualified tenant is the highest bidder. I have been in situation where we had multiple great tenants and I have asked them to submit a best and final. One time I was able to get the landlord an additional $75 per month.

You may want to check with a real estate attorney in your area for specific security deposit laws. Some states are really strict and some are more lenient. I would say you definitely want to keep it in a separate account at the very least. I would also recommend setting up a separate bank account for any and all operating revenues and expenditures. T will make it a lot easier to keep track of.

@Jeffrey Rittenour Is the heating source a stove and the heater? I have a couple of these in my units and we have them serviced by a local appliance repair company. 

David's HVAC recommendation is a strong one as well.

#1 by far is Communication.

From there #2 has to be timely Maintenance.

If you can provide great communication and take care of maintenance in a timely fashion at a reasonable price you will be more effective than 99% of rental property owners.

I second @Rick S. - Zillow My Rental Manager is great for do-it-yourself Landlords

I would check out MySmartMove.com powered by Transunion.

I used to utilize this for my personal multi-families before launching my property management company.  It produced great results for me and the tenants incurred the cost of screening.

It sounds like this scenario would be a nightmare to manage. 

If this is at a single family property it may not be so terrible. If this is at a multi-family property it is probably going to cause many headaches for you and the other tenants.

The only thing that I can think of is that your FV wouldn't include a payment. The payment should be $0 to get to your previous answer