All Forum Posts by: Tim J.

Quote from @Albert Johnson:

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How do you usually handle these issues?

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 Uh, hire a professional?  

It's pretty easy to get a feel for the market - Post some listings on facebook and craigslist with the pics and rent price.  You will get an idea of the pricing pretty quick.

I would tend to put more faith in the numbers that the realtor told you about and not zillow.


Your expenses and potential income seems a bit tight.  You are definitely going to operate at a loss for a few years unless you have incredible luck with tenants etc.
Doesn't mean you shouldn't do it - just make sure you have about 6 months or more of expenses available for yourself.

Good luck

Quote from @Randall Cornelison:

@Tim J. May I ask what collection agency you used?

@Randall Cornelison  I would have to go digging in papers.  That was a long time ago.  It was local to NY.  You should be able to google and find something decent near you.

If you don't keep your finances for the LLC separate from your personal accounts then there is really no reason to have the LLC...

your price point is 2x other checking services...

Quote from @Tzvi Ausubel:

I thought RentRedi was free for BP members, but every time I go to register, they ask me if I want to subscribe. How do you get RentRedi free for BP pro members? Thanks!

Do not bother.  Find another solution

Quote from @Evan Markley:

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I have a feeling it may be more feasible to buy an existing property vs developing, but I'd love to hear your thoughts.

THIS ^^^

I will join the pile-on.  This is such an unethical deal it is awkward to read and I feel embarrassed and ashamed for the poster/"investor" who posted this.

Making a return/profit on real estate is a great way to build wealth.  Shamelessly taking advantage of an elderly person with few options is, well, abuse and criminal. 

Why would you provide a 4 year lease?  For a residence?

Seems outrageous - since you say that you didn't give a hard "no", just that it is not inspected (yet).