All Forum Posts by: Trung Nguyen

Interested in this thread!

There's two coverages not readily apparent in this thread--personal property insurance covers renter's belongings; renter's liability insurance covers if someone is injured on a property due to their negligence. I require liability coverage, but personal property insurance is their choice.

How long after payment is late do you typically wait to send to collections? Or after how many notifications to tenant?

Finally found a property on which I made an offer, and now having second thoughts about some of the assumptions made. The biggest of which is being able to rent out each room in a 3/3 condo to three different tenants at half of the market rental rate. Meaning, typical rental rate in the area is about $1500, and assumption is to rent each room out for $750, for a gross monthly income of $2250.

This is my first investment property, so I'm a bit skeptical on the figures, and worried about multiple tenants with multiple lease agreements occupying the same unit. I've looked on Craigslist for similar offerings, and there are some at the same price point and similar area, but...

Unless I find a friend group of three who want to occupy together, it seems like I'll be playing matchmaker to get three different people to be OK living with one another. I don't look forward to that, nor the possible roommate drama that could boil over.

The numbers wouldn't work out (it wouldn't cashflow) if I only rented this to one person at market rate. The agent who found the property is also an RE investor and says this strategy will work (she's down the same with a 3/3 townhome), but it'd be a big leap of faith for me to take.

Maybe this is just first-timer's cold-feet, but is this too much risk for a new investor?

Out of curiosity, how did you approach the homeowner about the pending foreclosure? Knocked at the door?

I'm entirely new to this, and foreclosures certainly seem appealing for their potential for profit, but reading about the speed (snail's pace) at which banks can move, and potential moral dilemmas of evicting someone give me pause...