All Forum Posts by: Anthony Wick

@Bud Gaffney. Attach a BP calculator sheet so we don't have to run your numbers for you. Everybody estimates their capex, maintenance, and vacancy rates different. 

@Sarah Buchanan

Well let me ask the crowd this. If the husband made $10k a month and the wife was a stay at home mom, would you suddenly be worried? Your criteria is your criteria. They make 4x the rent and have 800 credit scores. Oh, but the husband lost his job? So they would have possibly made 6-8 times rent?

If they meet your criteria, then you approve them. And it sure sounds like they meet your criteria.

@Bruno Mauro

Ok. $10k loss is the bar right now then. So you need

to evaluate the high cost items like hvac, roof, plumbing, etc. I spent $10k this summer on AC units alone (duplexes). You also need to be concerned about the HOA and high cost items that may have you be charged a lump sum fee for repairs.

And you have not stated where this property is located. Midwest, and little depreciation? Los Angeles and $50k appreciation per year?

As always, run the numbers on each property. May analyze over the course of 1 year, 5 years, etc. What are your long term prospects and plans? How long are you willing to subsidize this property in the name

of possible appreciation?

@Bruno Mauro

That reduction in Mgmt fees is like $48. Ugly. Unless you live in California, or someplace that has huge upside on appreciation, sell the property. It's your HOA's that are killing you. And you can't change those.

You’ll be out of the country studying. You’ll need to focus on your studies, not on if you’ll need hundreds or thousands of dollars for maintenance and capex.

@Anna Marie Nguyen

You don't need an LLC or a PM for house hacking. Just make sure you have good insurance.

@Susan Grinde

Agree with the other two fellas. Doesn’t matter why they want to break a lease. Work out a solution, because if a tenant really wants to leave, they will leave.

@Tariq B.

Option 4: Hire a PM and let them do their job. 

Answer: We don't live or buy in California...

@Alexis Marie. I'm confused on why it's been vacant this entire time. Covid? You take extra precautions, but not list it? List it as soon as you can, and pick the lease length and terms that you want. I just renewed a lease and told them it would be 9 months, because I want the lease to end in the summer. They said no problem. 

@Tomiko Graves. Do NOT take any expenses out of their damage deposit, as somebody suggested. You never use the damage deposit for expenses while the tenant still lives there. Never. What are you going to use for repairs and expenses when they move out? You bill them for any expenses incurred as a result of this.