All Forum Posts by: Ursula B.

I had great success with AHS before they changed their pricing structure. It more than paid for itself in one specific property where the tenants lived hard. I havent used them since the restructure. Ive also used Choice. Stay away from them. They made it difficult to arrange service calls, so I never could file a claim for service. Just bought an Old Republic warranty for a new rental based on the feedback here on BP. Time will tell what kind of success I have with them.

I don't know if it's a law or not, but when I rented an apartment in VA a few years ago they had changed the toilet seats and left the plastic on so we would know they were new.

I researched the cost, and at ~$12 a piece decided to do it when my rentals turned over in NC. It's only a few bucks but shows prospective tenants they've getting a thoughtful landlord. I'm sure to point it out during walk throughs and usually get a response of 'good' or 'nice'.

Let us know what you find out about it being a law.

I accept only one forwarding address, and make the check out to both tenants with an 'and' like @Patrick L. . That requires them both to sign the check.

@Josh Compton, it's a condo with the HOA carrying the master policy. I like State Farm although they won't give me a multiple policy discount on investment properties.

Thanks Jason!

I wouldn't expect to fully recoup the dues on top of the rent. I up my rent by $30 and advertise free water. Free utilities is always a draw, and they usually don't notice I'm priced $30 higher than other units. Only one prospective tenant noticed and he still rented my unit instead of a lower priced one.

Never allow th tenant to pay directly. The HOA can and will foreclose on you for nonpayment of dues.

Greetings BP,

Thanks to the wealth of information you all have shared, I decided to pick back up on my real estate investment goals. I set an aggressive goal to acquire three properties this year and I just closed on #1 yesterday. REO from the MLS. Closing delayed by 30 days by the seller to clear title issue.

Original asking price -$39,900

Sale price -$23,000 - $1,500 commission = $21,500 net price

ARV -$35-39k

Will require about $7k to make rent ready

Rent - $650

HOA - $116 monthly (includes water, tenant pays other utilities)

Taxes- $1015 yearly

Insurance- $186 yearly

Warranty -$399 ($60 trade calls)

Property mgmt - $0 (self managed)

Cash deal so no mortgage. I'm actively looking for a business loan so I can rinse and repeat (I have 4 mortgaged properties already).

So BP, how did I do?

Ursula

If I knew she couldn't afford the rent, I would offer to let them both out of the lease if they move within 30 days. I'd say that I understand things happen, and by letting them both out of the lease, she can find housing that maybe wouldn't stretch her budget as much. If they've been good tenants thus far, I'd even offer to write a reference letter for them to make it easier for them to find other accommodations. The spring/summer moving season is approaching, and I would assume that you could re-rent your place quickly. I wouldn't expect much wear and tear if they haven't been in the property that long.

Allowing someone to remain in your property that you already KNOW can't afford the rent will only cost you time, money and frustration. Ask me how I know...

I give my tenants a regular mail address (PO Box), and overnight address (street address) and now an online option to pay rent. It's up to them to figure out how to get it to me by the 5th. Once the 6th rolls around with no payment, the late fee kicks in. On the 11th, the summary ejectment admin fees kick in.

I tell my tenants it's nothing personal, strictly business. They need a roof over their heads and I need the rent on time.

I bought at retail not once, but TWICE in 2006. I didn't know anything about ROI, cap rates, cash-on-cash, nor the difference between speculating and true investing. Needless to say, it's been a tough financial lesson, but once I got my head out of the sand and started taking action, I've stopped the bleeding and can now focus on true investments.