All Forum Posts by: Adah N.

For example “Lessee shall give a 60 day (your state law for MTM non-renew) notice. Lessor shall give a 30 day notice (your state law for MTM non-renew) notice…”

I like the idea of MTM lease especially for tenants who may not be too great on paper or relationship is a little shaky or inherited tenants. Also realized year long leases can be worthless for owner if tenant does not have good credit to protect. If a tenant wants to leave, they can simply not pay, you send them a pay or vacate and they simply vacate. No consequences.

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Riverside, California

@Dustin Lauer

Thanks. That is how I’ve been researching in my area. The listing gets removed after a month or two. I guess it must be renting?

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@Ryan Xu

That is very low rent on the Seattle side. I guess owners bought a while ago at much lower price. I agree it makes a lot of sense to sell and buy somewhere else? Unless they simply want to hold on and let it keep appreciating? Especially if the rent is covering all the cost?

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Quote from @Bob Stevens:

Quote from @Adah N.:

Quote from @Bob Stevens:

Quote from @Adah N.:

An $800k house with 20% down, 7.5% interest + taxes($8000)+insurance($1800) will have about $5,200 monthly payment, $5,800 if 10% down payment. Is there demand for $4,500+ rentals in your market? What is the profile of people willing to rent for $4,500k+ in that same neighborhood?

Of course in the right area,

Thanks. Do you have experience with this market? How would you describe the market? Compared to a market with $2500 rent? Thanks

Yes I live in it. Describe it , affluent/ Nice,

Thanks. I meant describe the rental market. What are days on the market to rent, how long do the renters stay, how does rental experience compare to a market with $2500 rent, do you post on Zillow or use a realtor, do renters tend to come from realtors, what is renter profile etc. Any thoughts you can share about your market and experience will be helpful, thanks.

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Quote from @Bob Stevens:

Quote from @Adah N.:

Of course in the right area,

Thanks. Do you have experience with this market? How would you describe the market? Compared to a market with $2500 rent? Thanks

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Quote from @Chris Seveney:

Quote from @Adah N.:

Depends on the market. I live outside of washington dc so there are plenty of $4500+ rentals in our market. It really depends on the market. Basically you will need $800-$1M homes and a lot of them.Median home price probabaly should be above $500k probably closer to $600k.

It sounds like, if homes in and around the neighborhood are about $700k or above, the location is great and schools are average to good. There should be some demand? Who are the renters? What kind of profile do you see?

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Quote from @Hayden Bowles:

Same tenant, now paying $9,000/m on a new lease. Home is worth $1.5-$1.6m

Wow! thanks. Where is your market? Messa, CA?

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Quote from @Hayden Bowles:

Investment Info:

Single-family residence buy & hold investment in Mesa.

Purchase price: $890,000
Cash invested: $140,000

Rented out my personal home when I didn't need it anymore. (Only started it as a rental in January of 2021). 6 bedroom (+ office), 5 bathroom. 6,100sqft on 1 acre.

What made you interested in investing in this type of deal?

Was a personal home for myself, also stole it at the time. Great price and the previous owner was in a rush to sell after a divorce.

How did you find this deal and how did you negotiate it?

On the market for only a couple days. Was touring homes and saw about 15 over a 3 day period. This was the first one on the first day and I fell in love with it. Knew it was underpriced too in comparison to what I saw. Offered list price and got like $5,000 in closing costs covered

How did you finance this deal?

Standard 30 year fixed, 3.3%. Mortgage is $4,001

How did you add value to the deal?

Painted the whole inside, new carpet and a few small things which completely changed the feel of the home. Was very "early 2000's" feel with brown walls and stuff.

What was the outcome?

Great equity gain, and now a rental at $6,500/ on a 2 year lease with 1 year paid in advance. Plan from purchase date is a 3-5 year hold. I believe homes like this in Arizona in a good area will be worth 1.4-1.5M+ in a few years. Compared to Colorado, Utah, Idaho.... etc, they are all seeing similar growth. In comparison to California pricing too (would be 2+ Million there). Theres no way this doesn't get close to that, it's just so much house for the money right now.

Lessons learned? Challenges?

Honestly I thought it would take a few months to get a tenant in there. Had someone signed, paid and keys in hand within 9 days which blew me away. Good amount of applications. Upon reflection, theres not a lot of rental homes in this price range. Supply & Demand I suppose.

Have played around with the idea of high end AirBnB. Maybe some day :)

How is your high end rental doing, 2 years later?

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@Chris Seveney

What is the point of a lease if a tenant can simply stop paying rent, get a quit notice and simply move?

My son recently graduated college off cycle, he kept paying for 4 months until he found someone to take over. So he should have simply stopped paying when he moved out?

Are there any enforceable consequences to break a lease? Can you send the 2/3 months period of no rent before property is relet to a collection agency?

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All Forum Posts by: Adah N.

Adah N. has started 29 posts and replied 284 times.

Post: MTM Lease vs 12 Month Lease

Post: Is There Demand for $4,500+ LTR Rentals?

Post: Is There Demand for $4,500+ LTR Rentals?

Post: Is There Demand for $4,500+ LTR Rentals?

Post: Is There Demand for $4,500+ LTR Rentals?

Post: Is There Demand for $4,500+ LTR Rentals?

Post: High End, Luxury Rental Attempt ($6,500/m)

Post: High End, Luxury Rental Attempt ($6,500/m)

Post: Is There Demand for $4,500+ LTR Rentals?

Post: Pay or Quit Notice When Lease is Active