All Forum Posts by: Tyson Cox

Yes, but have not been very successful yet. I plan to get people excited over the summer to have a meet up this fall. I don't know how good of a turnout we would have if not done by the end of the month. With summer, no one seems to be available at the same time. Any thoughts?

My wife and I invest in the Kenai and Soldotna area. We have been actively investing since 2006. We have several properties and would love to discuss RE with like minded folks. If anyone is interested in a Kenai Peninsula meetup, please let me know. I would to try and set something up before summer because, as you Kenai folks know, there is no way it will happen during summer :)

We, my wife and three kids, live in Soldotna on the Kenai Peninsula in South Central Alaska. My wife and I both moved to the area when we were kids when our parents decided to pursue oilfield work opportunities. My wife and I went to college out of state, but decided to return because this is where our family and friends were. It is a great place to raise kids. It has that small town feel, but with retail conveniences.

Sometimes the winters can be long (Excluding this year. Temp is usually around 0 this time of year, but is 36 right now!). It can drag on with the amount of daylight dipping down to about 5 hours and 45 minutes at the end of December. We have seriously considered moving several times. So why don't we just move?

1. My wife has a great job that she loves.

2. We have several local investment properties that I manage myself.

3. We have a good support system for, both, family and rental situations.

4. We get a good return on our properties.

5. The local rental market is good.

We did look at moving to the Pacific Northwest as that is where the rest of my family reside. We began to look for 2-4 unit properties as that has been our bread and butter in Soldotna. We found it very difficult to get our target return in the areas we were willing to move to. They just cost too much and rented for too little.

Since weather, and not economics, was our main reason for wanting to leave, we decided to choose a compromise. We plan warm family vacations at least every other year (more often when possible) during the winter months. This helps us to recharge enough to last until summer. When our kids are out of school we do plan to spend even more time in warm winter areas, but we will always have our home in Alaska.

Kitchens, bathrooms, and roofs are all expensive to repair/update. Make sure you know your material/time expenses and ARV (usually not the same as tax value). If these numbers are solid and you have a buffer (at least 10% more you can spend), then go for it. Remember to have a few exit strategies as well (sell, rent, option, etc). You never know what might happen to the market during the rehab.

Personally I do not see any problem with having a loan on a vehicle, especially if you're smart about it. I have a loan on my 2008 Ext Silverado and have even refinanced it. Is it stupid to finance $10K at 2.3%? I have the cash, but could I use it more wisely? $10K at 2.3% for 5 years is only about $600 in interest. I strongly believe I can make more than $600 over 5 years using that same $10k. What do you think?

Check out RenTec at https://www.rentecdirect.com/. I have been using their online software for about 2 years and I love it. I have found it to be a reasonably priced management software that works well for the smaller Landlords (We've had 16-18 units over the last two years). They also have a package for management companies, but I have not used that option. They have a lot of extras that can be added (some free, some with additional cost). Ex: personal online listing site to direct your rental traffic to, check printing for bills, auto pay for Tenants, auto email of receipts and notices, criminal and credit check, etc.

Sylvia,

That does sound better. Thank you.

George,

I had a tenant who always paid late and had several couch surfing friends who I wanted to get out of my building without going to court if at all possible. One day a came by, unexpectedly, and found the tenant and his friends smoking marijuana. I saw this as the perfect opportunity. The next day I brought two notices; a Notice to Quit for Illegal Activity and a Conditional Release Amendment. He decided to sign the latter and move by the end of the month.

Now to answer your question, yes I have used an amendment to reduce the term of the original lease. After that tenant, I have actually found this form very useful. I have used it in similar situations to get rid of troublesome tenants. I have also used it when a tenant wants out of an agreement early (I usually require 1 month extra rent to terminate early).

I am in Alaska so I'm not sure about what's okay in Indiana, but I hope this helps. Let me know if you have any ideas to add to the amendment.

CONDITIONAL RELEASE AMENDMENT

THIS AMENDMENT is attached to, and forms a part of the original RENTAL AGREEMENT made and entered into on _________________ by and between _______________________________________________ (hereinafter referred to as "Landlord") and ______________________________________________ (hereinafter referred to as "Tenant").


Landlord and Tenant of said premises both agree by signing below that Tenant will be released from the above described RENTAL AGREEMENT on ___________________ following the execution of these required conditions:


1. Tenant will pay, in full, rent in the amount of $_______ for the month(s) of ____________________________ by ___________. If unit is re-rented, Landlord will prorate and return, as required by state law, rent received by Tenant.
2. Tenant will vacate said premises on _______________ by ________ pm.
3. Landlord will return Tenant’s refunded security deposit as per Line 3 of the original RENTAL AGREEMENT.
4. Landlord and Tenant will consider the RENTAL AGREEMENT null and void, relieving both parties of all rental obligations, only after Line 1 and 2 of this Addendum have been successfully executed. Landlord will not hold Tenant responsible for any additional rent after __________________ once this RENTAL AGREEMENT has been terminated.


The undersigned Tenant(s) hereby acknowledges that they have read this Amendment, and understand it, and agree to it in full. They further have been advised to seek professional legal, tax and financial counsel concerning this contract.