All Forum Posts by: Alf Holst

Got a property that will become vacant at the end of August.

Property was bought with a conventional loan at $115k. Quick Zillow estimates it has appreciated between $147k - $176k. Current mortgage owed is $76k. Monthly mortgage is $787, current rent is $1200, but can move to $1300, possibly.

My wife is currently unemployed due to Covid. And does not receive any government checks. I was told that my income will be cut, up to 15% by the end of September.

Would you:

A) hold on to the property and continue to rent at $1200-1300 range?

B) sell it to get liquid cash around a minimum of $39k to help supplement our loss of income for the rest of the year

C) cash out refinance and continue to rent

D) a better option that I haven’t thought of

We are having a bit of trouble trying to decide what’s best for us.

@Reggie Rearden

I was thinking the same, in terms of staying longer. If they make it more like their home, they may want to continue living there.

@Todd Snyder

That’s a good thing to have. Get him to agree to pay if I have to redo it. Definitely add that to a contract.

@Joe Cassandra

He just wants nicer countertops. The ones on there are decent. Says he has surplus countertops.

@Joe M.

Yes. We have talked on the phone about it. I mentioned the email and texts because that’s a way to keep a record of it. Our phone conversations were about it too.

@Michael King

I have our text and email exchanges saved. But definitely put something in writing, and check out the materials they want to us.

I’m leaning towards letting them do it. Might be an incentive for them to stay longer and continue to rent.

@Joe M.

Background check and credit check are all good. So I’m just curious if others have had similar requests.

@Brian Cole

That’s my worry. Might be too good to be true.

@Bailey Kramer

I would tell myself to learn more about finance. Assets, liabilities, debt, etc.

Got a tenant that wants to update the kitchen (works for a company that does kitchen remodels).

Claims he has surplus countertops and other materials to improve it. Says he doesn’t want anything for it, like lower rent etc. he just wants a better kitchen than what is currently there. That it will stay on the property, if and when they move out. No cost to me.

What do you all think? Let him do it? Or tell him no?