All Forum Posts by: Roger S.

We've decided to give her a couple of months before the 1st increase and maybe 6 months before another.    I guess what cinched it for me is, the house is going to sell, and the next owner would most likely put her out as soon as possible.

I know it's a business, and we normally run it as such, but once in a while, I have to stop and ask myself, is there a way to do this kindly.

Thanks everyone for the advice.

Hi guys.  We have the opportunity to purchase a house at a very good price.  It is currently occupied by a 50's aged widow.   She pays about $350 UNDER current market rates, the rent has not been raised in 4 years.   The house needs nothing now, and very little if she were to move out.

At my banks current terms, and purchase price of 60k, it would be a few bucks negative cash flow at her current rental rate.   But I know there is nowhere else she can go and be able to rent at the price she is paying.   I'm torn.   My wife says, if we cant buy this house at this price and deal with the tenant, then we don't need to be landlords.    This would be our 10th rental.

I think I might tell her that she is way under market rates, give her 3 months and raise it 100 bucks and then another 100 in 6 more months.  Gives her time to adjust and if need be find another place.  She is on month to month basis now. 

There is fierce competition to buy rentals in our town , and we have the inside track on this one, no one else knows it's for sale.

WWBPD?   ( What Would Bigger Pockets Do?)   LOL.

People coming to my door to hand me money.   Makes up for snaking baby wipes out of the friggin sewer.

This actually turned out to be the gas companies fault.  The previous owner had his account cancelled and they shut the gas off without bothering to check that the new tenant had an account there also,

He has already contacted the gas company and arranged for it to be turned back on.  Good idea about being on the list for notification.

Tenant texted me this morning that the central heat wasn't working.   So, off I go, to spend a couple of hours checking it out.  The ignitor looked weak, so I replaced it with a universal I keep on hand.  No go.   Dig my meter out, check the safety circuits, all ok, find that the gas valve is getting voltage but no gas is coming out.   So, ok, I'm on way to town, 20 miles away to find a valve when I had a thought.  So, I went back and sure enough, the gas company had turned off and locked out the meter.  CRAP!!!     Lesson learned,  check the supply first.

On another note, this could be another of those reasons why renters are renters.  It's not cold enough yet to have the heat on.  We haven't ran ours at all yet and are very comfortable.  I see it all the time, central air or heat on in temps that feel wonderful.

Facebook.  It's all we ever do, besides sometimes putting a sign in the yard.  Look for local "home for rent" groups.

Never used Craigslist to list my rentals because of all the negative stuff I've read.  We use the local Facebook home for rent groups and get plenty of responses to chose from.

This doesn't have anything to do with the IRS.  This is simply asking if he can charge for his time against the deposit.   I do.

Start out with a cheaper house.  And check with other banks.