All Forum Posts by: Allen Lopez

So I have a SFH that I am renting. The property is in great shape. The Ac is a bit older, and the inside has rusted to the point that I have had to call the Ac Mecahnic to con and give it a good cleaning. He stated that it will happened again, but the Ac is working fine after. Should I just go ahead and replace it or should I jut run it until it dies. If I run it until it dies, I might be able to get 2 more years out of it, but the tenants might be without Ac for a week. This would be an inconvenience. Additionally, if I plan it it it gives me a chance t o shop around instead of just getting something after it happens and end up over paying.thoughts? Thank you

@Nathan G. You are so right. I like your thinking. Thanks again!!!

@Nathan G. What are your thoughts on this as a text? Mark maria, This hope you guys had a great thanksgiving. This is just a friendly 90 day reminder of your upcoming renewal due date. As previously mentioned, we should have an agreement of renewal by the end of December. As I mentioned, I know that you guys are looking for a house to purchase, so I would like to be flexible on the lease terms. There are three options that I think would be fair to both. 1) two year lease at $1750/month with the option to break the lease without penalty after 1 year with at least a 90 day moving notice. 2) one year lease at $1800/month with the option to break the lease with a 90day moving notice. 3)If you chose not to renew before the renewal date (60 days before the end of the lease), we will do a month to month lease for $1900/month. I love having you guys as my tenants since you guys are so understanding and take care of the house like it was your own. As I mentioned, the reason who I am increasing prices is because of the average current rate in the area is about $2000/month. It would be unfair for me to increase the rent to that extreme. I also know that moving is a huge hustle and changing mail and kids it can be both chaotic and scary. So if there’s anything I can do to help with the decision please let me know. Again, no rush. Think about it and just let me know what you guys think or if you have any questions.

@Nathan G. Thank you

So I typically communicate with them via text message. Would you guys do it via text message or call them or send them the notica via mail? Thanks

So I have a rental property that i have rented to a family for the last two years for $1650/month. Great family, keep the place super clean. Their contract ends in feb 2019. The rent was increased in st augustine to nearly 1900/month. So I told them that I would be increasing their rent if they renew to either $1800 if they renew for 1 year, or $1750 if they renew for two. The contract says that we need to have a new contract in place 60 days prior to the end of yhe lease. If they don’t renew, I can get a property manager and end up getting what I am asking for ranyways. If they do renew great. So if they renew I will not need a property manager since they are such good tenants that it allows me to manage without one. However if they don’t renew I will go ahead and get one. My question is, their is 90 days until the end of the lease. How should i remind them about what they want to do again? We had the conversation on November 1st. Also, if they don’t renew, and they choose to move out, how long should I give a PM to place a tenant before trying a different one? Thank you

@Thomas S. So I am guessing that you are not doing SFH?

Are there any RE investors who are going through the single family home route? So I am fairly new to REÍ and I have been taking the Single family home route. This takes a bit longer, but the properties typically go up in value a lot faster, are easier to rent, and you get more out of them. I bought my first Investment home back in 2015 and It has been a success for the last 2 years. I would like to keep going this route, but struggling to get loans. My credit score is great (770), I have enough for another down payment (20%) but lenders still can’t lend because I have around 230k in debt from the other home. I make 105k/year so my debt to income ratio is borderline. My plan was, and had always been to buy a new single family home every 3 years of around $300k,rent it for around 1600-2000/month. Repeat. I guess my question is how do you guys do it? What is your plan to success? Am I buying too soon? Am I doing anything wrong?

Thank you all. So I found out that my realtor was “suggesting” that we pay for the closing fees to make the deal more appealing. This was definitely BS since the seller never asked for that nor did I. Additionally, he never once used the word “suggest” he said it was mandatory. After I followed up with the fees with the state and found out it should only be all together around $2000 to do all the work I follow up with him he he said it was a “misunderstanding”. Goes to show it’s better to ask questions than be taken advantage off.

@Brandon Johnson So the seller has his own realtor and I have mine, however they work in the same office. It sounds to me that my realtor is just trying to close a deal by pushing closing cost on me.