All Forum Posts by: Amanda Chandler

 We are moving to Florida. The house is really nice, high end finishes, larger lot than a traditional rental. We are already qualified to buy the new house without having to sell this one or rent, closing tomorrow! Thanks for your response.

Hi everyone. Looking for some feedback and help on this topic...

I own my personal residence that was purchased in December 2020 in Knoxville, TN. Used my real estate license and used the 2.5% commission + 2.5% of my own money for a 5% down payment. Builder paid all my closing costs. Mortgage insurance falls off off in the next couple months. Interest rate is 2.75%... We also have a HELOC through a credit union that is for 100K, interest only payments for 10 years if we use it with the ability to lock a rate.

Long story short, my husband and I are trying to decide if we should rent or sell. It's not designed to be a rental, this was our forever home but we are now moving out of state. Using the BP calculator with property management and all expenses factored in, my COC is 58% and my net monthly proceeds would be around $850. If we sold we would net about $150K.

What are your thoughts? I'm much more in favor of keeping the house. My husband is worried the market is going to dip too much that we won't be able to rent it long term and then we won't be able to sell either if prices go too low... I think we bought really well and smart, so the numbers work. I'm also worried we won't like the state we are moving to, and this would be reassuring for me to come back to.

 That was my thought too. If I made exceptions I certainly would be treating someone differently than someone else. Thanks, just needed some reassurance!

Hi all. 

I have my second property up for rent and have a question…. Long story short, an applicant and co-applicant applied for my property and do not meet my credit score minimum (which is clearly posted twice in my ad as a minimum and non-negotiable). I denied the applicants based on low credit and  sent an adverse action. They responded asking if paying upfront would work and I said no. They are now threatening me that they’re going to sue and report me for discriminating because they “took away all the uncertainty” by paying up front. 

I don’t have to take this offer correct? I’ve had multiple parties offer this and have denied all the “upfront” offers, not just them. 

@Stephen Keighery Thank you for responding. It's definitely a crazy market right now so I don't think it is out of the question to make what we are looking for. It's not a crazy number, I more so just want to offload it. Will be speaking to our agent today and really see what makes sense.

@Ryan Kelly Thank you for responding, I did not realize that a non-investor had to take occupancy within 59 days, but that totally makes sense. I thought with so many people moving to the area, I may find someone from California or New York who would buy now and wait a few months to move. 

I own a rental property (SFH) that has an excellent tenant in place, her lease ends in September. My husband and I are discussing options to sell. The property is in a suburb of Austin, TX. My understanding is if we did sell before her lease sends, the new owner needs to honor the terms of our lease, is this correct? Has anyone sold a property with a tenant and if so, how was your experience? This house was built in 2018, never had issues, worth somewhere between 280-300K. I'm thinking with how crazy the market is, especially in Austin, someone may be happy to buy the house now and move in when my tenant's lease is over. What's the best approach to take, try to sell now, or wait until her lease is over? Thanks for your thoughts.

Sounds like a messy situation. What state are you in?

Don't provide any of the emails or texts they are looking for. 
I think you need to ask yourselves what is the $2000 worth to you? Would you rather just give them the deposit back and be done or are you willing to do go through 1-2 small claims proceedings and potentially still lose the money? It sounds like your friend said you have a strong small claims case, but you never know. 

If you have cash on hand, can quickly fix the issues, then get a new tenant, I'd give them the deposit back and move on. Whatever you end up doing, good luck!

Did you call her previous landlord or do you have their contact info? If so, call them and ask if she was on the program in the past. Does sound sketchy though.