All Forum Posts by: Andrew S.

I purchased a 6 unit that was managed from a local PM/ Realtor. One of the larger realtor's in my town. It was very run down and mismanaged. I had a tenant ask me to replace a failed deadbolt that the PM didn't replace for 2 years. 10 minutes later I had built a lot of credibility and saved a few hundred dollars. I enjoy building / fixing things (reason I got into fixer upper houses & real estate). I'm too frugal to give up a large chunk of my cash flow for that time and experience. Sure I'd rather be rock climbing but I'm building a business. If I'd rather lessen my gains and reduce all possible energy into my business and manage managers than I think I'll invest in index funds.

I have a 1875 duplex in Montana.  I did the majority of the repairs myself, great learning opportunity.  Takes some creativity but shims and a caulk tube go a long ways.  Good luck and enjoy the learning process!

@Nathan Gesner Thanks for so often providing experienced input on my and many other posts.  I ice climb in the South Fork during the winters and have been wanting to stop by your office and introduce myself.  

She has always been so responsive, I didn't think to need to give a deadline at first.  Looking back, it always makes sense to provide a deadline so we're on the same page and they understand my expectations. I'll drop off a written notice today with clear expectations. I'm not sure how realistic an eviction is currently.  This potential eviction wouldn't be related to late rent which is somewhat temporarily forgiven, more of a lease violation. Her lease is up Sept 1st, which I have the option to renew or not. I'll see how the response to the written notice is.

@Filipe Pereira  I house hack a duplex and have a 6 unit apartment.  This is one unit in the 6 unit.  Her rent does represent a portion of my side income, I can still pay the bills without it, but it's nice to have.  I have a W2 job, real estate is just another source of income for me, that I'm using towards financial freedom someday.  I don't have his full contact info yet to run my own screening or a background check.  Their hesitation makes me wonder if there's something fishy about him. 

How would you feel about not collecting $9000 worth of rent?  Call that 6 - 12 months of non payment before they had to be taken to court/ collections?  If they didn't pay your rent for 6 - 12 months, would that be a big or little deal to your business? Might even be realistic they "owe" their previous landlord > $9000. 

Happy Monday BP, 

I have a good tenant who has moved in her boyfriend.  I was notified after the fact. They have been a good tenant for ~8 months into a 12 mo lease and have discussed renewing the lease in other conversations.  They have been proactive with other communications.  I asked their boyfriend to complete a rental application and a background check, but they have been avoiding/ slow on returning it for 2 weeks now. 

After some research, I decided to have their boyfriend not be on the lease but rather an approved guest.  If they break up in the future, I don't want to deal with who gets the place, etc. She is still responsible for the rent and her original security deposit.  The lease lists guests not allowed > 7 days, which has been discussed in person with the tenant and her bf.  

Should I care much about having her boyfriend complete a rental app (employer info, rental history) and a background check?  

Thanks

Adding 45 degree angled gusset supports 1', 2', or 3' (whatever doesn't protrude too much) out horizontally will stiffen it up.  Could also extend up the vertical posts a couple feet above the beam.  Then add cable with a turnbuckle towards the center of the beam to hold it up a little bit. 

I've put silicone in cracks but no idea if it was the correct way to do it. 

He or she is not a tenant. You do not have a signed lease agreement with them. They are trespassing.  Call the local PD or Sheriff for a trespassing.  You can also call and ask that certain names of people are on a list of never allowed on my property. 

I've been investing for 2 years now so pretty new. I house hack a duplex and have a 6 unit. Last year I drained my reserves low to purchase the 6 plex, which could've forced me to use my W2 income to pay for things. Thankfully I'm in a better defensive financial state now. I'm no longer willing to drain my reserves to purchase another property even if it's a good deal. This will be a hard rule for me to keep if something great comes available. My cash reserves are 8 months assuming 0 pay rent and I don't want to pay to live in my duplex. Another 5 months in VTSAX I could sell if needed. And 18 months in a unused HELOC from my sweat equity. My W2 job with my savings rate could cover all mortgages & the HELOC if needed. +1 for house hacking.

Yeah if they look fine then they're fine. My house was built in 1875.  Withstood a 5 earthquake a couple years ago.  Real 2"x4" s in the wall.  I'd bet it's more structurally sound than a spec built home today.