All Forum Posts by: Andrew S.

Is your childhood friend an experienced successful real estate investor? They may or may not understand how to run a profitable rental business, which is fine. But their friendliness has nothing to do with cash flow analysis. 

Next time research how to do it, estimate the time for someone without experience and with experience.  You'll probably get a better estimate then. In general, everything costs more and takes longer :)

It seems like a lot of companies, governments, landlords, individuals, etc these days seem to be the morality police and try to ensure everyone is following the same thinking as they are.  Obviously a slippery slope.  Do you call the police when your neighbor does this? Doesn't mean it's right or wrong.  But I don't think micro-managing the behaviors of your tenants will be an enjoyable or successful business practice.  

I supply the bath mats in my rentals to keep people from soaking the floor. They are $10 donations. 

If they had paid up fully on rent and left the place in a good condition, I'd maybe give it back to them.  If they didn't pay for the 2 days, then take that out of their deposit? 

Depending on your state's landlord tenant law - you may be able to deduct the pro-rated rent until you can re-rent it or the 30 day notice would have bene up. 

Sounds like they knew this wouldn't be a long term option for them, and hopefully didn't trash the place. Probably be thankful for them leaving versus causing issues later on. 

Hey man, there's a Bozeman REI meetup and I help with the Helena REI meetup. Let me know if you're ever in Helena. Best of luck.

You'll have to honor their current lease. Assuming it's a month to month - you can give them notice of their lease not being renewed at its termination. But using the term eviction is incorrect. That implies kicked out due to not following the lease, nonpayment, damage to their credit, possible legal involvement, etc. 

If you're purchasing under an owner occupied loan - you probably have a time limit to move in to comply with your mortgage and/ or insurance.  Not sure what normal is. One option would have been to include in your contract - having the seller get one of the tenants to vacate. Cash for keys or whatever would've worked. Best of luck.  You may end up having to do cash for keys to get the tenant out. Let us know what worked for you. 

I use them, but I have the cash on hand to pay it if need be. You could plan to refi or sell off, but that could hurt you if the market dips. I also have my day job which could pay for it if need be. 

Ant poison is ~$10, I'd just spread a couple exterior poisons outside the property and a few inside.  Put caulk or silicone to seal up the gap. It'll cost $20 and a half hour and give you a good name to your tenant. I did it a couple years ago and it seemed to work. 

A house hack that you purchase and you both live in, might make the biggest possible dent into future wealth, reduced future student loan needs.