All Forum Posts by: Account Closed

@Adam Wells congratulations on getting started!  Just like any investing, real estate is not without its issues.  Make sure you have a large buffer to deal with unexpected  issues.  We had lots of damage to one property and an eviction with another in the first year of ownership with TK.  Some things couldn’t have been avoided, some were perhaps tenant criteria that the PM used.  We have learned a whole lot and I am just glad we kept a cushion of cash to pay the mortgages when without a tenant!

@Karl B. thank you for this information! I will definitely be looking into this.  We have filed for eviction for tomorrow morning.  I feel a load being lifted.  I hate the expense of it all, but the cost of doing business I presume.

@Nathan Gesner thanks for the info.  Yes agreed we need a new pm.  It’s a long story with so many moving pieces and we should have done it sooner, but we will absolutely be looking for one. Most of the time I feel as though we are guiding them.  Especially since we don’t know the laws of the state, I spend too much time doing their job.  Thanks for the info.  Much appreciated!

@Greg M. thanks for your reply.  I could have sworn our PM said once eviction begins, no additional money can be collected.  This helps.  I appreciate it!

Hi everyone! We have two properties in IN.  In one property, the tenant wasn’t paying rent and upon inspection by the PM, the property had significant damage, so we asked them to move out and their account was put into collections.  To date, nothing has been collected and I’m sure at this point it won’t be.  But after a few months, after the damages were repaired, the property is back on track with a tenant.

More recently, our other tenant has stopped paying rent and the tenants communication with the PM is very sporadic.  Lease ends at the end of March. At this point, the options are to ask them to move out and go to collections again, evict, or potentially cash for keys (but have not done this yet either). We have never had to go down the eviction route, so I wanted to understand our options and what additional headaches we may come across. 

Obviously would love to minimize our losses, but also realize at some point we may need to cut our losses.  Would love some advice!

@Audrey Spina way to go, mama! We started investing before kids, and it is hard. So many things to deal with and of course, the expense. We have done a few SFH and TH rentals locally through the years. There are pros and cons to both. We recently went the turnkey route as well. It has not been as hands off as I hoped, but you really have to find the right balance between family and investing. Sometimes you will get it wrong, but keep moving forward!

Central VA crew here. We are looking in Nelson county and beyond for STR...long term in TN. Currently have one STR and the rest LT. Look forward to connecting.

@Cj Powderhorn thanks for chatting and sending over your email address..I send you an email!  Would love to chat more Florida!

@Jaime Osuna Whichever way you decide...keep a bit of a buffer and some grit to deal with unexpected issues.  Real estate is by no means perfect or a magic bullet.  Learn as much as you can and use bigger pockets as a great resource.

Hi @Jon Elliott.  We manage our own but I have some thoughts if you want to pm me!