All Forum Posts by: Ashley Kehr

@Simon Obas Congratulations on your first rental! I usually do an Estoppel agreement before closing but you could do it after. I like to verify with the tenants that they agree everything the previous owner told me is correct. It also gives them a chance to get all their complaints and repairs out at once instead of through various phone calls once they know there is a new owner. I include a letter with the estoppel agreement letting them know my contact information, how to submit maintenance requests and pay rent. If you saw the units before buying you can already see how they live and don’t think there is any need to meet them in person at this point. Best of luck!

@Katrina E McMahon if you buy property management software a lot of times e-sign is included. You can upload the documents and insert the signature fields where you need.

I would supply the tenants with some comps in the area showing that their current rent is less than market rent. It will show them that even if they moved it would be hard to pay what they are paying now. It just acts as a way to justify the increase. I also add in that the increase is due to an increase in taxes, water bills, insurance etc. I write a formal letter that's attached to the lease renewal with this information on it. I list the address, size of the unit and amount of rent for other rentals in the area. 

I'd also look into how you will manage it from Minnesota too. Do you have a property management company you can use? Have you run the numbers with using it as a short term rental? Seems like a good location for that. You'd need a company or someone to do your turn overs but you could easily manage the bookings from afar. 

Rentprep is another service you can run credit and background checks through. I highly recommend doing it no matter which service you go with!

Hi Brooke. My sister bought her first duplex with an fha loan last year and currently looking for her second. We are buying them together and doing the BRRRR method a little different. After closing she lived in the lower unit and updated it. Then when the lease was up for the upper unit she moved up there and rented the lower unit for $1,005. She is in the process of updating the upper unit now. It was renting for $550 and she will now be able to rent it for $750. Her mortgage payment is $1,045 with escrow and total rent income will be $1,755. We are searching for her second house to buy with the fha loan since it has been a year for her to occupy the first one. She isn't pulling any money out by refinancing but has easily been able to save money by only paying a small portion of her mortgage which will pay for another 3.5% down payment on house 2. Now she will have cash flow from house one when she has both rented. I would suggest to do something similar and just keep taking advantage of the FHA loans to accumulate your properties instead of pulling cash out with refi's. Good luck on your first purchase!

I agree with @Brie Schmidt. I have the exact same scenario right now. The daughter is going through the same process as her mom did to rent the apartment. I’m also charging her a hold deposit. If she can’t come up with first month’s rent and security deposit by the 1st I will at least have $200 for time wasted not showing it to others.

@Eric Ippolito in my area some of the new complexes will charge for use of washer and dryer. The laundry room door in that unit will remain locked unless the resident pays a $65 fee each month on top of their rent. I haven’t heard of renting a fridge or stove.

@Lisa Clouse you could also try and find a money partner. That worked for me in the beginning. Give them some equity in the deal.

@Kyle A. is correct they are from Hamburg, NY. Thanks Kyle! Js manages my properties in south buffalo and I believe they do some in north buffalo too.