All Forum Posts by: Wallace Audena

@bryce Davis, if ever i could find someone like you. building wealth is the same as having a nice body/working out at the gym. it takes hard work and discipline (hard work->at the gym and discipline--> what you eat). for me, there is no real risk when one is trying to attain an amazing body, losing money is risky. having someone who's already successful to show me the ropes, that would be ideal. I think the main reason why people don't achieve those 2 things: body/wealth is because they don't realize that there is an actual process/ they don't even know where to begin nor do they know how to maintain (body or wealth) once they have an idea of what it would take to get what they are seeking.

Thanks for the response: Kyle and Elizabeth

Good morning my fellow BPers,

I have a Tenant that decided they will not renew the lease, in our leasing agreement, it automatically renews month to month at market rate. Do I need to get them to sign agreeing to the market rate?

How is the market rate determined because I have seen multiple sources differ on the market rate?

Should I have already included a set price in the lease?

postlets

@ Bill G. i am new to this, can you please clarify?

I'll fill in what i know/think some of the #'s mean in parentheses:

550 rent x 12 (months) = 6,600 (Yearly)

6600/10% (??? is that rate property increases???) = 66,000

66,000 - 15,000 (repair cost) = 51,000

51,000 is the max price to pay

6600/29000 (where is this coming from???)= 23%

Iam pretty good at math, but apparently, that means squat if you are a novice at real estate.

@Jay S. : it sounds like to me these tenants are professionals. Before you evict them, you might want to find out from their previous landlords on what condition they left their property....meaning they could end up trashing your place if evicted, which could cost you more in the long run had they stay in and finish out their lease; then afterwards, maybe you can decide not to renew their lease.

@ benjamin P. : I once read a book that stated: it's not about how airtight the leasing contract is, its about the quality of the tenants. Keep that in mind when you are looking for a tenant. Run back ground check, make sure they have a job. Take no execuses/sob stories, if after moving in, they are late or can't pay, send eviction notices/start the eviction proceedings 3-5 business days (whatever terms/days stipulated in contract..check with your state).

@keri Browne Welcome...just joined a few days ago. The great thing about this forum is that it has quick responses to your questions.
I live in Alexandria, Va. I have been looking forever for someone to learn from/ partner up with, so if anyone of you are looking for a partner, or planning to do a deal, i would like to learn from it....let me know.
@keri Browne @Andraise Scott @Anita Bloom, I live

@Edsiaren Ignacio
I am prior military and i live in northern va (20min from white house), any case, i recommend SFR. here's why: if you go multifamily and you get a group of sailors in there from the same unit and they all decide to bail out..."orders", now you have to scramble and get all the housing rented. And when you do rent, I would recommend you don't go below a certain rank of your choosing. the higher the ranking usually means more responsible.

@Roy Gutierrez, a friend investor told me the same thing that he doesn't rent to lawyers and he advised me not to rent to them....

I rented to lawyers and it was my first time being a Landlord. it's been 9months to this day. They looked over the document with a fine tooth comb, we ended up going back and forth on sections of the lease contract. One example was a fire extinguisher we had in our home and it was expired tag. they brought it up and we simply cross the line item on the contract and removed the extinguisher; as it is not a requirement to have one. Now, having said that, they have been very good. don't really have anyone to compare them to because this is our first tenant and first property. (they don't complain about anything, they pay on time etc, etc). I read many books before being a landlord and one thing that stood out in my mind is..."it's not about how airtight your lease contract is, it's about your tenants" because any lawyer can find holes in a contract, but if you have good tenants to begin with, the airtight lease is an afterthought. I recommend reading the lease to make sure there aren't any grammar mistakes, other than that, you should be fine.