All Forum Posts by: Bryan H.

If I was looking for a place to rent, I'd want AC. I would look for places that had it already. I wouldn't accept a promise to add it later. As a tenant, I wouldn't trust I'd get it plus I wouldn't want someone coming in later and installing it. They would either want me there or I'd have to let someone in when I wasn't there. Both would bug me.

If you are going to install one, do it now. Maybe you can get an end of season discount.

I've been happy with the PM with everything else so far. I'm hoping if they do have to evict, I can get a discount on my next placement fee. Wish me luck

They turned it back to me end of Feb. It took March to select a tenant and they moved in in April.

They wen't through a whole screening process. We had a few applicants and they were the best of a good bunch. Hopefully it just got lost in the mail and all will be well soon.

I'm hoping so.

Why? Do you want to discriminate because of their age?

I've only been investing for over a year and I know it would eventually happen, but I think I'm going to have my first eviction already.

They only moved in at the beginning of April. They have paid rent late every month, which didn't bother me much as they paid their late fee too. But July rent hasn't been paid yet. I'm waiting to hear back from my PM company, but it's not looking good.

So, lesson to the newbies thinking about all the money you will make, consider this.

The house was technically available to lease last December. I got into a fight with my 1st PM company and fired them before they placed a tenant. They held me to a 30 day notice before I could advertise with another PM, otherwise they would have claimed rights to the placement fee ($1200). I didn't want to give them another dime, so I waited 30 days.

The new PM company found renters and had them move in April 1. They paid April, May, June. So, when you are planning how much money you will make, don't minimize what vacancies, evictions and turnover will cost you.

Since December, I got $2400 of a possible $9600. Now no rent in July, whatever it costs to get it rent ready again (hoping just a cleaning), then another placement fee, lets assume they move in end of August?? That's another $3600+ lost to turnover. And crossing fingers all goes well and they pay in Nov & Dec.

So bottom line in first year of a rental, I will receive $4800 of $14,400 in rent. And from that I have to pay expenses.

Rough year to say the least, glad my other rental is kicking butt.

So I just moved from MI to NC last December and they do it differently down here. There is a Due Diligence period that does include time to obtain funding approvals. The money put down for DD is minimal, usually $100-$200. Looking at my contract the DD period includes loans, inspections, insurance, appraisals, surveys, and negotiating repairs. We did get a 30 day DD period.

Then once everyone agrees on everything above, both parties sign the agreement and establish a, Effective Date. This is the date the EMD is due, I put down 1%. Not sure what is normal here, but probably $1-2K.

I agree with Phil Z. make sure you have your own buyers agent. Dual agency doesn't work as well as the agents first obligation is to the seller. Their obligation to you is to represent you fairly, but you lose any edge a good buyers agent will give you when negotiating.

My advise, be preapproved for your 203k loan. 30 days to get approval should be fine. We closed 30 days after the effective date, which is 60 days (or so) after you submit your offer.

I had to let a PM company go. I just told them it wasn't working out and I was going in another direction. I had to give 30 days notice, so I found a new one in that time and had a smooth transition. Since your place is going vacant, I'd just tell them it isn't working out for you, once the place goes vacant you would like to settle up all outstanding payments and go in separate directions. It doesn't always need to be a fight.

Dang, so no one had a nice easy solution? I am so tired of removing tanks. Joel Owens you are right when talking about those bolts. I've had to drill and take a sawzall to them, its just a pain.

I did some research online and found it is a Mansfield toilet, which has this funky flapper. Everyone I saw hated the thing.

Gary Bailey I ended up buying the brand you recommended, I usually get that brand and haven't had a problem after using them. I was just hoping to not have to remove the tank.

Hi Mark Brogan Thanks for correcting my name. It's a little thing, and people usually spell it wrong, you think I'd get used to it by now.