All Forum Posts by: John A.

I live in Sierra Vista.  I can tell you the MF you describe in town will attract C- tenants at best. 

@Kathryn Dunnivant,  I took Steve Hamilton's advice and put it on the Schedule A.  If I run across this situation again, I'll contact a local accountant to be sure.

I've had good luck on investment property loans with American Internet Mortgage.  You can google their web address.  As of today a 30yr fixed rate is just under 5%.

If you are not getting any interest in your rental, research your competition.  That'll tell you if you are competitively priced for the features in your property.  If you are asking the same rent as everyone else for a comparable property, either lower the rent by $10-50 or add some perks to the property.  Perks could be anything to a washer and dryer in the house to new appliances or allowing pets.  Depending on the area, you could also try posting to facebook (I haven't had any look with facebook).  I've had some applicants contact me from signs at the property as well.  For rent signs have pros and cons.  I no longer use signs.  If you are near a military installation, contact their housing office and ask how you can advertise to service members.  

My best case so far - closed on Monday and signed a lease with a tenant on Wednesday.  The house was move in ready.  The tenant understood I was sending contractors over to paint the exterior and upgrade the HVAC.

My worst case - 5 months from closing to first tenant.  The house required a total refurb.

I like to start marketing early; as soon as I have an availability date.  I don't mind showing a house while we are still painting or cleaning or repairing.  The tenants see we are putting work into the house and usually like the results when they move in.

Favorite: Seeing that a new tenant has paid the rent on time.

Least favorite:  Scheduling showings for potential applicants.  And then they don't show up.

I've used Williams Melo in Sierra Vista for an eviction.  I was very happy with their service and price. According to their website, they handle all aspects of real estate law.

Paper documents containing tenant PII (personally identifiable information) is kept under lock and key.  Digital documents with PII are encrypted and password protected.  I protect their PII as if it was my own.

I do exactly as @Mark Nolan is doing.  I don't send the Cozy background check request until I screen the hard copy application for income requirements, pets, smokers, etc.  I like having a real signature on the application in case I need it in court at a later date.  The applicants like the idea of paying Cozy directly for the background checks because they know I'm not getting any money out of it.  Both the tenants and I like the Cozy rent payment system.

If you want to advantage of owner-occupant financing, you'll have to occupy one of the dwellings.  I think you need to weigh the options: house hack or keep two inherited tenants.  If I were in your shoes, I'd give notice to one of the tenants that I was not renewing the lease.  Sure the tenant may be paying rent; but so are you.