All Forum Posts by: Blake Johnson

Sounds like you're planning to develop new software?

What will you do differently than what's already on the market?

Miguel,

It's a long slow process where ever you buy. Having said this, I was living in the Bronx when I started, not much older than you. 

I bought my first condo in Poughkeepsie in 1987 for $61k. It was the height of the market but I was able to buy it for 10% down w an ARM that never went above the orifinal interest rate. Rates were a lot higher back then, about what they seem to be getting at today.

I've since bought in the Bronx, Harlem, Westchester and Dutchess Counties. But more recently, I decided t buy out of state. I started thinking about where and why? There are so many great places to invest. 

My where was narrowed down to TN, NC & SC

Why, because it was geograpgically half way between NY & FL, so for me it's ideal. I now have 2 investment properties in TN and hoping to close on a 3rd within the next month.

So think about your where & why as you're researching areas and eventually you will decide on a place. I would try to narrow it down to one and only one location outside of NY. You don't want to find yourself spreadout.

It took me 35 years to get where I am. I've learned a lot over the years, so reach out if you have any specific questions. 

Hi BP, I'm currently screening tenants for a 3BR apt that I have in Springfield, Mass. I have a really great applicant that I'm considering but theyre currently going through a No- Fault eviction with their current landlord. 

They have a clean record, 725 credit score, PM indicates that they pay their rent on time every month, good employment history and they have a SHA Section 8 voucher for 3BR and their income is 4x their portion of the rent. 

The landlord needs "to sell the house vacant" so they want the tenant out ASAP. Should I consider this applicant for the apt?

I'd like to know what a small size landlord does in order to protect them from being sued? Is there more than just putting your business in a LLC?

If there is a senior Investor that is willing to help me buy my first muti-family property. My name is Rick, I am 24 years old new to the cash flow game, I currently work at Bob Cat of Nashville, as a rental manager. 

thank you for your help

Hello all,

I have a situation where I rented out a a furnished rental unit to a new tenant for 3 months.  We signed a lease and the term length is from August 1, 2022 to October 31, 2022.  

I collected a security deposit and the tenant paid me 100% of the rent upfront in exchange for a 10% discount for his stay.  Now he is wanting to leave at the end of this month and be refunded for months 2 and 3.  He signed a lease with us while he was looking for a house to buy and he found one quicker then he originally thought he would.  Therefore, he want to get out of the lease.

In my lease, the language I have written for termination is "Any notice to terminate this tenancy must comply with the applicable legislation of the State of Tennessee (the "Act")."   I have been using a generic template from www.lawdepot.com and i'm sure this is not the best language for my lease, but I am still learning.  

I want to be fair, but sometimes our house doesn't rent very quickly because it is a monthly furnished rental.   I have listed the property back online and I am trying to find a renter but haven't had any luck yet.

Can anyone point me to the actual laws that describe what I'm legally obligated to do as the landlord?  Does anyone have any advice on how to handle this situation?  

Hello,

I am looking for a good property manager in the Nashville area that could help to determine hot rental markets for me to buy into and use for my property manager.  Thanks for the help!