All Forum Posts by: Andrew Feil

Thanks for the tip on the 1031! I have heard of it but never looked into it much since I have not been doing this long. Maybe it would make sense to hold it for a year and rent it and then sell it when I can take advantage of that....

Thank you for the feedback guys! I have been leaning towards selling it and taking the cash to reinvest so your input has helped to solidify that.

Hi BP,

I have a dilemma. I am working on finishing up a total remodel of a 4 bedroom, 2500 sq ft house in a great area. I will have around $80k into it total by the end. I am trying to decide whether I want to rent it out or sell it. Renting I could probably get around $1,300-$1,400 a month and make a nice amount of cash flow since only the renovation ($50k) is financed. Selling I could get between $135-150k which would give me a good amount of cash to invest in something with more units. I currently have 2 rental units and would like to acquire more, I am just not so sure about renting a brand new house out. It kind of scares me to think that someone can completely ruin my hard work in a matter of weeks, or less for that matter. Anyone have some suggestions or ideas regarding this?

Thanks!

Andrew

Hi,

I have a tenant that was great for the 1st year, no issues, hardly any requests, always paid rent (a few days late usually). However, at the end of the 1 year lease they said they were going to try and find a bigger place but needed more time to find one. They asked to do a month-to-month lease until they found another place. Since I wasn't having any issues with them I agreed to it and sent them a lease to sign. Before they signed it they gave their 45 day notice because they found another place. That was 5 months ago. Apparently their other place fell through so they weren't able to move. Since this time, I have had several issues; first they didn't pay their rent for a month, and now I am receiving reports of cigarette smoke in the apartment next door from them. At this point I just want them out because they have become a nuisance.

Can I end the month-to-month lease I have with them by giving them a 30 day notice? Does anyone know the PA state requirements for this? And any suggestions on ensuring they leave at the end of the 30 days/notice period?

Thank you for any help!