All Forum Posts by: Brandt Smith

@Vic Vega I self manage my properties (if you do it right it is pretty much passive). I typically only hold my rentals 3-5 years and fix them completely rehab when I purchase so I don't have major maintenance expenses. I also rent right so my vacancies are minimal but that can cut into the $400 on occasion. I basically don't wait for it to be vacant before finding the next tenant.

@Ben Morris get that monkey off your back. You are bleeding $12k per year. 

@Vic Vega I prefer to go into a buy and hold with:

-solid $400+ cashflow

-Equity from day 1. If it is immaculate I'll accept less but I want a buffer from day 1.

-Good cash on cash, ROI, IRR, etc...

-Good return on capital gains

Good cashflow and equity protect you from downturns. 

@Matt Harris if you inherit a tenant you inherit all the problems. How well did the previous owner screen tenants? What lease was he using? Did he have any side agreements with the tenant? Will you be constantly running into "I was told that it was ok if I...?"

@Aaron Blevins The zestimate is ballpark. It is OK to filter properties but should not be used as a comp. The biggest problem is that it uses zip code to find comps where you should find comps that are in the same neighborhood. This kills you when you have two neighborhoods side by side. One is high end, the other working class. Both are improperly priced because the neighboring neighborhood skews the pricing.

Use MLS comps only.

@Dylan Succa my main issue would be with the lease. You inherited her so she has never been on your lease. Also, you may essentially be without contract (and legal recourse).

@Dylan Succa Get her on a lease ASAP at your new rate!

@Justin B. evict him now. Offer him $250 to "facilitate" his moving out.

@Dylan Succa when does the lease end? You should be fine increasing the rent at renewal. If your rent is below market (be 100% certain), no tenant will leave if you increase it $50-$75.

@Dustin Beam make a detailed accounting of the repairs that were needed and deduct from their deposit. If they fight it in court you may lose but 95% will just walk away, especially if you are fair about it and don't try to take advantage of them.