All Forum Posts by: Account Closed

I recently had my property management company take over management of one of my properties I was self-managing from out-of-state. The tenant was becoming difficult and late on rent and I just did not have the time or patience anymore. The tenant continuously paid rent late or not at all. She recently broke the lease and left the property. Once the PM went over to check on the property, she had "sub-let" the place to random people and we were forced to kick them out. Her security deposit was used as rent one of the previous months she did not pay and now I  have over $2,000 in expenses to get the place back in rentable shape. The property management company put a collection notice on her credit and she called and texted me freaking out about this telling me she was going to sue and making up all types of issues. The collection notice was only on the few months rent she was missing from when the management company and not all of the thousands of dollars she still owes over the last two years.

This situation is making me feel bad for her and I do not know what to do. I will have no issue going to small claims if it comes to that, but I really don't want to go down that road.

How should I handle this or what can I do? I am not asking for the full sum of money back just a reasonable amount of the total that is owed.

This is my first situation like this and it makes me realize I cannot be a landlord.

Hello,

I am wondering if I should add my investment property "business" and name to LinkedIn. I hold a few properties personally and in an LLC, but am unsure if I should add it to LinkedIn. I am hoping this will show a start date and somewhat of a track record to have potential investors see.

What are your thoughts?

Thank you!

I am in the process of purchasing a personal residence and my broker came across an interesting property. This property is a SFR with a "guest house" on top of the detached garage. Would this property technically be considered a duplex? The "guest house" rents for $1,000 a month. How would that income be considered or taxed? What could I write off or use as a deduction? Would other considerations or tax implications can this property have?

Thank you for your help!

I am looking to quickly purchase 4-5 properties in the Phoenix area and I need a lender who will do loans floating around $45,000 each. Loan totals would be around $200,000-220,000. Any advice or tips welcome.

Thank you!

My brothers and I have purchased a few properties in Arizona and I am looking to make another move. My realtor contacted me about a 4-unit property out there that I am very interested in. My money is tied up in other investments and I would need to take out a personal loan for a majority of the down payment. Would this be possible or how can I go about doing this? The income from the property would more than cover the monthly loan payment, mortgage, insurance, and management.

@Paul Santos@Craig PfeiferThank you both for your reply. I am still new to this and that unfortunately means I obsess over each penny fluctuation. Thanks for the wise words!

I just received a letter from my mortgage company for my investment property in Arizona stating that my escrow needs to be increased and I am in a shortage. There is also a new charge for hazard insurance which I was unaware of. My escrow account is now going from $47.91 to $73.68 and also adding an escrow shortage amount each month of $32.19. Am I missing something here? I do not understand how any of this was not adding in in the initial monthly payment setup when I purchased the property last year. Please let me know what you think because I am very confused. 

My tenant in Arizona wants to buy my rental property. She is not ready for a mortgage right now because of her credit score and doesn't have a down payment. She was asking if I could set up some kind of rent to own situation and I am trying to figure out the best way to do so that will benefit both parties and save us money on selling/closing costs. I am pretty new to this stuff so I would love any advice. How can we set this up that will benefit both of us and protect me if she backs out? Thank you for your help. 

Thank you for your feedback. I will give a little bit more detail so you guys can help me figure out if this is worth it -

80k condo purchased last year -

22k into it with 62.5k left on 30yr mortgage

estimated at 90 to 95k right now, but would have to pay closing/agent/all that stuff

currently getting 1k in rent, $401.00 mortgage/taxes/insurance, $248.00 HOA monthly

earning $350 a month if no issues or maintenance

My mortgage is assumable, possibly add her on now or at end of buyout

what we talked about and she agreed to, but need to do contract:

buyout my equity + some return for total of 30k (1k monthly) over next 30 months.

continue collecting rent for 30 months, she covers any maintenance 

2k leftover in profit from rent this year

total earned = 2k + 10.5k(rent for 2.5 years) + 30k = 42.5k

She assumes mortgage with 26.5 yrs left

Initial cash down with mortgage/commission and fees - 22k, 

42.5k payout total, 20.5k profit on 22k cash down in 3.5 years

I think it is a good deal for me and I would also be helping her out as she has poor credit, loves this place, and wants to live here long term. 

Thoughts?

My renter for my property in AZ wants to rent/lease to own my property. Is there a way to do this easily? She does not have great credit, hence the rent to own. It is a newer property and the only way it makes sense for me to get my cash and return back, as well as getting her the property with a low interest mortgage is to have her assume the loan after a few years. Is there a way to set something like this up? I was thinking in order to make it worth our whiles, set up a 3 year lease term with double rent and at the end of the 3 years turn the title and mortgage over to her. Is something like this possible? The three years and double rent would basically buyout my equity and continue the mortgage payments. Please let me know if you have any suggestions or ideas. Thank you!