All Forum Posts by: Brian Adzadi

On my lease I had the tenant put in people they use for emergency contacts. If you have that, then call them to get in contact with the tenant. Sometimes the tenant knows it's you and don't want to answer but will answer their brother or mother. I hate to enter a rental without the tenant knowing because if they are vindictive enough they can claim something was stolen and what proof do you have to say otherwise?

If she is that bothersome, how much are you willing to pay to get her out? Whatever the amount you summed up. That's how much you offer her to let her move out. There is nothing you can take to court to get her out, so cash for keys is a good alternative. Hopefully someone can chime in with a better option. 

Felipe,

When I had rented my apartment in Brooklyn, N.Y. I had to pay security, first month and agent fee. Same thing with a few relatives of mine. So it may not be the case with CT but definitely is in NYC. And neighborhood was a major factor. 

I have a SFR for now and I had set up a separate phone line with my phone company which my tenant contacts me through. Often they contact me via text. The money I pay for the monthly bill can written off as an ordinary and necessary business expense.

Personally, I would try to refinance to change from an ARM to a fixed year loan. From my understanding the Federal Reserve is still in contemplation of increasing the interest rates. We don't know when that will happen, but if that do happen you are SOL. The point of rental real estate is to have as much cash flow as possible. You are negative cash flow because the tenant's rent only cover for the mortgage and the escrow. That means you are using your own money to cover the HOA fees. So you are -356 a month on rental income, big no no. Fix that first and then figure the rest out.

Don't feel pressured to start investing when you have no significant capital to invest. 1) You barely have enough to cover down payment and closing cost 2) You are going to use another loan to add capital and 3) You are in a tough market (Nashville); that means you are in a seller's market and could easily get outbid multiple times.

There are more money to be spent than just down payment and closing, there is minor to major repairs needed to bring the property up to par prior to getting it rented.  

If I were you. I would wait it out or look outside of my target location where the market is a little cheaper. I know the wheels are turning in your head to do some creative financing but don't do something that could put you into a deeper whole than you already are.

When we are desperate is when we lack common sense.

I know some of the BP landlords here will kill me for saying this but......Yea take her. As long as there is no prior evictions, then yea. Yes she has a very low score but who knows what was the reason; a divorce, a sickness, lost job etc. Things happen that we don't expect. But she has the income to cover the rent, has a great co-signer and you have set up a buffer system with the double deposit. If I were you I would interview her myself, so I could get a good feel for her. After that I would let my instincts guide me. Hope your instincts is right.

1 single family rental owner here, would love to meet some A-town real estate junkies. Would like to know the dates and exact address where this is happening.

PM me, I don't want to seem like I am biased or advertising on the forum.

Truly Barry,

I say consult your own CPA. They should give you a much better advice. However, what I have read is in agreement with Caleb, its not until you buy the actual property then those expenses become deductible. However, Caleb and I are not CPAs so please consult one before making any decisions.