All Forum Posts by: Brittany Olofsson

I have a tenant that was having a girlfriend live with him in my SFH and I had her apply to get added to the lease.

My question- how do I update the lease? Do I just add on an addendum or amend the lease itself? 

Rookie Lady Landlord here. I have a family in door #1 renting a SFH from me since June . Paid on time June, July. Before August 1st, wife contacts me that husband just started a new job and they can pay as soon as he gets paid on August 9th. I extend the deadline for her this one time. Now September 4th... no rent. In TN it's considered "ate" on the 5th, but I sent them a email reminding them of the late fee and letting her know of the "Pay of Vacate Notice".

What is the time line process of my next steps? thanks!

Hello all:  I'm a rookie landlord living in Clarksville, TN. Houses are going for over appraisal value sometimes and it's been hard to get an accepted offer on SFHs. Was looking at Oak Grove, KY, right across the state line. But... I REALLY don't want to have to file KY state tax forms, considering in TN we don't have to file state taxes. I know there is something call tax reciprocity, but not sure if it applies in TN. 

I don't know the landlord/ tenant laws in KY either. Has anyone lived in TN and rented in KY? What are the tax issues/ differences? Thanks 

Our tenant wants to upgrade the master bathroom and kitchen cabinets/countertops. They definitely do need to be upgraded but it is currently not in our budget. The tenant certainly has the means and the funds to make these upgrades (income confirmed at 120k). How would you all handle this? We discussed that I would want a licensed and insured professional to do the work and that prior everything would need to be in writing exactly what they plan to do with colors and I would have to approve it. Would a written agreement signed by us all be sufficient or should I get my attorney involved to draw up legal documents? Not sure how to handle. They are aware changes stay with house and we are not paying for and are ok at signing anything we need them to. Any recommmendations?

Has anyone rented in another state? I live in TN and am looking at much cheaper houses in KY. What financial/ tax information did you need to research / know? Do I just give all my receipts and information to my tax accountant and he'll know what to do? How knowledgeable do I need to be other than state tenant/ landlord laws,etc!

so far the lender I have spoken with said it doesn't matter than I have the 60k cash to make up from the loan to the asking price of house. they will only lend me 180...

I am pre approved for 180k, so I was looking to loan 180k and pay the rest leading up to the asking price of this home of 243K. I didn't know if lenders will allow a higher purchase price than what you're pre approved / allowed a loan for, if you are paying the remainder in cash. 

Has anyone is Tennessee rented out a SFH with a MIL attached to two separate tenants? What county departments did you have to call and questions you had to ask? What else did you go through to get it rented ( setting up separate mailboxes, separate utilities or shared? ) . If anyone has gone through this, I'd love to hear all your details.

Have you checked out foreclosures.com and auction.com ? 

So I am a newbie investor. I am closing on my first SFH in 2 weeks. Another SFH with MIL has come on the market and I'm very interested. My lender has stated I am pre-approved for $180,000, however this property is $243,000. Am I able to pay the difference in cash to bring my loan down to 180K and still get financed?