All Forum Posts by: Bryan O.

@Tucker Walser add to that list RE attorney (if you are student loan debt inclined), project manager, any sales position.

"Rental properties" is really vague. Apartments? SFR? Self-managed? Not? Doing your own maintenance? Not? Local to you at all? Not?

@Austin Wood look at www.erentallock.com.The locks do not require wifi and you can still generate time-sensitive codes.

For showings it seems like the best bet is to see if any property managers offer a la carte services and would do it. I am in the same situation with one of my properties and don't have a great answer yet.

@Vanessa Willard "He isn't interested... for the long haul..." That means you should not put them on a loan unless it is short term funding (like a rehab loan you pay off after the project).

@Charlie Moore check your state laws. Most of the time you are not required to provide alternative housing. You would have to return the rent for the uninhabitable period. If it burnt down, I would think that is grounds for lease termination. My lease addresses the issue, and I require renter's insurance for all of my tenants. This covers their lodging and their personal items.

@Vanessa Willard what does your friend get out of the deal? The risk of you failing on their credit? A worsened debt to income ratio? Are you giving your friend anything beneficial? Without further information I would buy your friend an Uber away from that conversation with you.

@Ross Miller who cares where he transfers the money if it isn't you? Give him late charges and a pay or quit next month.

@Stephon Mosby Williams call a few lenders. Ask how they calculate for the unit you will vacate. You were 2/3 occupied with $0 profit, that means when you move out unit #3 is all profit and should make you look like a rock star. Most will calculate 75% of the lease, but since you don't have one they may do 75% of "market rate". If your other 2 are like the third, you can argue market rate pretty easily.

Similar tact for the new property. How do they calculate the rent income? It should also make you look good. There shouldn't be any hangups. FWIW, you have an FHA hanging out in the wings, which is pretty good for landlords and calculation of income, though you have to refinance out of the mortgage insurance if you didn't do 20% down at the start.

I honestly wouldn't mess around yet with all the "go get a commercial loan" type advice. Locking in an amazing, non-adjustable rate for 30 years right now is a no-brainer unless you have compelling reasons not to.

@Patty Capson figure out what is in the lease, and make sure everyone knows to report illegal activity. Does the lease talk about pests like roaches? Maybe you can charge for remediating. My lease specifies any illegal activity is grounds for immediate termination. Does yours? Do the inspection as mentioned before, get everything fixed up (focusing on the tenant-caused issues first, and charge for them!). I didn't see it here, but also let that tenant know you are installing security cameras around the premises "for their protection" and then do it. They aren't that expensive these days. Does your lease mention early termination? Let them know you were thinking about sprucing the place up and you would be willing to waive the fees. If you start charging them for the things they do wrong, monitor closely for things that are illegal, the police begin showing up from the neighbors calling, and you have given them an easy out they will likely want to move on their own.

@Mark Feaver when do their leases end? Can you terminate either easier than the other due to lease language? Are either late on rent? Do either have a cat (vomit)? Is either harder on the property than the other? If the paperwork doesn't make it clear who stays, and the leases have equal ease of getting rid of either, I would look at the units themselves. Move into the worst one because it is easier to fix up without coordination.

@Ben Frazier is the basement a walkout? If not, check how it can be possible. Having an entirely separate suite is a big deal if you want to short term rent it, and is great for long term since it would not be more roommates. Then short term or long term your extra room upstairs and you will be set!

If you are disabled at any rating you can reuse your VA loan without paying the funding fee. Otherwise, it doesn't stay a great loan. I like the idea of alternating VA, FHA (or other low-down owner-occupied loan), VA, FHA... my family scenario stopped me on the second VA, but that gives you 2 years per loan to build 20% equity to refinance out to a standard loan.