All Forum Posts by: Shannon Slade

Monthly rent will not cover the mortgage service.  

1. and 2. no monthly cash flow with your numbers, the only return on your investment in this property will be appreciation(maybe) and debt reduction, 

3. Ratio of net operating Income to property asset value

4. Capital expenditures

5. Read Read Read on this forum

BAD DEAL

Call Farm Bureau, they have never questioned who is living in the homes and are reasonably priced.

Before I mention this to the LL that they are responsible make sure your car was blocking the sensors, in my homes the sensors are too low to see the body of the car and will only obstruct the sensors line of sight if the tires are in between.  This is one good reason for tenant insurance. 

My grand father wrote lease to owns quite often on the same home and made a lot of money over the years, just be sure you honor the deal if the option is ever exercised.  Then you can sleep at night with a clear conscious!

Well first, Send Notice to Quit (Eviction notice)

You can find this out through your states website. 

 I recently just paid my mortgage for the first time and had to come out of pocket for her portion of the rent,     

Before you get into many more deals make sure you have reserve funds set aside as though this does not cause you stress, its a business deal.  If you have the reserve funds set aside then you can be a nice landlord and try to work out a payment plan to get them caught up. Reserve funds give you more choices.  Most tenants when they get behind get embarrassed and do not like to communicate until they have the money, don't sweat it send the notices and then evict if it comes to it. 

Just so you know most tenants once they get behind very rarely catch up, they usually pay higher amounts at first then the payments get farther in between and lesser amounts.

Do not let this drag out too long or you will look up one day and be $thousands behind. Good Luck

This is the Land of the Free and the home to the Second Amendment.  I will never understand why people will want to limit other peoples ability to protect themselves and their family.  We should never want to rely on the police to show up 10 minutes too late to the party!  

The Constitution of most of our states (and of the United States) assert that all power is inherent in the people; that they may exercise it by themselves; that it is their right and duty to be at all times armed."
- Thomas Jefferson

Not sure by your post if you're well versed in a firearm but I pray you never have an encounter where you wish you had one.

By all means though it is your house and that means your rules.  Good luck with your decision

DO NOT let them start you down this road!!!  They did not have a problem when they signed the lease and usually when we are meeting to sign a lease the tenants are wondering through the house figuring where to put furniture.  These tenants sound like a potential nightmare waiting happen at your expense.  Consider giving them their money back with an admin fee to keep! Good luck

Sorry been out of town.

Do not forget about the principle reduction and appreciation you will see over time, that is unrealized income.  If you are worried about a lot of work, money and risk then this might not be for you.  Run the cash on cash numbers and see if you can get that putting your money in mutual funds consistently.  Been doing this for quiet a few years now and we do not spend a lot of time in the biz each month.  

Give your strategy a couple of years to see if this is the route you want to take for financial freedom and if it doesn't work for you sell out and throw that money somewhere else.  

Good Luck and hope to see you around on the site

I do my own maintenance, for this reason!!  WOW

I know some folks that use this strategy, cash out refy or HELOC to make the next purchase. Rinse and Repeat!!!

$200 hundred a door is decent with leverage.  $0.08 for property taxes though??