All Forum Posts by: Caleb Anderson

@Dennis M. Heard!

Thank you so much for the responses! My lease says he is required to give at least a 30-60 day notice. Outside of that he is required to pay the cost of finding a new tenant. I have spoken with tenant and we will quickly get something written up with all of the terms to make sure they don't pull a fast one. My question is then- are 2 year leases too long? How long is too long? Thanks!

Hey BP community!

So my tenant is backing out of their 2 year lease, and they've only been there 3 months. The reason for leaving is "getting married and moving in with new spouse". My cash investor owns the home, and I was handling management and money organization piece. The tenant has been great so far with no complaints. Trying to get some feedback and ideas on best ways to handle the situation. 

First thought was to- My party keeps security deposit. -Have tenant pay rent for the current month. -Have them pay cost of finding a new tenant.

Myself and investor were also considering selling the property, which we would make a profit from. We already have other properties that look interesting that we were planning on going for anyways. I know the tenant is responsible for the lease, but them leaving in the situation we are in almost seems like a good thing.

Thanks for any help! 

@Jay Legaspi I think a partnership is a great idea, just make sure whatever arrangement you make is as clearly defined as possible and written out ahead of time- and everyone agrees to it. I started with single family, and I'd advise that route too. Good luck! Thanks, Caleb.

Hey BP community! 

I'm trying to find out which audio book to listen to next, and maybe y'all can give me a great suggestion based on where I am in my REI career.

I have already read 4 Hour Work Week and Rich Dad, Poor Dad. I have 1 buy-and-hold property so far, and am looking to acquire more steadily. I also have an interest in potentially flipping a couple of times to build some capitol. I also have a big interest in stress management/reduction. 

Thanks, Caleb.

@J. Compton Welcome to BP! Please feel free to DM me any questions you have that maybe I can help with. Also, make sure you ask plenty of questions on BP, even if they feel like a dumb question. People wouldn't be in these forums if they weren't seeking to help others and answer questions. Good luck in whatever you do!

Thanks, Caleb.

@John Underwood Thanks! That's a great point.

Hey BP community! 

I am replacing a broken garbage disposal from previous tenant, and I've heard simply uninstalling them can be a better option. Tenants may not care what goes into them  and end up breaking them- knowing it will be fixed for them. In my area it is not super standard to have one, but it is obviously a nice addition. I can install them myself, so my question would be is it worth the approx. $150 up front cost then whatever time and replacement costs I have in the future? Sounds like it's not worth it, but I'd love to get y'all's feedback.

Thanks, Caleb.

@Thomas S. It is true, we probably could have done better with our pre-planning and drawing up the specifics of the partnership. Purchasing the property with all cash was a joint decision, and a change in our plans based on what the seller was doing and the condition of the house- problems that came up after we started pursuing the deal. No where did I say he didn't consult me. I didn't involve a lawyer, my partner and I do not need one as of yet, and we have a lawyer we like when we do need one. Up to this point I was planning on holding funds for vacancy expenses, but there were changes in the plan we made. That's why I came here to get some feedback on it- we are still constructing our deal and the details of that deal. Thank you for your response.

Thanks Alyssa! I'll be going with that.