All Forum Posts by: Carl W.

Yes, I've been doing that too. I'll use the prepared lease they offer on here and customize it to my needs before having a lawyer review it. I'm thinking about putting it on the market for a bit lower than the market rate to get increased interest on the place. However, I'm reading that local rentals are skyrocketing due to high demand right now, so I might go with the higher rates.

I'll wait until I close before opening a bank account. Do you advise that I open it with the local bank down the street or would an online bank work too? 

I'm currently waiting to close on a house hack. I cannot close until the seller can get the last tenant out of the property, so it'll be a while. I've decided that instead of using this time to fret and complain I'll do everything I can to prepare myself. I'd love to hear some ideas on things I can do during this time to set myself up for success. Here are a few things I've done so far:

1) Reading RE books.

2) Listening to the House Hacking podcast.

3) Working on Apartment Binder for tenants.

4) Trying to line up potential contractors.

5) Picked property management software. Picked paint colors.

6) Being active on this site. 

I'm allergic to incense smoke too, but since becoming more spiritual I've started to burn it. I usually only keep it burning during my meditation, which is about 15 minutes. I'm so happy you were able to work something out with your tenant. 

Yeah, this appears to be the case. It's now just a waiting game and there's no telling when the property will be vacated. It's so annoying to me because I feel like the seller should've been more aggressive in getting these people out months ago. I'd been asking for the longest time when they would be given the notice to vacate. I was informed by my attorney that couldn't happen because if the sale had fallen through the sellers would have no sale and no tenants. I understood, but since they're problem tenants I knew them waiting to get them out would only spell complications with the sale when it came time to close, and here we are.  

To all the folks advocating to hire a PM, does that include the smaller landlord who has a duplex, triplex, or doing a house hack? I feel like having some tools and mentors should be enough to get them started, no?

Congratulations! I'm assuming the property didn't need much work. I hope to have a similar success story once I close on my first property soon. It needs some work but the plan is to get it done quickly to rent out ASAP.

Btw, what system did you use to list the rental?

That's an open investigation on a crime that is not directly involving your property. His story might just check out or he'll be found guilty and sent to prison. However, I highly doubt this neighbor presents any danger to the community at large. Personally, I'd proceed as normal. 

There's nothing to reschedule as we're already waiting for them to vacate.

Oh, we're definitely doing a walkthrough before close to make sure the sellers completed certain tasks that we requested. I actually would prefer to do the walkthrough 2 to 3 days before in case they need to do any last-minute fixes. I don't want to hear anyone say again, "Oh, we didn't know. No one told them XYZ." Yes, the contract states the property must be vacant and broom swept clean. We're trying to do everything by the book here. 

Yeah, now it's just a wait and see situation but the whole thing has just been so shady we want to make sure now that we're ready to close it's gonna happen. We were originally told they were doing cash for keys, which made sense considering the circumstances. Just pay them to leave but then the story changed. Who knows why? No one is talking.