All Forum Posts by: Chris Ganz

Hey BP team, so I have been actively investing for the past several years which mostly consisted of doing a multi unit buy and hold, and several flip projects.  I recently decided to make and offer on a single family home, with the intent of adding it to my investment portfolio.  For the most part it is already in excellent condition, but could use a few upgrades throughout.  My plan is to live there for several years while making updates with the intention to sell in a few years, or rent out out if that doesn't work out.  Was hoping everyone may be able to share some experiences with having single family homes as a investment, and maybe any issues as far as keeping it as rental property longer term.  Any input is appreciated. 

It seems like the best course of action would be to just wait it out until the end of the lease.  I know this not the idea situation, but I would like going to the legal route at this point could probably take up to 2 months anyway I'm guessing.  I would maybe try the cash for keys route, or just wait out the lease. 

I personally find that it has value to me when i'm searching a specific topic or have a question about something I am unsure of.  I do not log in everyday, but I can see if you are someone who does why you might get that perspective, as many of the topics do seem to get recycled every so often. 

I would say try to sell it with the current tenants in under lease. I purchased my current multi unit with pre existing tenants, and it has been a great experience.  There have been no issues what so ever, and it really just made the entire process much easier. 

Thanks @Nathan Gesner, and @Jonathan W. I was thinking it over last night, and ill just put all adults on the lease as a tenant.  Thanks for the feedback! 

Good evening,

I am in the process of writing up a new long term lease for a tenant (1 year), and the thought of tenants vs occupants crossed my mind.  Basically for these tenants I had two people listed on their lease that I acquired after the purchase as tenants and one person listed as a occupant.  I was wondering what everyone's opinions were or maybe the pros and cons of having someone listed as a occupant vs tenant.  In this case all individuals are over the age of 18 and do not mind being listed as a tenant so there would be 3 listed on the new lease as "tenant"

My question is would you all recommend listing everyone on the lease who is over 18 as a tenant.  Has anyone ever had any issues of approving an occupant after the tenant signed the original lease, and would recommend not doing this?   Any tips or personal reference experiences would be helpful.  

Thank you. 
  

I currently do not have many units, so I have several tenants that I collect rent from using different methods.  For the electronic payments, I have been using zelle which has been working great so far.  I have another tenant that pays me in cash every month which is good because I know there will never be an issue as far as a payment bouncing etc.  I think has you acquire more units and tenants it would probably be ideal to set up one method and collection system.  I would use electronic form just so your not having to run down tenants to collect in person etc.

Thanks @Jon Collins, @Kevin Paulk, and @David Campbell I appreciate your feedback.  I think what ill do is probably draft up a 6 month lease, see how that works out, and go from there.  They are all good Tenants so far, and have been here years before I have acquired the property so I would like to keep them.

@Bryan Beal I agree with many points that you have made, as well as those made by those who have disagreed with you.  I have a deep sympathy for all those affected by the virus as well as everyone indirectly.  I can understand the need to have the lock down, but I find myself asking the same questions over and over.  What happens to those who have lost their jobs, their businesses and their way of life, how will they provide for their families well being etc.  I also find myself thinking how bad the economic situation might become once everyone's benefits runs out.. will crime rates rise, will suicide rates rise, will your neighbors out of necessity become your enemy?  

I personally would much rather be responsible for mine and my families well being than the government, but again that is my personnel opinion, and I can also understand everyone elses view point as well.

I have many friends who are small business owners who's lives have been changed instantaneously in a week, some even loosing up to 75% of profit within a week or two, and I worry for their well being and their families.

I look at the current statistics and many times it also just does not make sense to me when compared to past viruses or other issues, but consider what if we lift the lock down too soon and it becomes catastrophic. 

I'm not sure what the right answer is anymore, Not saying anyone is any less important than anyone just sharing some thoughts and concerns, and am open for conversation.


   

This is very helpful thanks @Josh Bakhshi