All Forum Posts by: Chris Herrera

@Vasily Gydov as others have said you don’t have to pay it, but you will have to disclose it to the market if this doesn’t work out. You should be able to negotiate this a bit so it’s not all on you in this market though

@Olim Toiriyon as many said always this is a great opportunity if she took care of the place. You can probably get more in rent now and the last thing you want is to hold someone hostage to a lease they don’t want.

Not only that but they willingly are giving you the deposit too so take what you have an focus on the next tenant

@Alfred Amponsah just as many have said, start the eviction. If she’s not being upfront with you now then she never will be so talk to a lawyer to get the process stated asap to start the clock if she’s not being honest about her situation

@Jordan Santley you have to look at two things

1-will you Cashflow after you move out?

2-will you be paying less house hacking then you would if you rented or bought another property?

If you’re answer is yes then it’s a good idea. There are no set rules, I know people always say they househack for free but that’s not always the case since not everybody finds the same deal

@Stewart Ramakuri if you do seller financing, how do you expect to make money for repairs if you’re living paycheck to paycheck right now? If you had some reserves that’d be the way to go if it cash flows, but if this is your first deal and you have 0 money even after doing seller financing then you might be doing too much unless you can borrow from family or something.

Repairs will happen so you need to have some plan to handle those with any deal you do so see what you can do since it seems like a great opportunity

@Andy Sabisch You will see this happen if the buyers agent isn’t being entirely compensated by the sellers so it’s not suspect, I would’ve just had this conversation with you before looking at properties

@Claudia Del Leola it’s likely they’re just worried about losing it and just want to get something submitted as fast as possible in this market. I’m sure if you tell them they need to see it then they’ll schedule a tour, if not then I would be concerned

@Otto Monroy well it depends on what you want to do. If you’re happy with the rents and the units look like they’ve been taking care of and they’ve always paid on time you could just renew them.

You can ask to do a credit check and collect paystubs but if you’re not happy with the rents I would first tell them what you’re raising them to first before going through all that work since they might not even be staying once they see that

@Tomas Satas if you ask me it’s really none of our business. If the tenant is messy enough that it’s causing damage to the property then don’t renew the lease.

Telling the tenants to be cleaner is another level of involvement that I shouldn’t need to do if you have a good tenant. Me having to watch them and police then would likely strain me and the relationship with the tenant if they’re naturally messy and you’re the one telling them they have to change that

@Mike MacNeill definitely take the deposit at the very least. Check the local rules to confirm but hold the deposit and then get the first months rent before they can get the keys