All Forum Posts by: Claire Fenton

Hi @Steven Ruddell, this topic was recently covered at our BIG meeting (Boise Investor Group), you will find us on meetup.com.  One of the organizers of the group knows a lender for exactly what you are proposing.  The rates seemed attractive and down payment very approachable.  You may want to check it out.  Good luck!

As a property manager we prefer to take on properties with central air.  It is typically the older, and lower end properties that have window or wall units and they are less competitive when it's a "tenant" market. 

Thanks @Jared Townsend.  So if you are looking for homestead exemptions, then the amount of time the owner spends at the residence isn't important?  I am assuming a person can only claim 1 homestead exemption nationwide?  So for this circumstance @Michael Key will be able to qualify, because he doesn't own a home in Florida.

@Michael Key, check with your accountant.  I think if you are going to spend a total of 6 months, +1 day in the Boise house, it can be considered a primary residence by the IRS.  This could also be important for your mortgage, if you are getting one.  Interesting situation.  @Jared Townsend how would insurance companies address the issue of the house being vacant for more than one month at a time?  I know this is an issue for rental property.  Perhaps not for primary and secondary residences?

Like the pun @Edward B.!  You are right, its always a judgement call. 

@Tariq B., From a professional stand point, we would say the tenant, definitely.  @Edward B. makes a point about getting off on the wrong foot, however it's about setting expectations too.  If you forgive their mistake now, how many mistakes will you feel you should absorb?  And will you have set the standard to your tenant that you are there to "parent" them.  They may be a lot more careful about things in the future if they have to pay for their own mistakes from the very beginning.  Sounds tough, I know - but if you were representing the owner as a property manager, you would have to charge the tenant.

Hi Brandon,

I suggest you request a copy of her original application form and ask to update all information (employment, etc.)  Also get a copy of her lease.  You will want to transfer her onto a new lease so that you have legal protection.  You may want to make a small price adjustment if she has not had a recent rent increase.  Also, be sure to do a full walk through and make note of the condition of the property so that if any damage occurs during the balance of her tenancy you will have recourse.  Additionally, be sure the prior owner transfers her security deposit to you.  

Good luck.  It's always great to inherit a good tenant with an investment property - but remember, she is a new tenant to you, so do your due diligence.

Claire

@Account Closed,  Hope you find a good Buy & Hold soon.  Are you coming to the BIG meeting tonight?  If so, please introduce yourself.  Love to meet you in person.

Yes, by all means talk to some realtors both in TX and here in Boise.  I can think of a couple of Boise realtors who are Pros on BP and would be excellent to speak with about our market.  @Jonna Weber and @Lisa Kohl would both be great people to give you perspective on the Boise market.

Hi @Account Closed,

It is a strong renters market right now.  Very low vacancy rates at under 3%. Check out my Owner Newsletters on our company website.  I share some good information on the rental property market, growth statistics and economic outlook.  I can't remember off the top of my head, which newsletter, has what, so you'll just have to scan them for the information that interests you.