All Forum Posts by: Cory Lucas

@John Teachout good thoughts, thanks for reaching out

@Sandy Gabin thanks for the sharing of your experience and advice! Much appreciated

@Jill F. Thanks for the insight, much appreciated

Hey BP, gearing up for our first purchase, yay!

It’s a duplex with 2 tenants currently renting with leases up in April.

Any thoughts on best ways to handle inherited tenants? Things not to do? The current landlord told them he’d be raising their rent to $450 come April. They’re 1/1 units and that’s about right money wise for my area, could get a little more probably, but they’re currently renting for $400/month.

So I plan to increase the rents to the $450 and was going to add in a pet fee as they both have cats even though previous landlord said no pets, he’s knowledgeable of them and allowed them to stay, so my thought was to honor the $450, make it $425 with a $25 pet fee. This is more for future tenants at other potential properties to make sure I’m playing fair. They both seem to be good tenants, so I’m fine with them staying and was leaning toward allowing pets anyway.

Advice, experience, what’s worked, what hasn’t worked with inherited tenants is all appreciated! Lemme know if you need more info that I didn’t provide

Thanks in advance

@Jacob Sampson thanks for all the insight and numbers

@Taylor Hudgins awesome stuff! Keep up the great work, any industry that has strong, intelligent women in it does better ;)

@Donald Thomas congratulations! I too am close to closing in on my first deal

@Karen F. Always good to have cash reserves from my understanding, I’m in the healthcare industry and I’m not buying the whole pandemic things. Bunch of overblown hogwash to jack up news ratings in my opinion. Same with Ebola, 11 people were treated for Ebola from 2014-2016. Not that an outbreak can’t occur, it’s just pretty unlikely here in the US as opposed to less industrialized countries.

For what it’s worth here’s a snippet from an article of a confirmed coronavirus case in the US...

“This may be concerning, but based on what we know now our assessment remains that the immediate risk to the American public is low,” said Robert Redfield with the CDC.

@Brian Pulaski much appreciated. Didn’t think so, appreciate the feedback and time

I am super excited to announce that we got approved for financing yesterday and should be signing our first contract on Friday to purchase a duplex that I had offered to us by our realtor!

So the property is owned by the realtor that I’ve been working with and I’ve known him since childhood. I’ve walked the property, I don’t really have any reason to believe that he’s going to do doop us in anyway on this deal. However, I want to make sure I am protected and he is as well.

My questions to you all is I’m thinking on not only getting a home inspection, but I’d like to take the contract that we sign and run it past my lawyer as well, which I plan to do until I feel I I am more comfortable with that piece of the real estate game. The duplex is currently rented out, so I will look to do my best to get the home inspection lined up at the same time as the appraisal, Do you feel the inspection is necessary? Do you feel it is necessary to run the contract past my lawyer? If so any good verbiage or thoughts on bringing those two items to my realtor’s attention and not step on any toes?

Again no reason to distrust him, the property looks in great shape! But I want to make sure I am not being naïve and cover all of my bases

Any other thoughts and advice would be appreciated as well. Thanks for the time and the replies