All Forum Posts by: Cory Mccarthy

Congratulations @Cody Barrett.  Great to hear about successes such as this and will help to inspire a lot more people.  Keep posting on your progress and journey as you move into the next role of being a landlord as well.  It's an exciting time and you deserve to celebrate a little after all the hard work and time you invested in learning, researching, finding that right property and most importantly acting upon all of that information.  Great story, great deal, on to number two before you know it.  Reach for the stars!!!

@Tereal Wilsonn, don't have direct experience with this, but I would make contact with the utilities directly and make sure they are either shut off or transferred into your name temporarily.  Let's face it, in Michigan, you have to keep the power and possibly gas on to just heat the house, so I don't think I would want all the utilities off anyway unless you are prepared to completely winterize the property.  That would make it more difficult to rent out as well, so I would make contact with all utilities ASAP and get them transferred into my name and ensure they are kept on.  Again, just my two cents as I have never been through that yet, but that is what I would do.

@Tereal Wilsonn, I don't think there is a lot more to know, but again treat them as if they are brand new.  Get a full application filled out and on file, go through the house inspection as if newly moving in and use a good background and credit check service.  There are lots of them out there, but I use Transunion Smartmove.  Seems cheap and reliable and gives you the option of having tenant pay or you pay and sends you the report i something like 24-48 hours.  I believe cost is something like $25-30 last time I used it.  Any other questions just let us know, otherwise good luck in the upcoming year!!

@Tereal Wilsonn, is this a tenant that you inherited while buying the property recently or one that you originated with a year ago?  If inherited, I would screen thoroughly, get application, the whole works as if completely new.  If you placed tenant a year ago or so, did you screen well at that time?  If so, I would think you can just extend unless you have reason to believe that their situation has changed significantly in the last year.  Just my two cents as i am far from an expert.  Good luck to you!

@Joseph Basore, thanks for your time today Joe.  A couple of those houses might be promising.  Here is that thread I was talking about.  If nothing else, you'll at least get to meet a lot of like minded folks.

@Ashley Andrews, @Kristin Goodroe@Mark Yuschak, @Account Closed, @Chad Brizendine,  just wanted to make sure all of you saw this thread in case any of you are interested as well.  Would really like it if you can attend and we all could get to know each other better.  Feel free to extend the invitation to any others that you think might also be interested.

@Jeff Robert, as I mentioned last night in our PMs, I am all in on this as well.  Unfortunately I travel quite a bit for my regular 9-5 job, so it will be hit or miss as to whether I am in town or not.  Mondays and Fridays are best for me, but I would imagine not too many would be interested in a Friday night event.  Let me know what you have in mind and if scheduled out far enough in advance, I might be able to schedule around it.

@Jay Hinrichs, something tells me luck probably doesn't have all that much to do with it... Oregon maybe, but South Carolina is pretty far away from you to just be dumb luck?

@Richard Ball thanks for the great tip!  Looked it up on Amazon and appears most recent version was published in Jan 2015.  Bought it for kindle.  Can't tell you how much I appreciate it.  If you ever get over to my neck of the woods, a little south of Flint, please let me know, I'd be happy to buy you dinner to say thanks and talk a little real estate.  Take care and best of luck to you!

Welcome @Eric Charles, we look forward to your participation and input. If there is ever anything we can do to help, feel free to reach out. Strongly recommend the podcasts and books available here, particularly those from J. Scott and Brandon Turner. Take some time to read, learn and explore, then chime in with any questions or concerns and I think you will find this community incredibly helpful and non-judgmental to any of those just starting out and willing to engage and learn. Also strongly recommend any local REI meetups you can attend. I have attended a few and met a lot of great people that I am convinced will one day become friends and help me to succeed. Best of luck to you!