All Forum Posts by: Craig Sloan

If I'm understanding you right the senior manager is doing real estate on the side. I don't know that they would feel threatened by you starting a real estate business on the side unless you specifically said that you were doing it in hopes of leaving the company in the future.  As far as the mentorship maybe strike up a few casual conversations and see if something develops naturally.

I agree with what the other's said. It's just a rule of thumb. Ultimately it's what you're comfortable with as a return.

I would stick to 2 & 3 bedroom units.  My experience is that they are easier to rent.  Don't have stats to back that up but I do have 15 years experience in the biz.  Good luck. 

Keith did a good job of laying out the pros and cons.  My experience has been that inherited tenants are the worst tenants that we have.  We tend to over-screen tenants.  May work out just fine.  It is nice to have some cashflow as soon as you buy the property.  Good luck. 

They sound like pretty good tenants if they are being gracious about the situation.  You can't go wrong by taking them water, rent discount and maybe even a gift card for the inconvenience.  The good ones are hard to find.  Do your best to keep them.  Sounds like you are doing a good job managing a tough situation. 

@Sachin Maskey do some research and find out who gives you the best service.  My experience has been that small banks are willing to provide better service.  I'd shop several banks in your area, explain your situation and see who is the most helpful.  

If you can get the deal go for it.  The renter's don't need to know that someone died there.  There are probably many houses where the previous owner has died in the home.  I don't mean to sound insensitive but death is just a part of life.  If the person had been murdered it might be a different story.  Good luck.  

@Adam Johnson do you have other mhps?  They can be a bit of a different animal.

Kumar I would think you would be able to get a pretty good gauge by looking at ads for similar properties.  I have had a few units that I have needed to fill recently and had no problem bumping the rents and filling them.  

Some of the larger banks have an REO section on their website. Check there. You could also develop relationships with the people at smaller local banks that handle the REO properties. They would probably be easier to deal with than someone like B of A because you are closer to the decision maker. There could be some great opportunities. Best of luck.