All Forum Posts by: Dana Whicker

I like your idea. A 2BR that tiny could possibly attract less-than-desirable tenants.

Here's how I would handle it - as you update the next couple of units at turnover, convert them to 1BR and see how quickly they rent. If you get interest from qualified tenants quickly, you'll have your answer.

Solid vinyl plank flooring does not expand and contract. Not enough to be of any concern whatsoever. The old wood laminate flooring rules do not apply to vinyl.

With that said I install vinyl plank after the vanity and cabinets, and before the toilet.

Tires are tough to get rid of in my market as well.

It's funny, when I was a kid I would collect unwanted tires and sell them to a recycler for $3 each. I would have thought I was rich if someone let me have 642 tires!

As far behind the market as Zillow's data has been over the years, no one can be surprised by this. With that said, I agree that after shedding that side of the business, if they focus on what got them to where they are, they will be fine.

Originally posted by @Nicholas Weckstein:

hi @Kristen Brandner ! 

Thats a tricky one. Personally I'm hesitant to accept a years rent upfront because of the implications if a lease was to be broken. Say you wanted to evict because of a major issue, well the tenant is paid up on rent. It makes me wonder WHY anyone would want to pay a years rent upfront. If you have the money just hold onto it and use it to pay rent. I suppose that it might be because of their situation, however. 

My other question is, where is this property located.. you are asking 2k per month rent and have only had 4 inquiries in a month? Do you think maybe the rent is a bit much then? Could you afford to say drop it to 1800 and maybe get a pool of better candidates ?

Hope it all works out for you. Sometimes you do need to take a chance on a tenant. 

Pretty much this answer.^^^

Accepting that much rent up front is more likely to benefit the tenant than you. However, if 2k a month is a bit higher than market and it works out for you, then great, but it's a risk.

Check your state laws and/or your lease. In Florida security deposit funds are kept in a segregated account and are only for that purpose. They should never be used for rent.

It's all about the contract, if there is one.

Great thread for educational purposes. Thank to the OP for keeping up with it and updating.

I've done what the buyer of this tax deed is doing almost exactly except the second was a finance company that failed during the GFC and was absorbed by a mega bank. I bought a tax deed at auction where I knew there was a second mortgage. My attorney did the QT hoping the file was lost in the shuffle. Fortunately for me the bank didn't even respond to the QT and it was successful. However in your case, yeah you've got some found money coming.

Has the snow melted up there yet? JK.

The answer to your question is dependent on your personal risk tolerance. As for me, I would do it. I'm basically doing that now on a couple of properties. I'm closing both within the next 10 days. Keep on growing.