All Forum Posts by: Account Closed

Excellent, congratulations! How much did you pay down of the $62K during that time?

@Scott Lyons I don't think you "rushed" incorrectly. Most insurance company's are appreciative of action to prevent further damage to the property and in turn a larger claim. It's not too late if they do have insurance. 

Get the property repaired, and then start working on restitution if any. Sounds like you're doing fine...best of luck.

No problem. Look up "Hard Money Lender" that might be your next step.

I try not to ask those questions. Especially not asked in a what they can answer yes or now. "Can you take care of the snow/grass/the house in general" begs to be answered yes.

It's far easier to tell them....set the terms.

-We require at least three times rent in verifiable income. (Let them talk) As long as I can verify it, W2, not unemployment, etc.
-We require at least X amount of time at your current employer.
-We require at least X years of verifiable rental history.
-Skip why moving.
-Do you need pets?
-This is a non-smoking property. Tenants caught smoking face X"
-Leases start at 1 year, how long would you like?
-"Rent is due on the first, late on the X, and on X eviction is filed."
-"We look for any open evictions, bankruptcy and criminal charges."
-Never on outstanding bills.
-Never on collection, credit pull will answer that.
-Tenant is responsible for landscaping and snow removal.
-When would you like to move in.


Doctors and lawyers do not ask for approval, they tell you how it is. Do the same.

Most people who BRRRR, aren't using traditional financing for the first acquisition. Thus, no waiting period.

I would start with an investor friendly agent. Who's going to manage this property when you put a tenant in it? If the answer is not you, you might be able to find an investor friendly agent who also manages property. Read through your city's local BiggerPockets forum. Look for active agents whose advice and activity appeals to you. If you post in your local forums you'll get railroaded with PMs, so I'd reach out privately.

A good agent/PM will be able to advise you from there. Find what you're looking for in regards to property, and then the financials and plan should sort itself from there.

Good luck!

Grass is always greener....

Most, if not all of the properties I manage here it Atlanta are way up in value too. What I tell my owners is simple, if they ask: The property is already profitable, it's rented, cash flowing, and increasing in value. Why mess with it. 2020 has been a year of so many crazy things, patience does not hurt us here. 

I'm a PM so I do admit my bias. You said it yourself you never really planned on selling. No reason to change course if you're happy.

If your lease is unclear, perhaps your state's Real Estate law can offer come clarification. The deductible "seems" fair, and a payment plan. The Black and White PM in me says it's not the owners fault. The vacancy fear part of my brain wouldn't want to overly burden a new tenant at a time like this. 

Best to just be a human being here, and talk it out with your tenant. Come to some agreement, that both parties can live with. 

What is the tenant saying in regards to damages? 

Could be a grab to get fresh paint, could be a grab to justify the tenant smoking indoors. Just explain that you don't smell anything, if you genuinely don't. Cigarette smoke is a big deal to some people. I smoked for over 20 years, now I can smell it from across the street. If it really is that big of a deal to your tenant, I'd have a conversation with them. 

Did this tenant not smell the smoke when they viewed the property? Accepting the property "as is" and all.  

That's going to depend on who you're talking to. I'm a property manager, of course I'll say continue to rent.

There's no denying the market is somewhat hot for sales right now, and with this eviction dumpster fire continuing to go on that could make an owner squeamish.

Take a one time payment, and then never make another dime versus a decades long investment that will continue to grow.