All Forum Posts by: David Moon

@Darlene Dodson

Should’ve put this first “Know your numbers”.

@Darlene Dodson

If I was savvy enough, I would place a Nike swoosh here in the comment “Just Do It”.

I found that I had to move fast to get the best deal, so find a method to run the numbers quickly. When the numbers work for you, move quickly.

@Ann North I agree, if he was never a problem tenant, maybe this is his emphatic reaction to something he didn’t do...without knowing who is telling the truth- I’d eat the $200 this time and do a better job inspecting on my next walk through..

@Greg H. if I am understanding your point, Notice had been given.  I am dealing with a bad tenant situation, non payment for months and a previous owner who had become ill and let his business (and this tenant) slide. I’m actually going to court this week to remove this tenant so I should have more information and a judgement soon. 

At close for this SFH, there was no pro-rated rent or security deposit transfer because there was none to transfer. I received pro rated rent and sec. deposits for the other units I purchased that were occupied with paying tenants

I purchased 5 doors in this deal (triplex and 2 SFH) and on a positive note- the triplex that I purchased in this deal has 2 paying tenants and one vacant unit. These 2 units alone pay the PITI for the entire deal.

PA Landlords may retain possession of security deposit for tenant’s breach of lease. In the previous owner’s lease, non payment is specifically defined as a breach of lease.

@Kiersten Vogt

If there is no security deposit prior to closing because the owner applied it to rent due to non-payment, of course must be written in lease as recourse due to breach for non payment; then there is no security deposit to transfer.

PA lawyers please interject. This just happened to me too on 2 properties that I closed in January.

@Dennis M. Ditto...A little north or a little south of NC has some opportunity. Maybe in the long game NC would pay off, still a gamble though.

@Michael Prakash Hi Mike, I have to agree with much of what @Dennis M. stated. It’s a tough area to find good PM’s. Its why I currently self manage my properties. I don’t own any in New Castle, about 20 - 30 miles away. If I can’t find a good company in the next seven to ten years, I plan on building one so I can retire:) Good luck in your search.

Thanks Craig! That’s what I decided to do. I’m buying in your backyard and bet I could learn a lot from your experience. 

I’d like to get some input regarding whether to finance 3 rental properties under 1 loan or 3 individual loans (2 sfh and a triplex). I’ll save on closing costs by using 1 loan but I like the idea of having 3 loans for snowballing the pay down and separating for tax accounting & depreciation. Any & all opinions welcomed. Thanks!