All Forum Posts by: Edward Norman

Thanks, this approach makes sense. I went w the HELOC over cash out refi so I could more easily use money repeatedly also was concerned about the cash out raising my mortgage payments as it's on a rental property.

So I'm getting ready to close on a property in a couple weeks and will need 40k to close. I have that in my bank but if I use it for the down payment I'll have little to no "cash" reserves. I have a 70k HELOC which i originally intended to use for the down payment, pay it back and repeat. But now wondering it it makes sense to use cash to avoid the interest only payments. I suppose I could use the HELOC as cash reserves but I guess I just like the comfort of cash (which may or may not actually make sense).

Any thoughts or recommendations appreciated.

Whenever things come up or problems arise,  it's easy to get down on yourself and take the blame, whether the issue was within your control or not. 

with that said...

what are some indicators or measures that you use to track performance against? And how do you know whether to attribute performance  to 1) the property/condition , 2) the tenant being rough on the property 3) cost of doing business, normal occurance

off the top of my head I'm thinking:

Days to close out an issue

Timeliness in responding to issues

Annual/quarterly repair expenses

# of repair request per year

Or even how do you know whether or not your getting better at landlording /property management over time? I may be over thinking this but wanted to get you all's opinion

Currently going through this. Called the local sec 8 office and they advised me to 1)  submit the form to them requesting the increase 2) give the tenant 60 days notice that you will be increasing the rent.

Also both of these items need to take place 60 days prior to the lease being up. 

@Mike Cumbie this makes sense.

Long story short: Tenant lets me know the dryer isn't functioning properly. The dryer is still under warranty so I call the company and schedule for someone to come take a look. I immediately let the tenant know the date and time window and she says that works. The day of the repair company calls me and says the tenant isn't home and they can only wait 5 more minutes. I call the tenant and she calls her mother who lives  near by to have them head over, but by this time its too late. At this point now I have to call the maintenance people and schedule it again (hopefully I wont be charged) 

How do you all deal with issues like this, or prevent them?