All Forum Posts by: Eric Payne

Hey guys, I was just wondering what you do to insentivize tenants to sign a new year lease after their lease is up. My thought is to say that rent will stay the same if they sign a year lease but it is subject to go up if they are month to month. Of course you want to avoid the lease ending in the winter months...any thoughts? Thanks!

Do you use the map feature on craigslist? I think they added it maybe a year ago, but its extremely helpful...when you go to the for rent section, and click the maps button (its defaulted to list) it shows you all the listings on a map. So you should always be able to see something similar in the area with that.

Stick it in one...the bulk of your 50% rule will come when you replace a roof for 5-8 grand or have a new heat pump/furnace. You have to take that into account and average it over the years. I am 4 years in and I have very few expenses during a lease...the expense comes when they leave if you have to replace floors and/or new paint. And in that case the deposit usually covers 50% of it.

Thanks for the feedback everyone. Good advice!

Hey guys, I'm new to bigger pockets, but not to real estate. Thus far I have had pretty decent tenants, but this is the third time in the past year that I'm getting screwed by someone skipping out on the last month and just ignoring me when I try to get a hold of them. The problem is that 50% of his stuff is still there and so I cant just take it over. If I charged the last months rent up front, most of my units would be over 2 grand to move into...and I'd be eliminating probably 50%-70% of the rental market. Any suggestions or thoughts? Thanks!

Hey guys, I've been huge fan of the podcast for a couple months now, and I finally got around to joining the community. I'm a full time civil engineer and I bought my first rental property in 2012, and have expanded to 7 rental units today which net me about $1200/month (self managed). I have done all the management and maintenance/renovations along the way. I will probably have to hire a property manager to expand but I hate the idea b/c my longest vacancy has been 3 weeks and I can usually turn them in 1-2 weeks. All of my financing so far has been standard bank loans, or creative bank financing with non-standard loans and equity lines. I am just learning of all the sources of Non-conventional financing through bigger pockets.

Primarily I buy, renovate, and hold but I am always open to possibilities. I am just looking to connect with investors, lenders, mentors, and mentee's. I am also looking to create an online platform and start a blog this year, as well as learn the ropes of website creation, SEO, and begin to establish an online business. Feel free to say Hi!

Eric