All Forum Posts by: Eric P.

I have great tenants. They take care of the place and have always paid on time for 2 years.  They've asked for a 2 week grace period this month.  I'm inclined to work with them, and make it clear that next months rent is again due on the 1st.  I just want to make sure I'm not opening myself up to issue down the road from a legal standpoint if I allow this once.  Would it be better if I suggested half now and half 2 weeks later?  This is new for me.

The cabin can absolutely be fixed up, that's the main plan.  I like to fish and want a get away place, this is about 2.5hrs from us so not terrible for a mountain house getaway.  We'd then airbnb it otherwise.  

Currently there are also checks coming in for fracking royalties, though I don't think it's very much and I'm not sure how a new owner would impact that.

We were just trying to come up with additional ways to maximize the profits of the property if possible. Perhaps a tiny house glamping getaway down at the water. 

I have a family member with a property in the northern part of PA like 10 mins off highway 81.  They may be looking to get rid of the property.  It has a small cabin on it which could make for a nice Airbnb rental, but it also has around 4 acres of property and a large beautiful trout stream running right through it.  

I was considering buying the property as it's extremely cheap and possibly putting in 2 private driveways on either end of the property that lead down to the trout stream for semi private camping/fishing.  Maybe rent each space out at like $25 a night.  Could prob run electric down there easy enough as well.

The upfront cost is literally like nothing.  More curious if anyone has had any success with outside the box ideas like this.

I can see why tenants like this could be a little rough on the home.  Obviously nobody wants to deal with damages, I have the benefit of both my father and myself being very handy and only living 10 minutes away from the property.  So a $1,000 damage for most may only be a $50 repair for us.  

I'll also have to factor in that between tenants I have to do city inspections that are $150, my time for having the home cleaned and finding new tenants again.  An extra $900 over the next 3 months would certainly make it worth it, but much less that than and I may start to reconsider.  

I'll speak to my real estate attorney, he's also an investor with any luck he's been down this road as well.  

My rental is currently available, thought I had a tenant lined up but they just backed out which really stinks since we're now in a new month.

I had an insurance adjuster company reach out and ask if I'd be interested in a short term lease for their client who is currently displaced from their home.  My rental cost me $1,000 a month but rents for $1,700.  My understanding is these insurance companies pay a premium for the short term nature so maybe I could even get $2,000.  

It would be for only 3 months with a month to month option.  I'd of course screen the tenants like I normally do, but this sounds very interesting.  Anything else I should be aware of?

 I get that, I'm wondering if people will start robbing Peter to pay Paul... if the IRS says you owe $8k right now you may fall behind elsewhere.

Any suggestions on how to learn more about tax lien investing?

I'm expecting a major tax bomb impacting millions of Americans to hit Q1/Q2.  You can't hand out $700 of state unemployment, $600 federal, with hold $0 taxes and expect the American public to be financially savvy enough to save a portion for taxes.

I expect some unemployed could be looking at a $10,000 plus tax bill who've never owed taxes before.

I'd imagine this is going to inevitably saturate the tax lien market, driving down prices, so I'd like to start learning more now for when the ish hits the fan.

my only advice would be have an exit strategy, if ish really hits the fan what would you do?  You’re very closely tied to both tenants which can be good but also very very bad if things go wrong.  Best of luck to you!

Everything fell apart.  The owner got very paranoid and moved his family a state away and took the warehouse location with him. As a result I lost my job, it wasn’t pretty.  

It all worked out tho.  I have a good job, I purchased a home that I now have $200k of equity in and I purchased a rental property with amazing cashflow.  In the moment it sucked, but I’m really happy to have that toxic person out of my life and everything worked out for the best. 

Anyone have any awesome driving for dollar success stories with super low all cash offers?

We've been saving to purchase our second rental but thanks to covid and the hot market we haven't moved forward.  We're at the point now where we've saved so much I feel like I could simply purchase a house cash if it's cheap enough.

There are a few neighborhoods in the area where houses can go for $150k-$250k great for military tenants.  Has anyone scored a house for say $50k in an area like that, that didn't need major major major renovation?