All Forum Posts by: Fred Cannon

I have 3 Short Term Rentals that I use mainly for Traveling professionals (nurses). My question is does any one have experience with a service like you tube TV. Each unit has 2 TV's and currently I furnish cable and Internet @ $150 per month. I am thinking I could use You Tube TV and save money, possibly using the same subscription for multiple accounts. Any feedback would be welcome.

@Marc Rice. That's a good idea but it still does not relieve me of taking cash from Roth but I could spread it out over two years instead of one. I retired this year so my taxable income is much lower. I will make that approach to see how that works

I own with a partner a one bedroom condo in Ft Myers Fl. The condo is fully paid for and is cash flowing nicely My partners is wanting to sell her half to me for $60K, the 1/1's selling @ $130k so this is a fair proposal. My intent is to convert to furnished short term rental. I have two short term rentals in the same complex and they do great with traveling nurses (my niche). Look to finance the 60k. I have the cash available but it is in Roth IRA so would take a big tax hit going that route but this can be used to leverage the loan Are there and lenders that work with this scenario for such a small loan.

@Veronica Thomas I now charge a cleaning fee when a new tenant moves in not when they move out. This is in addition to a deposit. I have never had move out where I didn't have to clean before the next move in. Normally a tenant is in a big rush to move and will not take time to clean properly. The deposit is for damage not cleaning.

@Timothy Hero. You last statement is very interesting. "People involved in the crash of 2008 are very fearful". That may be true for the people who over extended themselves with mortgage debt, bought at the top of the market hoping to make a quick profit, etc. Real Estate is a cyclical market and always will go thru a correction, maybe not as drastic or as frequent as stocks. I would say within 10 years we will see a major correction, and those small investors who are buying high and holding multiple mortgages indeed should be fearful. Big companies doing foolish things like Zillow, it's just a game of monopoly.

@Daniela R.if you are a first timer home buyer I don't think this home will bring any joy into your life. If you were a seasoned invested and doing a live in flip and the numbers were good (which really don't seem to be the case ) it would still be questionable. As a first time buyer I would suggest looking for something that will not cause you a lot of sleepless nights and sour you on the feeling of home ownership. All of these problems you have uncovered is a bad sign, most likely they are others lurking around.

@Henley H.I use Zelle or Venmo, never had any issues. With Venmo I do the transfer to my account as soon as I see the deposit

@Stephanie DeBerry I would give tenant a notice of rent increase to take place in 90 days. I would not put someone out during the holidays but 90 days notice is enough time. Also you could do a gradual rental increase. Personally I don't like a month to month and would ask for 6 months lease.

@Bailey A. I like to know my contractors and maintenance people. I certainly don't need to be there watching over their shoulders but occasionally it's a good thing. Also

Depends on the tenant. Sometimes for major issues like replace dishwasher, garbage disposal, etc I meet them there with the replacement items.

@Jay Hinrichs Jay I have considered many times to take out a couple of mortgages on my debt free rentals, but no matter how many good reasons to do that, it doesn't erase the memory of what can happen in a market crash. When I was a younger man I had different dreams, but now I am older, wiser, and don't need the headaches that dreams may cause when you wake up. I have gone thru two crashes, lost in the first one but more that made up those losses in the second one. I lost two rentals and my primary home in the dot.com crash but bought 8 rentals in 2008-2010 for cash and 20 cents to the dollar owed the bank. There will always be another crash coming and always be winners and losers when it happens. I try to caution about having too much debt but everyone has their own thoughts about that, but you don't know it until you live it.