All Forum Posts by: Jimmy S.

Lafayette Ambassador Bank will do it with 75% LTV. Also PSECU but they are based in PA but mabay you can join, its a credit union also 75% LTV. I have used both of them before.

 It drained perfectly fine when they moved in and its 3 women living there. They are also moving out next month 4 months into a 1 year lease.

update

roto rooter was out and turned out there was a big clump of hair and 2 band-aids stuck in the drain, charged me $175 for 10 minutes of work. Was a little more complicated because it was the old school drum trap. Guess I will be passing this bill on to the tenant.

 thanks jd for the advice, thats exactly what I was thinking. I already have about 10 or 15 hours in this for showings, phone calls, and advertising not to mention all the gas money lol driving back and forth for all the showings.

Tenant signed 1 year lease and is moving out now into 6 months of the lease. She got laid off work but now was hired back and thinks its still best if she moves out.

I have last month rent and security deposit. She is cooperative with showings and keeps the place is fairly good shape. Although I did discover a pet rabbit which she is NOT allowed to have.

She is moving out oct 1st and I should have a new renter October 15th. I have spend alot of time posting the ad, 10 showings and other things that really add up for my time.

What would you do with last month rent and security deposit? Keep it all or give mabay half back? I want to be reimbursed for my time and not to mention im allowing her to terminate the lease. Lease states she will forfeit last months rent and security deposit but really dont think I should keep $2200 if I have a new renter as soon as she moves out. 

What would you do?

Tenants are pretty good but she lost her job and now moving out 4 months into a 1 year lease.

All drains worked fine when moving in. Got a call today well the tub does not drain anymore. I went over and messed with it for 1hr and it looks really clogged. I pulled some hair out and I gave up after now getting anywhere . She "tried" drano but did not work.

Should I make her get a plumber out or should I pay for the plumber?

 How would you handle this, it drains very slowly, 1 gallon takes a few minutes to go down

 How would it only cost me a few hundred? I would definitely do it for that.

I Talked to very many people, investors, lawyers and other fellow landlords.

Some say a LLC is a must and other says its a complete waste of money and a umbrella policy for 1 or 2 million is the way to go including a few attorneys.

If your a real estate investor most of your networth is in all your properties right? For me 80-90% of my networth is in all my rental properties so why do I need a LLC if they can only sue the LLC which is basically everything I own anyway.

Any thoughts or advice is greatly appreciated.

I have a question on the application that asks " Do you mind if I visit you at your current resident now" Yes or no.  I never had someone say no on the application but realistically they probably figure I will never ask.

When they turn the application in, its a perfect time to ask to visit them if I have any doubts or if they have pets to see if the house smells like pets or if it looked like they did not vacuum the floors in months or dishes piled up for weeks just in general see how they live before letting them move in and find this out 1 month after they moved in and its to late.

Does anyone actually go and visit prospective tenants at their current resident to see what kind of shape it is in and how well its taken care of? I started doing this if im not 100% sure about them. Some of them don't mind me going over and others look at me weird when I ask to visit them.

Did you ever visit a prospective tenant before and do you thinks it a good or bad idea?