All Forum Posts by: James Main

What is your podcast called?

How are people getting new buy and hold investments in such and high price point and hot Austin market? 

Always interested in discussions on creative financing. 

I would be interested in joining an online meetups.

I am also on the hunt. I have called two different CPA’s in the past week with no call back. Who are people using? 

When I purchased the property it was a mess. Previous owner only occupied the property once a week so he could be closer to the airport when he flew out for work. Borderline hoarders home. 

I had every intention of holding the property off market until I got all repairs done. It was part of the agreement with my tenant that he comes in as-is. He would clean and do some minor repairs in exchange for the discounted rent. He has run all plans for repair by me before starting, and all repairs have been quality checked with approval. 

@Nathan Gesner thank you. I had not really thought about it like that. The amount that I would have spent on contractors would have defiantly surpassed the $1800 mark. 

I had no intention of doing this guy dirty and upping the rent by $300/month. I couldn't have asked to a better tenant for my first rental experience. Just looking to hear from people with far more experience then me on what they would do. 

I really appreciate all the info. 

I purchased my first rental property in mid-February. Manufactured home on 3 acres. Hours after closing I signed my tenant. Worked out perfectly and my tenant has been awesome. For example tenant has painted the interior top to bottom, repaired flooring, cleaned carpets, cleared brush, and even installed toilets that I bought. On top of that he has paid rent on time every month during this Covid-19 period. Tenant has increased the value of my property while treating it like his own. 

Tenant is renting for $800/month do to the fact that he is doing so much work around the property. Property should easily rent for around $1100-$1200/month after all the work that has been done. Tenant has a 6 month lease with option for month-to-month after lease is up. He has already expressed the fact that he wants to stay after the 6 months. 

Question is...What should I do at the end of the 6 month lease? I am helping him out with the cheap rent and he is helping me out with all the work that has been done. Do I just tell him "thanks for all the work you did, now rent is $1200/month"? Do i keep rent at $800? Or do I just move on and find another tenant?

I have learned that in the future I will take the time to do necessary repairs before signing a tenant.