All Forum Posts by: Jared Miller

Thanks for the replies, folks.  The only reason I ask is, I am a CFP and every once in a while a client comes in and doesn't know how to make/keep a basic budget.  I thought I could help tenants gain financial knowledge and in return create better tenants.    

Are you allowed to request a monthly budget from a tenant in the application process? Or, put it in the agreement that if they miss a rent payment you can request a budget with their monthly expenses?  Just curious.

I prepare taxes for a living and anytime I prepare a return with rental properties I always pick their brain with questions about their rental properties. This older gentleman with multiple rentals has given me a lot of great information and he said, "My wife said I should sell you one of my rentals." I kinda laughed it off and then he said, "no, make me an offer." ...I don't know how to even determine what to offer!! The home is kinda in a rough part of town, but he has long term tenants and I know EXACTLY what he rents it for and all the expenses he has each year from preparing his taxes. We've built a pretty good rapport, so I don't want to offer something too terribly low and offend him.

Some numbers:

Rent Rec'd: $11,407 in 2015.  Rec'd $15,333 in 2016

Insurance: 735. Taxes: 979. Utilities: 1550. Other expenses throughout the year: 2,000

I know he replaced the roof in 2015 and I know he paid $45,000 in 2001. Not sure if any of that info helps, but any idea what I could offer the guy to make it profitable?