All Forum Posts by: Jarod Castaneda

Id take @Ned J. advice!

@Michael Peters you are absolutely right.  I did not do that as I was very green.  You definitely bring up a good point and it will be something I put into practice!

I'd talk to them to see what sorta schedule they would have.  Painting doesn't take that long.  And floors aren't that long either.  2-4 days if the have a crew.  They probably could do it while you are at work.  They will probably need to have an agent there if you don't feel comfortable for people to be in your place without you there.  The VOCs in paint aren't that bad after a couple hours unless you are highly sensitive.  But if they have someone paint over the weekend that could be a great reason for a weekend getaway.  

That is a tough question.  I can understand your pain.  I had the same statement in our rental agreement.  Our tenet called and said the garbage disposal was not functioning.  I called someone in to fix it and they informed me there was a quarter in the old one.  When I talk to the tenet about it they said that the quarter could have been in there the whole time (even though they had been in the house 6 months).  I then said I will take it out the deposit and referenced the rental agreement.  This set them over the edge talking court and everything.  We looked at the price of the disposal vs the cost of lawyer fees and let it go.  We just did not renew the lease when it came due.  That's one way...but when talking thousands that could be a different story and worth pursuing.  Just my 2 cents.  Hope this helps.

Well that's just great news!  Thanks @Guifre Mora!!

Thank you @Nathan Gesner  I've used that calculator I just didn't know if it would give me accurate numbers based on me living in it prior.

@Guifre Mora

Monthly Operating Income: $  1575

Monthly Operating Expenses (Don't forget these are MONTHLY numbers)

Property Management Fees $ 0

Repairs and Maintenance $ 110

Real Estate Taxes $ 333

HOA $ 10

Replacement reserves $ 110

Utilities paid by you if any $0

Lawn $ 75

Accounting, Legal & Advertizing $ 0

Capitalization Rate and Valuation

Desired Capitalization Rate % (if you don't know its ok)

Actual Purchase Price $ 154000.

Loan Information

Down Payment $ 0 VA loan

Loan Amount $ 154000

Acquisition Costs & Loan Fees $ (Points, Title, Escrow etc) 4000  (house was 150 and 4K was the closing cost

Annual Interest Rate % 3.25

Again, We bought this house without the intent to rent.  When I was stationed to a different location we had intent to come back.  We've had tenets since the day we left in 2014 and it sat vacant for 10 days in Jun 2019.  Their lease is over in Jun of 22.  

Looking for help in evaluating a home I purchased and lived in for 2 years.  In the military at the time and moved.  Decided to rent.  Now having joined Bigger Pockets I want to see if what I have is a good deal and not sure how to figure out.  Please let me know how to do this.

I need advice on the next steps any guidance would be much appreciated!

I had my sump pump in my rental stop working.  My rental is in another state.  The tenet came home and immediately called me to notify me.  I got a plumber and water restoration folks out there that night.  They worked on the basement yesterday (tenet's son was out of school).  Today they called and said they can't get into the property until the tenet gets home at 4.  This will be consider after hours and drive my bill up.  They need to get in there to check the moisture in the walls right now.  So, really the tenet is making my bill go higher.  I tried to call her and text her and left messages concerning letting them in.  

In the lease it says they have to let me or my agent in to do inspections/repairs as well as other things.  Unfortunately  I do not have a property manager taking care of the place right now.

Where do I go from here?

Thank you,

Jarod