All Forum Posts by: Jason Andler

@Michael Gessner

I see where your coming from, but I would not try to negotiate after entering into a contract. It sounds like you got everything you asked for and possibly more than you even expected. Also, they have done the majority of the work you hired them to do once they go through with the signing of the contracts.

Imagine this. You have a lease with a tenant and the roof leaks. They don't tell you about it, tarp the roof, get quotes and bring them all to you. Then they say they expect you to reduce the rent because you didn't do the work to get the quotes. How do you answer them?

@Robert Medina

If your hoping for references, you'll want to let everyone know where it's located.

@Ron Singh

I put in my lease that slow/clogged drains after 30 days are the tenants responsibility. I dont always stick to it but it at least gives me something to fall back on.

Since it's happening in the bathroom the cause is probably hair. Give them a drain cover to catch anything before it goes down. My advice would be to clean it this time then tell them it's on them in the future. Whoever snakes it can tell you what they pull out. This could also help you in deciding what the next steps should be.

@Serene Alhalabi

1. She doesn't make 3x rent after taxes (general financing guideline)

2. She is trying to withhold payments before even signing the lease.

3. She has already complained about the condition of the unit

And these are only what I can gather from your post.. She will be a problem tenant that takes a lot of your time and likely will be short/late payments.

You cannot make a decision based on number of kids and many other factors or you can face issues with fair housing laws.

Don't try to put yourself in her shoes to determine what they can afford. See #1. Most people have no clue how to manage a budget and that is why they rent.

I understand you're trying to work with her but you shouldn't change your criteria for anyone. Once I let someone rent from me who was making less than 3x rent because they were "close" and claimed to do some work off the books for cash. They stopped paying after 5 months and left the house a mess. I had to do cash for keys and was lucky to not have to evict.

@Len P.

I used to clean it myself but after pricing it out realized it was not worth my time. Now I hire a cleaner and can get my a house cleaned for less than $200. Did the tenants leave a ton of extra junk or was there extra costs for some reason?

I'd recommend finding a cleaner with a better price and instructing your PM To hire them the next time.

@Jenea Talley

Talk to a commercial lender not a mortgage lender. I have done this before using a locally owned bank.

 I know a lot of people who have done this. Or worse, sold their house and tried to find an apartment to move into for 6 months then move into their newly built home. I never really understood it and always thought there would be a better way. I understand that the construction loans typically require a 20-30% down payment that most people don't have readily available and I assume this is why you want access to the equity in your home now. If you have a 401k have you considered taking a loan out against it? I did this last year and the cost to get the loan was negligible plus all the interest you pay back to the 401k, not a bank or other institution. The money you take out will not be affected by any market gains or losses, so its really what you feel most comfortable in. 

Some other options could be withdrawing money from any other investment accounts you may have and talkting to a variety of lenders. You may be able to find someone that will give you a loan with a lower down payment for a higher interest rate, then you can refinance after the build is complete (although with rates going up this may not be the best idea either)

I saw someone else mention that if you sell to an investor, your rent will likely be significantly higher than your current mortgage. Think of it from their perspective, they likely need to pay more for the house than you did, taxes and interest rates are both likely higher for them than you, and they won't be incentivized to buy unless they are making a profit. 

I'd be interested to see if there is a more creative solution that someone on here can think up. Again, I haven't had to cross this bridge myself but it just seems like there should be a better way. 

@Scott Steele

This is exactly what I was thinking. Nothing good can come of this policy or even discussing this as a possible policy.

@Barrett Boone

I agree with most people here that it is high. For reference in Ohio I had to replace a gas water heater and labor was $600. The tank was covered 100% under warranty.

I know prices for the product itself has gone up a lot in the last year or so.

@Jack Smith

Have you tried ice fishing in Hudson? 🤣