All Forum Posts by: Jason C.

Speaking of misspellings, I hate it when people mistake ADVICE and ADVISE. I see it almost every day on here.

ADVISE is a verb-I am going to ADVISE you not to buy that cash eating property.

ADVICE is a noun-I am a newbie seeking some ADVICE on my first purchase.

Thanks for starting this thread! I love the site!

@Joe Villeneuve 

 What is the difference between a 'cash out' refi and a 'cash back' refi?

I have no idea if this tenant pays late or not. I plan on keeping them at least long enough to finish rehabbing and renting out the other side (duplex). After that I don't care much if they stay or go. They are paying a little below market, but then they have some deferred maintenance going on in their unit that I need to care for before I can realistically hope to raise it to market rent. I assume they want to stay based on a conversation I had with them already.

My question is, if I close on the 4th, would the seller be required to give me credit for rent on my closing, even if they have not yet collected it for the month?

So, I am closing on a tenant occupied property sometime next week. I know that I should receive credit for the rent that has been paid for the remainder of the month, along with any held security deposits. My question is, what if the tenant is late this month, and has not paid the PM for February yet? Will I still get the credit, or will I be expected to go get the rent from the tenant?

Thanks!

How about a fee to deliver a pay or quit notice? It goes along with late payment charges, but a little different.

What about a fee for not reporting a maintenance issue in a timely manner?

While we are cleaning house, let's get rid of that flashy, negative cash flowing wife and upgrade to a used model that comes with a large self directed IRA account!

I hold considerable reserves and invest in three different markets currently.

But I also still have a day job, so that helps mitigate a lot of risk.

I have never owned a 1 bedroom, but the prevailing theory is that people with families would have more ties to the community (like kids in a school) and would be likely to stay longer.