All Forum Posts by: Jason C.

Personally, I don't think the financing is good enough for a successful buy and hold. I might take it if I could get a 15 year note on it from my portfolio lender. I'd pay about $4,400 down and payments would be like $140 bucks for P&I. Then it would cash flow ok.

I agree with @Kurt K. To tie up money for 10-15 years, I think I'd expect a very nice return, even as a mom/pop investor.

If your market supports it, charge a security deposit that is higher than one full months rent, so they don't confuse the two.

I think it sounds like a great way to learn the business, just make sure you have additional funds aside to make the mortgage payment while the unit is vacant.

You mentioned it was newly built. My experience has been that on new builds (in my area) that property taxes are grossly under-billed in the first year or two because the taxing authority bases the taxes on a partially built or vacant lot for the first part of the year. Maybe that's why the taxes are so low?

I would move the fence, that has to be cheaper than a title suit.

Many landlords with ample storage space use this time to stock up on appliances for their next acquisition, or for things that break down with some regularity.

Example: I think Lowe's has some good deals on low end washer/dryer sets that would make a nice amenity to your next tenant, if you have the storage space to hang onto it until needed.

Never, ever, and I mean NEVER waive late fees! That's like saying, Go ahead and pay whenever you like! Don't establish a bad precedent with your tenants.

Two months unpaid? Post your pay or quit notice as required by local law, and move forward with eviction if the 70 year old does not move out voluntarily.

I agree on the property management piece. I think a lot of newbies are afraid of managing their own units, but really it is not anything to fear. Especially if you are right there. I personally manage my own properties even those that are in other cities from where I live. Set up ground rules regarding when it is/is not ok to knock on your door for maintenance issues.