All Forum Posts by: Jason DeVelvis

Ouch. I guess I forget to consider how quickly purposeful damage can increase the bill... I've been lucky that I've only seen one evicted tenant do a little damage on the way out.

 $12k? Ouch! Was that in Columbus? Or CA?

Also, if you accept anything more than 1 month's rent as a security deposit in Ohio, you have to pay them interest. Talking with your lawyer & accountant would definitely make sense before doing this so you know what you need to keep track of, and how much you'll owe them for holding their money. Or, perhaps this makes your decision easier, lol :) 

I'm all for giving folks a second chance, especially if they're being proactive and up front, but you should definitely assume this tenant will be more work (possibly much more work) than your other tenants until you have a few months with them under your belt. Maybe do a shorter lease or M2M as a trial period? Still may be more trouble than they're worth, though.

Just bought a 4-pack at Best Buy (Amana) for $1900 + tax. Stainless/Black. Won't be here until 3/2, though. The stove was backordered - 6 weeks!

Columbus investors! Where do you get your appliances? In the past, I've used two places that have since gone under, so I'm looking for some other options. Do you buy scratch & dent? If so, where? Or, do you buy new but found a great place? If so, where? :) 

I really don't want to have to buy retail if I can find something like ApplianceSmart again.

Cleaning supplies and coffee shop gift cards sound like spectacular ideas!

I found this article with some other good ideas, too: https://www.apartments.com/ren...

Some of the things I found interesting in there:

- A few bathroom items so they don't have to run out and get them

- Command Strip hooks so they can decorate without destroying the walls (especially important for me since my units are plaster, heh)

- Furniture Felt Pads so they don't accidentally scratch the floors

Interestingly, the author of the article cautions against alcohol. If a landlord gave me a bottle of wine when I moved in, I'd be stoked, so maybe it's a case-by-case basis :)

Do you give new tenants any kind of welcome kit? If so, what's in it? I'm considering giving new tenants something - including coupons to local resturants/shops and perhaps a book on simple maintenance tasks. 

Thoughts?

I'd be interested in talking with you more about this. Just sent you an email!

Not much rehab, unfortunately (and, well, fortunately!). I'll have to consider this for future deals where I do have a decent amount of rehab to do!

Happy Saturday everyone! 

I'm in contract on two duplexes, cash offer. They're both in good shape and will not require much rehab.

I want to finance them after closing to pull as much cash as I can back out, and I have a few banks who will do the typical 80% LTV financing for commercial lending (I'm putting these in an LLC). But, I got a solid deal on them and these lenders use the lower of appraisal or purchase price. I could wait 6 months and try to get a mortgage for the appraised price, but I'd rather not rely on that if there's another option - especially one without a 6 month seasoning period.

What creative methods/loans/banks have you used to get to get > 80%+ LTV for a buy & hold? (Hopefully, at reasonable rates, too - might as well shoot for the moon! Haha)