All Forum Posts by: Jennifer Rysdam

Is this a high school graduate or college graduate? How long ago did they graduate? I wouldn't rent an apartment to someone without a job, but since it's just a room then maybe ask for 1st, last, and deposit. That way if they don't get a job right away you aren't out money if you have to ask them to leave. Maybe ask for bank statements to see how much money they currently have. If you aren't desperate to rent it out then just go with someone else. Sometimes it just isn't worth all of the hassle. Good luck!

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At this point the damage is done. Turnover is going to cost a lot and be a pain. I had a chain smoker in my building when I bought it. He had been smoking in there for 25 years. The ceilings and walls were almost brown. Kilzing and painting the entire place, floor to ceiling, was a pain and expensive. I also had to kilz and paint the inside and outside of the cabinets to remove the smell, and all of the trim, doors, etc. All flooring had to be replaced. The fridge even had to be replaced because I couldn't get rid of the smell. Needless to say, this is now one of my nicest and most popular units :)
Let him stay and continue to pay you back for all of his damage.
Also, this is a good reminder to do inspections every 6 months. If you could've stopped this right away and prevented so much damage, you would've saved a lot of money and time.

I use Sherwin Williams Agreeable Gray with white trim. People love the change from basic white all the time. You don't have to get it at Sherwin Williams, other places can look it up and make it the same with other brands. A focal wall in a dark gray color is popular too. Good luck.

Definitely see if they want to sell as well. If it's an older couple, they may just need help getting rid of it all. People collect things without realizing that it's actually going to cost money to get rid of it. Then it just gets overwhelming. Lastly, if the house you are looking at is a good enough deal, maybe you could put up a privacy fence??
One thing I also wanted to mention is that there are people that do scrapping/salvaging. If it's metal and such, and the neighbors agree to it, you may be able to find someone who will come and take it all away for free.

Good luck :)

I don't use it to pay down my mortgage. I keep it in the bank for future unexpected expenses and for future down payments on other investments. I guess the only way I would pay it into my mortgage is if I had a HELOC that was available to use in emergencies or if the HELOC interest rate was lower than the mortgage (which I doubt it would be but who knows). Then I could use the HELOC for future down payments, if the interest rate was lower. You have to do what makes sense for you, but don't give excess money back to the bank and then have to pay fees to get it back later when you need it.

 Welcome to BP. The first suggestion I would make is to start listening to the BP podcasts. They are a wealth of information. Scroll through them and find ones that discuss your questions. You should also start researching which market area you want to buy in, what kind of property you want, and how much you want to spend. Sometimes that is just determined by where you are and what is available.  Then make some appointments to talk to lenders. See what they can do for you now that you have an idea of what you want to invest in. Also start interviewing realtors and find one that knows about investing and takes the time to talk to you. A good realtor is worth their weight in gold. Good luck!

Please update once this plays out and let us know what happens. I'm curious! We all might learn something.

Haha! I learned the hard way last night not to do group texts on google voice anymore. I had sent them a few times to have cars removed for snow blowing. Last night one of the tenants decided to drunk text one of the other tenants using my thread! Everyone in the building got text after text, even after I asked them to stop :( I checked and there isn't a way to do it anonymously through google voice either. Now I'll have to send individually. At least it's only 8 of them in the building! :)

 I agree, and plan to do it as soon as I can. I have to wait until summer though when hubby is off and I won't have to bring the 2 year old with 😁