All Forum Posts by: Jennifer Rysdam

If the lease is month-to-month, be sure to keep it that way until you know them enough to know if you want to keep them, and also write up your own lease with your own rules for them to follow. Make sure to do everything in accordance with your laws and timelines.

DON'T MAKE FRIENDS - I can't stress that enough. It's okay to be neighborly, but when you become friends it's hard to be firm and then you'll get taken advantage of. Good luck!

I think it depends on where they live. If it's on acreage and they can legally have them and clean up after them then I'd say yes. You can also give them a number, like 4 and no roosters. Maybe make them pay an extra deposit to ensure that they take the mess with them when/if they move out some day.

I would let them stay, but put it in writing with a start date and end date. Also, if you are paying utilities you can add in a few bucks to help with that too. You have to do what works for you and your property though.

I would contact them and tell them that you are willing to let them stay, with a new 1 year lease, and what the new rent amount will be. That way they still have time to follow through with moving out if they don't like the new terms. I think this would work well for you because it sounds like turn-around would cost you a lot in repairs, especially if you are paying someone else to do it. This way they can help pay for them themselves by paying more rent. Good luck!

It seems like more of a service for the tenants than landlords. THEY can sign up to have the good rental history reported to their credit. If someone isn't paying then they probably wouldn't sign up for it.

Sounds to me like you did everything right. I hope they comply. Good luck!

I LOVE my SimpliSafe system. I use it in my flip. The motion sensor sitting on the counter lets me know when someone is in the house, and I also got the temperature sensor in case the furnace goes out. I chose the option that lets me get the push notifications. I just leave the alarm off and just get the motion detection notifications on my phone. That way if I'm concerned I can set the alarm off myself and call the police, so contractors and realtors don't have to mess with it, I just know they are there. 

I just sold my flip and will close the end of Aug. At that time I can just call and cancel the service until I need it again.
One thing I love about it is that it doesn't give me false notices. I have a Vivint system in my house and the sun will sometimes set off the cameras.

You can learn a lot by watching other people do things. You can also learn a TON from YouTube! Watch some videos, but be sure to check the comments too. Sometimes you'll see that the comments tell you the quality of the video and if they are showing you the right way. You'll find some really great contractors on there with lots of videos that you'll learn to trust. I always say that I'll try it myself and if I screw it up I'll hire someone else to fix it for me. I figure with all of the things I can do myself it has worked out okay so far. I do demo, tile, drywall, painting, flooring, lighting, shiplap, trim, etc. You learn as you go. The amount of money you will save will more than pay for your screw ups or the things you just don't wan to tackle. I recently flipped a house and hired out HVAC and electrical panel/wiring updates. I also hired someone to convert my stove from gas to propane because I just didn't feel comfortable doing it. I saved so much money that I was also able to hire a painter for some of the outside. It was 2 story Dutch Colonial with dormers and I just didn't feel comfortable with it. He did part of it and I did part of it and the garage. I still made $25,000 on the sale after closing costs, which is good since it's a small town. I paid $52,500 and sold for $125,000.
I also own an 8-plex. One thing to remember with rentals is that they aren't model homes. Don't overdo it! When I first bought it I remodeled 2 of the units. I spent way to much and completely overdid it. They are really nice, but the other units rent just as well. Definitely provide a nice, clean place for someone, but only do what is necessary for your market.
Start small and work your way up as you go. Don't buy something with so much work that it overwhelms you. Good luck!

Go on a site like Pinterest and look up different ideas. I just did a flip, and the stairs under the carpet were okay. I had a lot of staples and tack strips to remove though. If it's a rental unit you won't have to have it perfect, so there are a lot of options. 

I would recommend a live-in flip. You can get a really low down payment because it's your home. Usually you only have to live there for a year and then can sell and get another one. I wouldn't recommend going out of state. Unless you have lots of cash to pay someone else to do all the work, I don't see how you will be able to flip it.
I don't know if it interests you, but I'm going to be getting my kids started in tri and 4-plex rentals when they head off to college. Live in one and rent the rest out. Low down payment because you'll be living in it, manage it yourself, live for free or close to free, and save up to buy more.
Best wishes to you.