All Forum Posts by: Jordan Hamm

Hey guys... Thanks for all the feedback. I'm happy to let you all know I'm actually moving forward with another tenant interested in a two-year lease. I showed the house to both applicants within a day of each other and the thought of a short-term rental definitely had me scrambling. Thankful I got a good long-term tenant. Thanks again!

Hey guys. I've got an applicant who's interested in a short term rental. They were about to buy but had to back out because their house was accidentally flooded by the previous owner. Anyway, they're willing to pay 3 months up front (on a 6 month lease) but have openly admitted they will continue looking to buy. My question is, if they find something before the 3 months is up would they forfeit that money? Or would I have to refund it? Any other tips from anyone who's dealt with anything like this?

Some additional info: my existing tenants just moved out a couple months before their lease was up. So I, and they understand they're responsible for the rent until I can find a suitable tenant. Would it make more sense to accept the new application instead of denying them and hoping my current tenants continue paying?

Thanks guys!

Hey Ryan! My wife and I actually pulled the trigger and became landlords about 5 months ago and it's been great. We found another property and given my income I was actually approved to carry both loans. (I've never really trusted bank "affordability calculators." It always seemed like they'd say "You make $30k a year, you can afford a million dollar house!!!" but in this case it worked out).

So once I got financing worked out, I listed my existing property on Zillow, Trulia, etc and got a tenant lined up in a couple weeks. My tenants moved in a week after I moved out and ive been clearing almost $1k/mo after PITI and HOA fees.

So yeah, you were right... It turned out I was able to carry both loans and the lender I used had a 5% down, lender paid PMI option that I ended up going with at a 3.99% 30-yr fixed rate.

If I were in your shoes, without knowing too many details, I'd look into renting sooner than later. Talk with your financial advisor and lawyer to see if you can swing it. Seems like rates are still really good and the rental market is hot.

Best of luck!

I officially became a landlord today—my first tenant is all moved in and ready to go. I can honestly say I wouldn't have been able to do it without all the help I got from this website and all of its users. You guys are the best! Thanks a ton!

Thanks for all the tips guys... I went ahead and offered to the lease to the younger couple and they signed! Moving in on the 29th! Can't say thanks enough!

No worries, @Paul A. I'm also consulting with my lawyers, my financial advisor, friends and family (some of whom are also REIs), in addition to the BP community. I'm trying to get feedback from as many perspectives as possible to make the most informed decision...

Its always good to stay grounded and to not overthink it though, so I appreciate that :)

Great feedback guys... This is awesome. I can't say thanks enough.

Looks like the tide has shifted towards the younger couple. Seems as if the older couple may be in a stage of life where they've hit a little rough patch and it looks like the younger couple may be a little more stable.

Thanks for the feedback @Robert Melcher... I'm in Ohio and our code says I have to pay the tenant 5% interest on security deposits over one month's rent. I wonder if I can get around that if they sign a two year lease... I'll have my lawyer look into it.

Any restrictions where you are?

@Mike F. the older couple seem really nice in person (even though the woman may prove to be a little high maintenance). We have a first floor master and she's about to have knee surgery so that was a huge plus for them. She really liked our community pool for her grandkids as well... I could see them staying a while but being a fairly new relationship, anything is possible.

Thanks so much for all the feedback guys! The BP community has been a HUGE help during this whole process.