All Forum Posts by: Joshua Lafferty

Thank you everyone for replying, and helping me out.  

I inherited a tenant/lease.

I am renting to a nonprofit, that places one of their patients in the rental (1 BR bungalow).

There is a washer and dryer in the unit, and apparently there is something broke with the washer, and just notified yesterday.

The lease isn't very clear who is responsible. One place it says washer and dryer are apart of the property. Another place it says tenant responsible for certain maintenance. She apparently washed all clothes and bed linens every other day.

I'm a small timer and I only have 1 unit.  My goal this year is 3 units.  If I can get 4 this year, I'll be ecstatic!!!   

Fortunately, I've never dealt with this yet, however, from what you've said, I would get a property manager just until their lease is up.  This way you don't have to deal with them, and you're not losing money, or more importantly, your mind!!!

Does anyone know the best ways to obtain contact lists for multi family/ single family residences, whether they are for sale or not?  I'm not afraid to cold call.

I bought my first rental a couple months ago. I haven't had to put much money into it because I inherited a tenant. I want to replace the water heater before it stops working. Should I do it here in 2018 or would it be better to do in 2019, for tax purposes?

@Franklin Curry Jr I haven't been an official member for very long but really started listening to the podcasts and getting familiar with BP last fall 2017.

@Blaine Alger I bought it for 50,000. Put 15% into the deal. My mortgage/tax/insurance is 367. I currently pay water, sewer, and trash. Total costs for me a month are between 475-500. I have a tenant already in place and just renewed their lease for another year (end of Sep. 2019) at 800/ month. I will put between 200-225 a month aside for cap ex, repair, vacancy, etc. And will pocket 100 a month, which I plan on using for future deals.

@Karl B. Thank you Karl.

With a lot of help from Bigger Pockets, today I bought my first rental property!