All Forum Posts by: Account Closed

Why keep a smoker who can't pay market rent?  What is the advantage here?  

I also have a property near Charleston, WV.  I think if I were in your situation, I would sell it super cheap as a "fixer-upper" with owner financing. This takes the liability off of you, and assures that you don't have to dump a ton of money into it, yet still gives you a little "mailbox money."  Good luck!

My friend Beth might be able to help you.  She's. a multi-family investor and Realtor in Savannah.  912-484-5804

I think the cashflow is more important than the price.  

Hey, have you checked AirDNA?

You can google LLC lookup.

You don't have to mention the "due on sale" clause to the agent. That is not of their concern.  Insurance does not protect you from a bank exercising its right to call the loan due.  Don't get hung up on that clause.  Usually banks just want their money, from whoever is willing to pay. it.

Always look the property up online in your county records to verify the owner.

Also of course you must honor their current leases until they expire.  That is the law.

Your new projected rent sounds super low.  Where is this, and when can I move in?  Just kidding.  But seriously, why so low? A couple of things - check your state landlord-tenant laws with regard to how much you can raise rents.  Some states restrict the amount or percentage that you can raise rents, and others do not.  Don't be afraid to push your rent a bit, even if you risk losing long-term tenants.  You have to run it like a business. Of course, give your tenants plenty of notice, especially if there will be a significant increase.  Let them know that their new lease, should they decide to stay another year, will be at x amount, and you would love to have them stay.  You don't have to justify it, just state it as a fact.  Rents have risen dramatically nationwide recently.  Everyone knows that. Good luck!