All Forum Posts by: Kevin Trapani

Thank you everyone for the input. Mostly confirmed my hesitations. Will avoid

I’ve had someone apply for a property of mine that disclosed they want to in turn sublet via Airbnb the rooms. Interested in hearing your experience. Anything specific I should write in the contract to account for the excess wear and tear? Extra security deposit? A % of the profits - if so how much? Or should I just avoid the risk altogether?

Thanks!

I have had this scenario come up recently. What would you think is a fair % of profits to ask on top of the base rent?

@Charlie Anne

Yup buying exclusively local I like to keep an eye on my properties and keep them without driving range. I haven’t taken the leap on long distance investing yet. Market here has been very hot lately not many good deals and lots of places going over asking. Where are you located?

@Charlie Anne

You could do better than 3% coc with most blue chip dividend stocks which require next to zero work for you and significantly less risk. No late night clogged toilets or broken hvacs or tenants losing their jobs and can’t pay. Unless you’re looking for massive appreciation I wouldn’t do this deal

Great job Kim. Appreciate the informative write up. Any tips for finding a good GC the first time around?

Great advice everyone. The closing went smoothly and I had the previous tenant moved over to my new 12 month lease which he happily agreed. Working on finding someone for the other half. Thanks again!

I am set to close on a property next Friday. It is a duplex and one side is already rented out. I would like to keep the current tenant but he is currently on a month-to-month deal as he has already been there for 5+ years. With a reliable history of on time payments I don't want to scare him away. 

How do I go about getting him off the previous rental agreement and onto a new one? I would like to try to switch him to 12 month term and potentially up the rent gradually.  Can I reach out to him before I close or should i wait until the property is in my name? Anything else I should be weary of? I don't think I need a new background check given his reliability. 

Thanks in advance,

Kevin