All Forum Posts by: Kurt Phillips

The emotional support animals and how to deal with them is a hot topic right now, at least in Ohio.  I had actually had an attorney answer, "We don't know yet" to a question regarding this issue because there have been no precedence set.

In saying that, always error on the side of sound judgement.  Certainly check your local laws.  But figure out a way to not deny them residency.  IE dodge the question and find another way to not rent to them.  Ask them questions about their animal to find a way for them to disqualify themselves.  I understand this may not make a ton of sense because its higher level stuff but the a great book to check out is "Landlording on Autopilot."  The author gives a ton of great nuggets of how to do what I'm talking about.

Good luck!

How much damage to the property was done?  If you just lost 1 months rent then I would suggest you cut your losses and move on, it could have been far worse.  If there is significant damage then it might be worth it to go after them.  Even that is usually more hassle and costs more money that its worth.  

My suggestion: turn that sucker quickly and replace the tenant.  

Welcome @Tyler Watkins from another fellow Ohioan.  I'm from just down the road from you and venture up to Columbus for meet ups quite often.  Perhaps we will run into each other some time.  Enjoy and good luck!

You can try some JEDI mind trick or just move on. If someone is not even in the same universe as what you are willing to offer then don't worry, there will be other deals.  Bow out graciously, let her know that you are interested in her home but could not give her what she asks.  If she ever considered selling it for less then to let you know.  You could circle back around every 2-3 months but don't waist too much time on it.  Take this approach instead of giving her a 250K offer and you might have a chance.  Otherwise at best you offend the crap out of her, at worst you give the old lady a heart attack.

@Nick Quintin I just came across this post so you may have already moved on but your thinking is exactly right.  This property would not cash flow standing alone.  With you living in one side it MIGHT work.  But assuming your not planning to live there for the duration of a 30 year loan you should move on.  Interesting scenario when a landlord wants to sell but there will be plenty more deals for you guys to jump on and owner occupy.

By the way, buying your first rental as an owner occupied home is putting you on the fast track to your investment career.  My wife and I did the same thing and are still, 16 years later, reaping the benefits from that decision.  

@Derrick Gordon google up subject to and you will find a ton of info on it.  It would be Subject To: Existing Mortgage.  Different from Owner Financing which requires the owner of the property to own it outright or at least have a good bit of equity to work with.  Subject to is a way to take over the payments of the the property and assume control of the property.  Alot more to it than that but it might be worth checking out to have in your back pocket if need be.

@Derrick Gordon listen to a fairly recent podcast titled 18 deals in 18 months.  The guest talks about a strategy called Subject To.  While he only touches the tip of the ice berg there are several other useful tips as well.

If you want to use a bank you must talk to smaller community banks that are willing to portfolio lending.  Most of those banks will only do 20-25% down though so you will need to come up with some capitol or have a partner that has capitol like @Shayan S. said.

 Dynamite stuff right there, thanks for the input.  I have the the Love Language book on my shelf and mine is quality time, hence my deep desire to become free from my job.  The other 2 books I'm not familiar with but I will check those out for sure.  

Bids are free.  Start calling around the HVAC companies or gather some numbers of guys that run a solo business.  Get 3 or 4 quotes for a job and that will help you make the decision.  Obviously go with what several post have suggested that it depends on your area.  But if its going to kill your return then hold off at the beginning.

In my area not have central air is no big deal.  We only use AC about 4 months of the year anyway.

@Steve Vaughan that is super interesting regarding choice theory.  I'm all over personality and temperament and how that effects choices in lifestyle, investing, and so forth.  I just googled it and William Glasser came up, is that the book/author your referring too?

Depending on someone's personality and drive will determine their willingness to take on risks.  The spouses have a huge part in it as @Jay Hinrichs mentioned.  I have seen several investors or even folks beginning any time of business fizzle out due to spousal pressure.  Our ladies, typically, find comfort in security and that is not a bad thing.  Its just up to us as men to provide that for them in any way possible.  

I am blessed to have a wife that is right along side of me and knows the real estate investment world as well if not better than myself, she is certainly the brains of the operation, but also serves as a secret weapon.  When I encounter a guy that is passionate about building his real estate business but his wife is really pulling him back I encourage him to set up a coffee date with the 4 of us.  I then release my secret weapon and give my wife a chance to win his wife over.  It works more times than not because often times those ladies just want to see another wife/mother in action, making it work, and enjoying it.