All Forum Posts by: Lance H.

Thanks @Account Closedfor taking the time to respond!

Hi everyone, I'm in the process of hiring a property management company for the first time. In their contract they require that I add them as additionally insured on my Insurance policy. Is this pretty standard practice or something I should be concerned with? Thanks Lance

Thanks everyone, the responses are all very helpful and I really appreciate them.

Two follow up questions: 

If you could personally build your perfect advisor, what services would they offer? 

If you were a financial advisor, how would you get involved in helping RE investors?

Thanks!

Hi Everyone,

I'm hoping to get some opinions in regards to financial planners.  As RE investors what are you looking for in a good Planner?  What skills would they need to bring to the table or what problems could they help you solve to be a worthwhile member of your team?

Any opinions would be appreciated.

Lance

@Brandon Hicks

That is pretty amazing! How did you bring up the idea of seller financing to the sellers, especially off the MLS? Were they already marketing them that way?

Thanks again

@Brandon Hicks ,

Your business model is extremely intriguing and it sounds like you are having a ton of success with it.

How do you typically find the seller financed deals you do? Direct mail, networking, other?

Thanks

Lance

The only reason I've seen equity come into play is for how much is required in reserves for that property. Some lenders will allow a smaller reserve amount if you have an appraisal done to show you have equity in the current rental.

Thank you everyone for the responses, it seems the consensus is hang on to the deposit.

Luckily in this case it won't actually come into play anymore, as the move out is actually going to be 4/30, since she has already paid April rent I will have the deposit until after move out as normal. I'm confident I can fill the unit by then as well so should be almost 0 vacant time.

Hello,

I have run into a situation today. My tenant is being laid off by her employer and will need to break the lease as she found a new job in another state. We have a 2 year lease and are just over 1 year into it. She has been a great tenant so far, never missed payments, kept the unit immaculate, ect.

She asked if she could use security deposit as rent for May and then move May 31st. My question is, should I let her?

My thought is to do so, as she likely doesn't have the money to pay the May rent anyway and allowing her to do this will keep it occupied and she is more than willing to allow me to show it whenever I need. Not using it for last months rent, she may just decide to stay anyway and then I would be trying to evict and creating bad blood ect.

Anything I'm missing?

Thanks

That makes sense. I just wasn't sure if the income would still be considered passive since I wouldn't own the asset. Even if it isn't considered passive I'm thinking sticking to 1 LLC for now will be the way to go.

Thanks again.