All Forum Posts by: Michael Lee

@Will Gaston I don't have an answer to your original question re: security of a free and clear property, but I'd suggest looking at your overall portfolio/business model and try to determine if having a particular property paid off helps you get closer to your goal(s). It may simplify things on paper and definitely feel good knowing you have that to fall back on if something bad happens; but does that give you the security that you're looking for? Or can you achieve that in a different way?

@Brian Oberg I'm in a similar situation (owning three rentals) and consider whether to increase rents whenever renewal times come up. For me, I try to gauge the rents in my area and adjust mine accordingly. If your rents are under-market, I'd encourage you, or anyone, to increase them as your costs are almost certain to increase as well. Like many have said, even if it's a small amount, that can add up and help offset the expenses on your end. This also helps gradual increases in the future until it becomes on par with rents in the area.

@Will Gaston I have limited construction knowledge but based on the last picture, it looks like there were a lot more than 20-30 people hanging out in that area of the house. I also don't think that number of people could damage a joist unless it was already weak/rotting which it doesn't look like it was; but you should get a professional opinion written up on the extent of the damage and present this to the tenants if you try to recover.

@Will Gaston; @Sang Pak; @Christopher Bunge; @Chris DeTreville; @Russ Scheider; @Ryan McCue

@Andrew R. Lucas @Will Gaston This makes me NOT want to come to the meetup...

 @Andrew R. Lucas don't believe the fake news spread by @Will Gaston

@Chastity Carson @Gene Martin @Robert A.

Thanks as always @Andrew R. Lucas for hosting!

Do you have a copy of the owner's title insurance policy? If so, I'm sure you read through it, but maybe it will also address whether there is a responsibility on the closing attorney since you're also concerned about that

@Will Gaston I don't have much experience with larger institutional buyers and/or ones looking for a large portfolio like yours, but I'd imagine there is some hesitation to buy a package like that when it's spread out geographically. Maybe you'd have better luck selling them grouped into 5-6 properties, maybe depending on their proximity to each other, to a buyer.

I'll be there...thanks @Andrew R. Lucas for hosting