All Forum Posts by: LaDonna Smith

If the current renters do not already have a lease in place - something you need to understand prior to purchase, then Yes, you can ask for rent and it would be based on the current rents in the area.  If they chose not to pay or you chose not to keep them as renters then, you would need to start eviction proceedings.

If there is a lease in place, then you would need to honor the current terms of the lease or offer cash for keys if you would want them to vacate.

I will typically offer what is equal to one months rent for them to be out in two weeks.  Now in FL, where I have offered CFK's, I can complete an eviction in about 30 days so that should play a factor in your "offer".  If it takes alot longer to evict in your area then you need to weigh your costs if you would have to go through a full eviction and possibly offer them a bit more. 

Ridiculous and more importantly, likely illegal if it really is a short sale.  Run like the wind from that transaction

I haven't insured a MH in the past but I would try  www.reiguard.com, they insure the rest of my portfolio. They focus on primarily investment or renovation properties.

I would have rented to the low credit score.  I tend to ask for more deposit, even if they have to pay it over 3 months from "at risk" potential renters. I have found it helps reduce the mentality of leaving without notice, just apply my deposit to the last months rent.  In fact, I always ask for a deposit that is more then a months rent.  If the rent is $750 then I may ask for a deposit of $990 just so they don't think that it can be used as the last month.  Others in my area, regularly collect last month rent up front.  

Your numbers are great!  Rinse, repeat!  Happy Investing.

I have two VRBO rentals and I don't feel it has impacted my bookings.  In fact, I have noticed that many of the recent booking are first timers to the system so I think VRBO is doing quite a bit to attract new users to their site which only benefits us, the Owners.  I definitely have seen an increase in one of my rentals that is typically slow in the summer. It is in South Florida, where Winter is the high season and I believe that is due to the increased in advertising they are doing..  From an Entrepreneurial stand point, it has let me streamline and automate the process even more which I like.

I get it, I am typically not a fan when something you have been using upgrades to the next version, but this, I believe is a good upgrade for Owners.

First, define what your exit strategy is. Is this a buy and hold investment?  If so, the first criteria I would consider it Landlord/tenant laws.  I would recommend narrowing your search to landlord friendly states like Texas, Florida, Tennessee.  I have rentals in Florida and an eviction for non-payment of rent can be completed in about 30 days.  Second I would recommend understanding the impact of real estate taxes on your investment.  An inexpensive property can be enticing but if the local tax rate is high, it eats into your profit. Third is cash flow.  If I were to purchase a property, I would want my rent to be at minimum 1% of the investment but preferably closer to 1.25%.  The cost of the property is only relevant to the cash flow.  I would gladly pay $250,000 all in for a property that rented for $3600 a month.  After you solve those 3 factors, then consider the other stuff - job growth, crime, etc.

Most every Investor I know, including myself, uses Quickbooks.  It has the features we need to maintain different properties, expenses, etc.. So my recommendation is Quickbooks. Happy Investing!

I can give you my experience in Florida and the answer is yes.  Both myself and the tenants will sign the document electronically.  From my experience, electronic signatures are accepted on leases, purchase and sale contracts, addendums, etc.  Just not mortgage documents or documents that need to be notarized.  Good luck!