All Forum Posts by: Matt Batson

I believe you contact the caseworker, tell them want to put in for a rent increase, and ask her if you need to write a letter and who you address it to, etc.
I think this is how my friend does his. He submits every year. Sometimes he gets nothing, sometimes a small increase, you never know.

I have a single family home I rent that has about 28K remaining on the loan.
I collect about 500 a month, after prop. management fees.
I'm thinking about cashing out a mutual fund and paying off the house.
Then, my 28K would be making approx. 500 a month, or about 6K a year, as opposed to the 0 dollars it is making invested in the market.
Also, Dave Ramsey writes that the only way he owns rentals is if he owns them outright with no loans

Does any of this make sense or am I missing some very important facts?? :mrgreen:

that is almost exactly what we owe on it.
If you dont bring realtor fees, we may consider coming down to that.
pm me if you are interested

normally damage done by a tenant is not covered by insurance!?
Is it possible to get a policy that DOES cover damage?

Yes, I am getting out, and the current section 8 renter is getting her voucher pulled by the housing authority.
She has had three plumbing incidents in the last month or so and we gave her the bill during a section 8 inspection.
She blew up and threw both the inspecter and my property manager off the property.
So now, section 8 is taking action.
I'm assuming the renter will not be happy with this, and will completely trash the place.

I'm going to try and read the fine print on my insurance policy today and see about damage done by a tenant.

Has anyone had so much damage done to their rental property by a tenant that they decided to put in a claim with the insurance company?
We have only one single family home that we carry "renters" insurance on. From what I understand, we are covered for, what the insurance agent calls "vandalism and criminal mischief" from a tenant, with a 1000 dollar deductible.

However, if the tenant steals anything, like the fridge or a/c, we have no recourse on the part of insurance coverage.

Is it recommended to use the insurance or to just pay out of pocket?
What dollar figure or type of damage makes you decide to put in for an insurance claim?

I'll buy ten!

seriously though, I have never even seen where a 40K house commanded 800/month.
At least not a house you could buy right now for 40K.
If anyone here thinks you can, please post a link

Hey Mike, you still there?
I'm looking in colorado and not seeing all that much with the kind of numbers you posted.
Can you post a link?

he he, I am also curious.
If you have one for sale right now, I'll buy it.

anybody think I'm asking too much?
Should I drop the price to 40K?

I've had it for sale for a month and only one call. Is this just a bad time to sell rental property?

what does a real estate investor look for when looking at rental properties like mine?

thanks in advance for any advice.

I'm getting out of the rental business with my one sole rental house :cool:
We've had enough with dealing with tenants and just dont need the headache anymore. Plus we moved to florida, and dont like dealing with something we cannot see.
I want to know if this is an attractive price for our property.
It is located just outside Charlotte NC and is a 3/1, 1000 sq ft home that currently has a section 8 renter in it paying 575/mo.
I paid 38K for it 5 years ago, and my mortage with insurance/taxes total is 400 bucks.
The house was built in the fifties, but maintenance has not been an issue, aside from tenants flushing diapers down the toilet :roll:
I have it for sell for 45, but we will take what we paid for it at 38. Thought I'd give us some bargaining room.
Everything meets section 8 inspection, which is pretty stringent in this area. House is really in great shape. We have put way more money into this house than we will ever make back...(well, maybe in ten years :oops: )
Brand new carpet, brand new double pane low E windows, doors, etc..Most of the wiring and plumbing is even new.

Is this a great deal for a real estate investor? Do the numbers add up favorably for a wise investor?