All Forum Posts by: Matt Nolan

@Thomas S.

Thanks for the reply.  So it's typical to have the tenants hash it out on their own?  I was unaware, but that would certainly make it easy on me.  

I will not be going to a M2M lease, but a new year-long lease.  There will be a $25 increase in the rent ($1,875 a month), so I suppose I will just have the current tenants cut me an additional check for $25 and have them cut a check to the friend that's moving out.

As a side, I'm constantly reading your post and love your matter-of-fact replies and your no nonsense approach to real estate investing.  It's been extremely helpful with my own investing.

Thanks again!

Hello Bigger Pockets,

I have a rental property in Watertown MA, and the lease is expiring soon.  I sent out a lease renewal letter and I just heard back from the tenants this afternoon.  

The rental has three tenants consisting of a couple (boyfriend/girlfriend) and a mutual friend.  I was informed today that the friend would no longer be living at the rental and will be moving in with her boyfriend.

My question is this: How do I go about separating/refunding last months rent?  I currently have an account dedicated to last months rent ($1,850).  Do I refund the $1,850 to the three of them and have the remaining couple cut a new check?  Do I have the couple cut me an additional check for the new outstanding balance ($616.67)?  Is there another option I'm missing entirely?

I would think this is a fairly common occurrence, so I'm looking to the collective wisdom of BP to set me on the right track.

Thanks in advance,

-  Matt Nolan

I feel the exact opposite.  I'm not interested in carrying any sort of balance, so the rate is irrelevant to me.  The rewards are where it's at.  I try and use whatever card will reward me the most for purchasing necessities (gas, groceries, etc).   I've got Chase Freedom card that offers quarterly reward increases on select services like the ones I've listed above, as well as regular cash back on all purchases.  It's suited me fine so far.

@Account Closed

My rental is similar. Around 1,100 square feet, laundry in the basement, but only one parking spot (garaged).  The single parking spot is a killer unfortunately, and something I'll be more cognizant of with my next purchase. My $1,950 would be $2,250 all day long with an extra spot. 

$1,950 for a two bed, one bath in Watertown MA. It's probably $100 or so under market. 

Let's. Go. BIGGER!!!

I'm beyond the "getting my feet wet" phase. I've got two duplexes in great neighborhoods, and now I'm looking to add a four family. The initial investment isn't that different, but the ceiling is way higher. I also have the luxury of having more tenants to cover vacancies. Commercial real estate is not in my immediate plans, but that might be a post for next years thread. 

I appreciate the fast response Al.  I'm still getting my feet wet and don't want to make any avoidable mistakes.  

The tenant seems really great, and I'm hoping that she'll want to stay for a long while given the fact that she's willing to install a security system.  I can't imagine wanting to spend the money/energy installing a security system just to leave a year later.

Hello BP,

I have a new tenant moving in on the 15th, and they just contacted me asking if they could install an alarm/security system.  She mentioned ADT in our conversation.

I'm assuming this is for some sort of insurance break on her end, though I didn't pry.  The cost of installation would be covered entirely by the tenant.

Any experience with a tenant installing a security system?  Has anyone agreed to/declined a tentant security system?  Anything I should be aware of?

Any and all help is greatly appreciated!

-  Matt Nolan

Looks great!  Can I ask how thick you went?  I was at Home Depot today and saw that the planks ranged from 7 mm to 14 mm. I wanted to hear more from BP members before I pulled he trigger. I should mention that this is a first floor unit, so sound dampening isn't a huge concern. 

Fantastic work my man.

Can you go into a bit of detail on how you funded the flip? I'm always interested in hearing how new REI go about financing.

Keep up the good work, and good luck with the next flip!

Edit: I somehow missed your post on the financing.  My mistake.