All Forum Posts by: John Kennedy

When I've called professionals about mice control, they've told me there isn't much they can do that I couldn't do myself.  I buy the bait stations and bait from "domyown.com - I think they carry "commercial-strength" products that might be a step above what you can get at Lowes, etc.  

After that it's just a matter of persistence.  Of course, trying to seal any obvious openings is definitely worthwhile.

Good luck!

Due to a drain pipe leak buried in the floor of a second floor bathroom (the only bathroom in this property), the tenant was unable to use the bathtub/shower for about a week.  She's asking for a rent credit...and I am planning to offer something to compensate her.  Just curious if anyone has any input on what would be reasonable.  Monthly rent is $950.

sorry, jammed up at work and can't attend tonight. - JK

Steve:

You might consider attending one of the monthly CIREIA meetings.  They have a buy/sell session at each meeting where you could promote your deal in front of a large room full of RE investors.  Try https://cireia.club/ for more info on that. Another thought...there are some full-time STR property managers that might be able to help you market it (or may even want it themselves). Or, as others have suggested...you could hang on to it and hire a local property manager to take care of all the details...and let the checks show up in your mailbox wherever you are.

As for putting a value on the property...I'm going to take a stab at it, based on what how I would view it...but I'm not really an expert in STR's, just a 13 unit landlord. Iit sounds like there are two scenarios:

SFR with a separate short-term rental unit: I would value that by using usual comps for the residence and adding $50 x the avg. monthly STR income. Typical long-term rent multipliers are more like $100 x monthly income...but I just don't think you'd get anybody to pay you that that much...hopefully someone more experienced with STR's will weigh in.

Three short-term rental units (after converting the main house): $50 x avg monthly income. But, I wonder how long you would get away with three STR's on your property in an otherwise quiet SFR neighborhood.

Good luck and congrats on your retirement!

Adam: I'm very familiar with your dilemma...I also have banked with Chase for (too many) years, and have rental properties financed at a small local bank. It sure seems like a no-brainer that you should switch at least one or two accounts over to the smaller bank to show a little love (and get the line of credit increase). I guess it comes down to how badly you want that LOC. I will say that the small bank I use did NOT make that requirement of me in order to extend a healthy line of credit...and it seems a little petty of your bank to coerce you that way, considering the amount of biz you are already giving them. I suppose you could suggest to your small bank banker that if they don't give you the bigger line of credit you might have to shop your mortgages somewhere else (but if your existing rates are really good, that's an empty threat!)

I hesitated to switch to the small bank for checking accounts (we also have three separate businesses), because there's a Chase on every corner around here (Indy), while the small bank is 30 minutes away.  But, I agree, Chase is totally useless when it comes to helping out with any real estate financing.

So, just how bad do you want/need that LOC?