All Forum Posts by: Mike Lee

This reminds of a story of a guy who rented a property to a tenant, who gave him a fake name (she used a fake ID), and told him she was a dental assistant (she was actually an exotic dancer). How would you feel as the landlord?

1 Vote

Hard money lenders.

0 Votes

LLC for flips

LLC for college rentals

LLC for long term buy and hold SFR

1 Vote

Originally posted by @Nathaniel C.:

Big LVP fan here... Cleanup is much easier when you have turnover. I have seen carpet with odor that can't be removed even with the fanciest enzyme cleaners.

Another vote for LVP. A little more on the front end but we'll worth it. I am in the process of replacing carpet in an upstairs unit (3 bedroom) and bathrooms that have tile.

0 Votes

Originally posted by @Remington Lyman:

Originally posted by @Dave Spooner:

@Steven Richards Not sure if you're sold on those markets specifically, but the Midwest is also a great place to invest. Cities like Indianapolis, Cincinnati, Columbus, etc. are really stable markets with great rent growth and affordable investment opportunities.

I 5th the Columbus market. I moved here from CT. I am at 27 doors in Columbus, Ohio. I started in late 2017

Impressive numbers here (27 doors in 3 yrs). I kick myself that I didn't start in that market in 2018. A friend has 8 doors there.

1 Vote

Originally posted by @Steven Foster Wilson:

Originally posted by @Alyssa Miller:

Hello,

I’m 22 and a first time investor, looking to house hack with my partner.

I found a great duplex for house hacking and decided to do pre-inspection to be competitive. However, the tenants would not allow us in on one side.

The tenant opened the window to speak with our agent and inspector and we could hear him yell names at the top of his lungs at them and say many curse words and slam the window very aggressively.

The property was absolutely perfect on all fronts other than the tenants behavior. Should we have called it off based on the tenant? How seriously should we take a tenants behavior?

Context: The property was very hot and had many viewings in the span of 3 days of being on the market. They had just had a pre-inspection the day prior from 10am-5pm and many walk throughs of their home. There was a miscommunication on the listing agents part, she had told us we could pre-inspect when the tenant had not approved of the timing do to family plans at home. The tenant had just renewed to stay for another year and alleging had a history of paying on time etc. They were also paying exactly market value.

We need guidance! Thank you in advance!

If its a home run, then you should probably buy it and remove the tenants.However you could use this as a negotiating tool or put it back on the sellers to remove before you purchase.

Its hard to believe that good paying tenants would not allow you in, other then fear of being kicked out at the first opportunity of a new owner.

I have yet to purchase a home run, with or without good tenants, lol. You can always change the tenant. Think long term here and buy it.

1 Vote

Time is your most valuable currency. I would spend some time this week making connections with local investors, and seeing if you can get a referral to a handyman. If you aren't comfortable going that route, go by a couple local Home Depot stores and you should find guys and trucks out there who can help (I found a handyman that way buying flooring one Saturday morning).

If all else fails, there are apps (my neighbor showed me one called Handy) which you can literally book a handyman to come by and fix practically anything. Its likely the most costly of the 3 options, however if time is more valuable than money, you can solve your problem.

1 Vote

Originally posted by @David Avery:

Of course a single person with no kids or pets would be your best tenant as far as wear and tear!

Working husband and wife and a very good tenant.

You can be pretty picky and still get more than you asked by letting them know .

They will raise the bar on rent if you handle it tack fully!

A friend of mine has found a niche is purchasing condos in emerging markets, and marketing them to young professionals (single, no kids or recently relocating to area for job). He has over 15 units in Jacksonville, FL and has never had issue going that way. Rents may be under market but for him hassle free tenants is worth the discount.

1 Vote

All Forum Posts by: Mike Lee

Mike Lee has started 10 posts and replied 121 times.

Post: Can we use an alias or psuedo name to communicate with tenants?

Post: Tampa Turnkey Providers

Post: Can we use an alias or psuedo name to communicate with tenants?

Post: Mortgage in my name but Property Title in LLC name?

Post: Can you have too many LLCs?

Post: Carpet or laminate? It's complicated.

Post: Deciding our First Market

Post: Great deal, bad tenants

Post: How do you decide whether to DIY repairs or call a handyman?

Post: 3 good applicants - can I raise there rent?