All Forum Posts by: Nathan Patterson

Thats different, never heard of someone doing this. 

I would say Yes, how much you put back should be higher because of the age of the home. Also, are you taking out for CapEx, vacancies, repairs, possible landscaping, taxes, marketing etc.

Great job, took me a second to realize it was before and after pics.  DIY or contract out? 

Whoa 4 in a year.  Great Job.  Is this your first year investing or have you had other properties before you started this year?  

Welcome.  A great source is of course BP.  You can also spend time doing your own research on google, or other forums/books, on things you might not understand or know yet.  Such as different types of lending, tips on analyzing etc.  Reia's are good as well, especially for meeting people who are interested in the same thing as you that you can bounce questions off of. 

@Chuck B.

Wow Chuck, thank-you for the great response.  You certainly have provided some excellent thinking points for me as I move forward to owning a rental.  I like how even though you rent to the working class individual and they aren't $100K+ homes.  You still make them nice, and I'm assuming, look spectacular.  Though your screening process, do you think your tenants stay longer?  I like your view point that there isn't a right way to do business, that each needs to figure there own way.  Again, thank-you for a great response. 

@Chuck B.

Great Point.  So you do not provide any appliance, unless it was already there with the property?  If you bought a property that didn't have a stove/oven or dishwasher.  Would you put one in or leave it out?  How does your tenant retention look since you have started doing this?  What I mean is does it seem like your tenants are staying longer, also does it seem harder to find tenants when you do need to find a new one.  

Sorry for the questions just curious about your method since it seems different than most.  

@Kimberly H.

Thanks for the answer.  So it would all be considered one security deposit, just that the tenants are charged extra because of the greater likelihood of damage.  

 @Paul S.undefined

  So after a tenant moves out and saying there is damage to the property.  What would you say is covered by the pet deposit and what is covered by the security deposit.  How do decipher between the two?

Thats a tough one.  On one side I see it as everyone needs a place to stay and just because it happened doesn't mean it will happen again.  Especially if he is trying to get his life back together.  I'd just keep an eye on him and make sure all the tenants are ok with it. 

Then the other sees it as a liability.  It will keep certain people from wanting to live there.  Possibly be a target for further criminal activity e.g. vandalism to his belongings, break ins, threats etc.  

I'd look into the sex offender laws in your area, talk to your lawyer, talk to the current tenants(if possible).  Look at his app and do your own research on him/case, also look at the turnover rate of the other tenants.  See if there was a drop when he moved in.