All Forum Posts by: Monica Johnson

I’m looking to buy a property in Gatlinburg, TN as a short term rental. This particular lot has 2 homes on it and one of the homes is not completed and I likely won’t be able to use conventional financing. Would a non-conforming loan work for this situation? It appears a lot of lenders don’t want to deal with these because of appraisal issues but in this particular case, I think the land and completed home alone would appraise for the loan amount.

Looking for advice or recommendations on changing the locks after a tenant moves out. Ideally, a locksmith would just come out and change the chambers but I’m not sure if that’s a thing. I have a house with 3 doors that I need to get changed and I’m tired of replacing all the knobs and deadbolts. I have used Schlage before and had a traumatic experience and would prefer to just have someone come out and switch. But curious what y’all do or who you recommend if you do call a locksmith and what the prices are like.

@Drew Stroud oh ok that’s a pretty good deal tho for someone looking to house hack. Thanks for sharing!

Oh snap, was this only for owner occupied?

I'm pretty sure they don't care what state you're in. I think they're actually out of Michigan and I live and purchased in Indiana. As far as the LLC, I don't think you'll be able to initially finance as an LLC. I had asked Shawn about it and he said he could put me in touch with someone that could help me put it in an LLC after closing.

Chemical Bank, I personally used them for a loan. Great experience! Shawn Huss was who I worked with.

Fantastic @Shawn York I will be using this.

@Sam Leon sounds like it would be beneficial to both of you to allow the month to month given it may be difficult to find a new tenant right now 

@Shawn York that’s great advice to inform tenants now!

@Sam Leon these are good questions that the average small landlord like myself won’t necessarily encounter. I only have a couple single family homes. With the announcement that evictions are suspended, I am preparing myself to eat it next month should the tenants choose not to pay. My properties also normally have little to no maintenance but should I need to enter one of my properties I probably wouldn’t change anything since I’m still going to work and the grocery store and have plenty of exposure elsewhere. Let me know what your thoughts are on the multi family. If I had a multi-family, I would probably only be offering breaks to anyone who could prove they were laid off or their income has been reduced but this new eviction announcement will definitely de-incentivize folks from making payments. This situation just reinforces how important it is to have cash reserves.

Thanks @Franky Aikens! I feel like it would be hypocritical to say look out for your neighbor and not be willing to accommodate as a landlord.