All Forum Posts by: Michael R.

Lets say I have a tenant on a month to month lease that I want to move out. Can I give them 30 days notice or do I need to formally evict? I was thinking about offering them some money to move on if I have to. Any advice? I am going to consult my attorney tomorrow however I was just looking for some real world opinions

If she can not afford the mortgage payment on this property how will she afford to rent it? Is it even worth it to go though the trouble of a short sale to only get 5k off asking price?

I do not see how you are being screwed out of 150+ K ??? YOU agreed to the purchace price the economy changed the value went down. YOU bought at retail price. YOU assumed that the property would appreciate. YOU screwed up and now want to place the blame on everyone else?? Besides there being lack of ethics is this country this is the other problem. YOU need to be responsable for YOUR actions. I dont see how your personal house is a business decision, as was said before. You made a bad investment (if that is what you consider it) that did not appreciate to your expecations and now want a bailout (foreclosure)? Bet you would not be walking away if it was appreciating! Investing does involve risk!

Have you done good research on the street? Rochester is very spotty and I would not buy there without accually seeing the property. Sounds like an ok deal otherwise, however I do think you would not be able to offload at 60k if you chose to sell. There are to many decent condition duplexes in the area for under 40k. I would fly into the area and check out a few properties and get to know the city a little before you buy. I invest in the area and go up the about once a month so if you need me to take a look at something let me know. Feel free to PM me if you need anything.

I have purchased a free and clear list before. You can buy from listsource or melissa data. I hand addressed all envelopes, and put a letter inside that was signed and included my business card. I sent out 90 letter and had 15 people respond. I bought a property from one person who responded and he held the note for 15 years at 8%. Ended up making some great contacts also. I think the list cost about 65$, but it is all based upon how many peoples contact info your buying.
Good Luck

If you put down 20% ($23000) the assuming the loan is for 30yrs at 7% the payment is $612.08. Taxes $215 a month. Management 130$ month. Maintenance 150$ month. Insurance $45. Vacany 108.33. Water $45 Do not know your insurance costs or if your paying water but I am going by what it costs for my properties. Total would be 1305$ . I guess if you are self managing you could eliminate that cost and you could eliminate the vacancy also, however I do like to include it when I analyze. I think you need to buy at a much lower price. I have seen properties in my area with comperable rents selling for 50 or so.

What are the rents?

Why are there only 16 out of 72 units occupied? Is this in a declining area? Do you think youll be able to get it fully rented in the future? I would think you would need to have lots of funds to cover the repairs and holding costs during repairs. Can you post the rest of the numbers? Taxes, rents, etc?

I also think the repair costs are estimated to low. I know I estimate 10% of rents also. At 18$ a month or $216 a year you are going to be paying out of pocket for repairs. Also keep in mind you will have big ticket items in addition to normal maintenance and repairs such as a new roof or furnace.

I was considering doing something like that. I was going to give them pre-addressed and stamped envelopes and have them mail me the difference each month. I might try that. I do not think they would deposit it for me as they are not that motivated (lazy) They stay home all day anyway so its not the part of acually mailing the money to me, just getting the money in the envelope. The person I had bought the house from had been picking up the check for me each month but our contract has been coming due. Tenants are excellent, just dont know if they are that disciplined. Thanks for the Suggestion Josh