All Forum Posts by: Nate LaBlance

Hi all, I've been housing hacking a duplex since 2021 and due to some life changes will be relocating out of state. Since I only own one property (duplex), I've been the property manager. I use the Rent Redi software to manage my tenants, so everything is done electronically. I've considered a property management company, but the cost just doesn't seem worth it although it would be convenient. I've also considered just flying back to town and showing it myself as it would be roughly the same cost to do that versus a property management company, if not a less. But that's obviously a very inconvenient option. Has anyone had any experience with this and happen to know a better way to show the property and get keys to tenants when your property is out of state? Or if you're not going to do it yourself, is a property management company the only way? Any insight is much appreciated!

@Chris Seveney

My taxes increased $360.00 per month (from 212.33 to 571.23), and the escrow shortage was around $5,000. So my monthly payment has increase $811.00 per month ($358.90 tax increase + $452.81 to repay the shortage over the next 12-months).

Hi all, I wondering how to factor in tax increases into my deal analysis. I don't know if there is much more you can do besides look at what taxes on a property were in the past?

I purchased a duplex a little less than a year ago. I have been living in one side and renting out the other unit. I had positive cash flow until just this past month when my escrow account was reviewed. Due to tax increases, my escrow account has a shortage. So now on top of the tax increase, and having to pay back the shortage over the next 12-months, I no longer have positive cash flow. 

So my question is, do I just have keep a separate reserve fund strictly for tax increases or is there a way to factor the increase into my deal analysis? I'm just worried that in 12-months, once the shortage is paid off, taxes will have increased again and I'll continually be paying a shortage year after year. Obviously, with the property I'm in now, I don't think there is much I can do besides weather the storm. But just looking to see what some strategies are that my help with future deals.

Any advice or past experience would be much appreciated. 

This may be a dumb question, but here it goes...

I purchased a duplex last August (2021) for 325K that I'm currently house hacking. With plans to eventually rent out both sides and hold the property. I used an FHA loan, so I am paying PMI. I'm wondering, if I had an appraisal done this August (2022) and the property is valued higher than what I purchased it for, would that bump up my equity in the property or would that require me to refinance for the new value before the change in equity would take effect?

My thought process was that getting an appraisal and aquiring more equity, getting me to that 20% mark and elimate my PMI. Or am I wasting money on another appraisal at this point?

Any advice or past experiences is much appreciated!

Hey all, I recently purchased my first owner occupied duplex and inherited the tenants the other side. Once I put the property under contract I was given a copy of the inherited tenant's current lease, which was due to end a month after I closed. Come to find out, about a week after the property was put under contract, the seller renewed that tenant's lease for another year (when the current lease wasn't due to end for another 3 months and 20 days). Is this legal to renew/extend the lease of a tenant after the property has been put under contract? And, without disclosing that information to the buyer?

I found out about the lease renewal from MY TENANT when I notified them that their lease term was coming to an end. So not only do I look unprofessional in my first interaction with my new tenant, but I'm also stuck with the terms of some one elses lease not just for the one month as I had planned, but for another 12 months. 

Is there any action I can take here, or do I simply chalk it up to a learning lesson and don't let it happen again? Any advice is much appreciated!

I recently purchased a duplex that has both units currently occupied. One of the unit's lease ends before I close, as I plan to house hack this property (my first rental property). The other unit's lease will not end for couple months after I take over. Obviously, the lease is one of my main focuses at the moment. I'm scheduled to meet with an attorney to review and revise the current lease according to my specifications (Like the tenants paying utilities). Is there anything else I should investigate, prepare for, or watch out for in regards to inherited tenants? Thank you for all the insight/advice in advance!

@Kelly Watkins That makes a lot of sense! Thank you for laying that out for me.

@Toby Khan There is a meeting on March 6th from 5:00-8:00PM I just found on meetups.com. meetup://WichitaREIA/events/kjbprryccfbjb

@Jonathan R. Thank you for the information! I'll check it out.

Hi All! Looking for my first rental property investment, which will also be my first home purchase. Should I factor having to pay some of the closing costs as a buyer or does the seller always pay? Or a case by case basis