All Forum Posts by: Nick Roth

Thanks Dan! Yes I agree, I'd rather be conservative than the opposite. I honestly do plan on managing the property myself but as I become more experienced and do more networking I'd like to eventually hire a property manager, so I'm just cutting it down the middle at 5% compared to 10%. Ideally the property will also be renting for $2k within the next few years as well, I believe $1850 is currently on the lower half. 

Thanks for the thoughts and response Dan! 

Thanks Alecia! 

I truly believe this will be a great/stable home so I have faith this will ultimately be a good decision and investment when looking back at life.

It's definitely not a home run deal but and also considering other benefits as well like tax benefits, etc. I plan on having tenants pay for water but can agree the cashflow is slim for now. Thanks for the response Vadim!

Hey All!

Attached are screen shots of my analysis for my next investment property, long term hold.

Looking to get another set of eyes and insight from more experienced investors to see if I'm missing anything or if this is something worth pursuing. 

Looking forward to this!

Nick

You guys were right, this deal did not go through and I lost earnest money. Lesson learned the hard way. Onto the next!

Hey everyone,

I am under contract for a home in Brook Park, Ohio and it just got classified as a C5 category. I got this property from a wholesaler and was able to convince them to let me get this house under contract with bank loaning. 

The bank said they cannot loan on a C5 (unlivable) house. One way I can go through with this is if I get a bid from a licensed/insured contractor to turn this C5 into a C4. 

Please send any recommendations my way, this needs to be done as soon as possible.

Thank you!
Nick 

I appreciate all tips and pointers everyone. Thank you!

Ended up writing up a termination letter that we both signed.

Onto the next!

I have a situation where a tenant is backing out of the lease due to health related issues. They had signed a lease and as they was moving in, found out the home just isn't right for them. I have since then found a new tenant and had them sign a lease. 

Should I write up a termination letter to officially cancel the first tenant who ended up backing out of the property?

I would imagine I could just write a letter and have us both sign it? I would simply put in the letter - "As of January 28, 2023 both (landlord/myself) and (tenants name) are terminating the lease at (my rental address), effective immediately on January 28, 2023."

Is this all I need to do? or should a termination letter be more in depth, if necessary at all

Thanks in advance! This is my first rental and situation like this 

@Regan Sellers Coté thank you!

@Paul De Luca yeah I have it posted on FB Marketplace but there is soo many "is this available" messages and then no one replies, seems like its been more of a nuisance than anything.

I'm hoping once January starts there will be more people moving. If the end of January comes around with no qualified applicants I will lower the price a bit