All Forum Posts by: Peter Morrissey

My understanding is that even though there is a moratorium, the tenants are still liable for the debt. Has anyone successfully been able to sue a tenant for back rent? I realize that collecting is another matter, but let's say the tenant likes nice cars and cares about their credit. There is also a service that will supposedly register an unpaid debt with all three credit bureaus. Has anyone used them?  For example: https://www.aoausa.com/secure/... I'm dealing with someone who refuses to communicate and if I go over and ask questions accuses me of harassment, so there is no chance of working together to obtain government relief of some kind. I am out about 10K thus far. Thankfully all my other tenants are paying!

Thank you,

Pete Morrissey

I have thought about using portfolio lenders as well, but don't you give up on the rate/LTV/term numbers? This is not ideal if you are trying to tie up as little capital as possible while keeping monthly costs as low as possible with a long term buy and hold strategy. Are there other benefits? Pretty sure I have heard it is more asset based which factors in the income you would generate?

Pete M.

Really? 

I am trying to determine reasonable cleaning prices to go with a checklist for a tenant who has been served notice. I would mostly like to motivate him to take care of it himself, but I would like the pricing to be somewhat reasonable as well. Ideally, I would like to break it down per item, such as sink, toilet, wood floors, fridge, stove, bathtub etc. Any thoughts would be appreciated.

Thanks,

Pete M.

This Bill is supposed to ease regulations for regional banks. Wondering if any bankers out there are familiar with the bill and potential impact on investors. Curious if it could wind up cutting interest rates a tad due to decreased costs by the banks, or even provide better loan/financing products for investors or better terms. Or, will it just decrease costs and thus increase profits for the banks. 

https://www.americanbanker.com/opinion/crapo-bill-...

 Thank you for the diagrams Jim! I definitely agree with all your suggestions including tiling to the ceiling as that avoides every having to paint over the tub which is difficult and risky. It also looks great longer than the plastic surrounds. I have to see exactly how the plumbing comes up as moving the location of the shower/faucet etc could add cost. There is definitely lots of room on the other end of the bathroom and I am trying to figure out if there is an easy way to leverage the space to add some value as it is almost twice the size of most of the bathrooms you seen in duplexes. Thought about adding a washer/dryer stack. It is on the second floor which I think makes that more valuable to the tenant but also would likely be a 1500.00 minimum undertaking and I'm not sure it would raise the rent enough to justify. Definitely with you on the carpet as well! I plan to install tile on the floor. 

I may put glass block in the window as that worked out really well in another BR that I did. In Syracuse, windows are a big plus as you want to let in as much light as possible which tends to be limited by cloud cover.

 Hi Pat. I did check there, but found it confusing. Here's what is says: 

Then in the tax section, it just lists the taxes. My guess is that the 16K is the amount taken off the assessed value. Still need to call them, but it would be nice if there was a way to figure it out without calling. 

Hi Wave,

The list that @Russell Gronsky provided above is actually pretty good. I would list put them all in a list, and even better yet, a spreadsheet. There is also a calculator available under Tools but you have to know all your expenses and projected rents before you can use that.

I use zillow.com, trulia.com and craigslist.com (map view is handy) to better understand what rents are going for in the immediate area. Trulia also provides a "crime map" which can also be insightful. Zillow and Trulia will also allow you to sign up for alerts for new rentals that come online. Depending upon your definition of a "c," there could be more turnover to consider in your numbers. Good luck!

 Thanks very Much Karen! Don't know how I missed it. : )

 Thanks Colleen. Labor is the issue here. Trying to do less of that as I go along and value my time differently. I like the idea of covers, although they ain't cheap either!