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All Forum Posts by: Preeti Sampath

Preeti Sampath has started 12 posts and replied 25 times.

Good morning BP

Our rental property is due for a lease renewal in September and we had already notified tenants that we were planning to sell earlier this year when they asked us if they could renew. Looking at the market now and the change in how buyers and sellers have been affected, we've been considering are options. The tenant lease ends on September 15th and we would be able to put the house on the market only after they leave. Is it better..

a) To proceed with the sale of the property post September 15? If so, what are some things that you would consider in this market?

b) To renew the tenants lease for another year and see how the market behaves? If so, how do you think recession will affect future market in your opinion? 

Thank you in advance for all your thoughts and opinions. 

Preeti

Hey everyone, 

We are thinking about selling our Single Family Home Rental. We have had tenants (really good ones) for 2 years now and they are wanting to extend the lease. But Denver market is peaking and we are thinking of selling it. Can someone advise me what should I do if I want to sell it to another investor or someone who is looking for a home but can wait to move in? 

Also, any recommendations on how to communicate that to the tenants if they have to accomodate any showings.

Thanks in advance
Preeti

Post: Out of State Investing

Preeti SampathPosted
  • Posts 26
  • Votes 15
Originally posted by @Andrew Wehn:

I live in Northern California and just bought an investment property (condo) in Scottsdale, AZ.  Like Jaron said, AZ is "blowing up."  I'm sure the best time to get in was a few years ago but no time like the present.  I have a lot of friends and family out there as I grew up there, so I have an advantage but I'm a huge fan of the Phoenix metropolitan area and see a lot of opportunity.  I suppose it'll come down at some point but probably not this year nor next - we'll see... I plan to make a lot of buy-and-hold investments in the Scottsdale and North Phoenix area in the next few years.

Yep, I have been hearing Phoenix being brought up in the area. I actually want to do a trip there to check out the area. Do you currently own property in AZ? Thanks for your input. 

Post: Out of State Investing

Preeti SampathPosted
  • Posts 26
  • Votes 15
Originally posted by @Jaron Walling:

Boise, ID

Minneapolis, MN

Las Vegas, NV

Arizona and Texas are blowing up if you want to travel further.

Thanks Jaron! I will explore the properties in these areas!

Post: Out of State Investing

Preeti SampathPosted
  • Posts 26
  • Votes 15
Originally posted by @Michael Orlando:

Ohio has some solid markets - Cleveland for cashflow, and Columbus for appreciation. Cinci and Dayton have their benefits too! My partner and I invest in Cleveland though and love the returns we can hit. 

Hey Michael. Thanks for your input. I am interested in Ohio market as I have noticed the investment goes a longer way. Do you guys own SFH or multi family homes? Love to chat with you!

Post: Out of State Investing

Preeti SampathPosted
  • Posts 26
  • Votes 15

I live in Denver and own properties for rentals here. Lately, since Colorado is the new California, we are now in low supply market where prices are rising fast and anything that is good has huge bidding wars and people paying way more than the property is worth. As an investor, I want to look at other states as the Denver market cools off. Are there any areas that are up and coming that are good for rental investing? Also, love to build some connections of people in other states to learn more about their investing experience. If you're looking at Colorado market, I can help you also with insight into this crazy market. Thank you!!

Hey guys. I'm dealing with a tenant who has caused me several issues in the past. He is trying to take me to small court claim to get more of his security deposit back claiming I breached contract by entering the house. I have written permission by both tenants to allow me to repair the house to make it rent ready. I also have a text confirmation from the tenant the day of that he's good with us going in to look at the property and that no one was at the property. At this time, both tenants were not communicating with each other and tried to say we had contractors in the house but the reality was the tenant were moving in and out and I have texts confirming that both tenants were not in communication with each other. Generally, is that even valid? Some context below. 

Background

They left behind a lot of pet damage, completely destroyed the grass, tons of missing items and didn't clean much before they left. The lady has shown extreme instability and has threatened to kill herself in my house to devalue the property. The tenants have not been communicating with each other as they broke up and it ended very badly. We got approval in a letter to get contractor to come look at damages and fix them so we can get it ready to rent. When my husband and I went for an initial inspection to see what needed to be fixed, we found the grass was completely dead and not watered in the hottest months (several evidences to support this). During this time we let them know that we need to get these fixed and we will sync with them on contractor details. We have an email of them confirming that we can proceed with pet damage work that was needed to get the house rented. The guy had moved out two months ahead of end of lease, took the internet which made watering non existent (smart wifi watering). He didn't notify us until it was all dead and didn't make any effort to fix pet or lawn damage.(his response was just water it and it will be good which is a violation of his lease as he is responsible for maintenance of yard). My husband and I spent two days and over 6 hours redoing the whole grass. Needless to say it took almost all of our deposit to get the house back in shape also pushing out the time we lost from the bad communication and non stop instability. I have all the documentation including emails, texts, images that confirm they failed to take care of the property, caused pet damage and left the home dirty, unclean and not ready for renting. Additionally, neighbors have attested they leave the garage door and storage shed open (claims that someone was in the house) and they have known to not take care of the property and also have caused domestic disturbances that caused the police to show up a couple of times. 

Hey everyone,

My previous tenant has been asking me to give her some details to report to Credit Bureau. I am an Individual Landlord that doesn't report anything to Credit Agency. Do I need to provide her any details? She co-leased with her boyfriend and I have record of payments only from her boyfriend and nothing directly from her. She has a track record of being unstable, irresponsible and has even caused damage to my rental. She notified that I have to legally supply her information according to Furnisher's Rule but I have researched and it seems like I do not as I am not entity that reports to Credit Agency.

Please advise.

Originally posted by @John Underwood:
Originally posted by @Preeti Sampath:
Originally posted by @John Underwood:

Also list it on FB marketplace. This has been the best site by a long shot for me for the last year or so.\

I have listed it there as well. I am not too happy with the feedback there. Most people there don't seem to have credit and that's a definite NO for me. 

 I get a lot of volume and yes many of them don't qualify, but it only takes one good one to sign a lease with. So I deal with the abundance of people as this has been where I have found my last several tenants.

That's great to hear. Overall what is quality of the tenants? Like what are some of your qualifications that they absolutely have to meet.

Originally posted by @Joe P.:

I like very simple qualifications and simple fees -- you've already got three listed there and who knows how many others.


The rent is the rent, charge it to cover what you need to. If someone asks about pets, you can get it into those fees at that point, just say you're pet friendly.

Might be something small/silly, but have THE PRICE and let that be it. Also you might be above the average rental so smart buyers aren't going to go for you...the ones who can't afford it are the ones who seem to be the only bites at this point. Consider lowering your rent in line with the market.

The rent is definitely in line with the market. I am of course flexible to bring it down if an awesome tenant comes along but to cover all my expenses as Denver is an expensive ownership market, we need to be closer to $2600.