All Forum Posts by: Eric M.

It won't get you all the way there, but if you close after the first of the month you may be able to get prorated rents. For example if you are collecting $20,000 a month in gross rents and close on the second of the month you would get credited 29/30 of$20,000 which would go a long way towards your 50k that you need.

3 Votes

I'm curious about your property. What did you end up doing with it? Did you walk away? Do you still own it?

0 Votes

I'm interested in learning more

0 Votes

Congratulations @Matthew Neal!

Will you share some of the details on the property? How did you find it? What class is it? What do the numbers look like? How are you financing it? What did the negotiation look like?

0 Votes

Oh no! What happened?!?

0 Votes

Monthly Rent: $1,200.00

Property Taxes: $84.00 a month

Vacancy: $60.00 a month(5%)

Insurance: $50 a month

CapEx: $60 a month(5%)

Management Fee: $96 a month(Management Company: HomeRiver Group, can be moved to your own choice)

SFH, large fenced in yard, new roof, HVAC, brand new kitchen and appliances, and bathrooms.

All utilities in tenants name

Currently 6 months remaining on lease

Please email Adam at [email protected] for more information on this home.

0 Votes

@Brandon Turner and @David Greene,

Bring on the Weird Al Real Estate Parody. You Promised.

6 Votes

You're right, I'm probably not good enough with spreadsheets to prove it in that way. But that doesn't mean I'm wrong.

Joshua, It's OK if you can't come up with your own spreadsheet, but you have to at least show us where Chris made an error in his calculations. It seems that you keep trying to use "logic" for your arguments instead of math. If you can't come up with your own calculations which show that your method is superior AND you cannot show us where Chris has made a mistake in his calculations, I cannot see how you expect anyone to be persuaded by your arguments.

1 Vote

Originally posted by @Donald S.:

Originally posted by @Jeremy Paschedag:

Curious, why give them a cashier's check/money order to begin with? Why not give them a regular check?

This was an inherited tenant on a new property, and the checks for the bank account I set up for this building hadn't come in yet. I wasn't going to give them cash for in case they claimed I never gave it to them. And Cashier's checks are the next best thing to a check since the money comes out of my account immediately so I don't have to worry about it getting pulled at a later date when I might not have enough cash in there. Since these were inherited tenants, we received a credit on our closing for their sec deposits, and hadn't gotten around to separating the money into a savings account for that.

FYI in the future you can ask the bank for a "counter check" if you are out of (or have not yet received) your checks. (More info on counter checks)

1 Vote

All Forum Posts by: Eric M.

Eric M. has started 6 posts and replied 102 times.

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Post: Tenant lost security deposit check (the refund)