All Forum Posts by: Jeremy Fields

@Joe Fairless 

Impressive. I've just started out investing full-time and currently have 4 single family rentals. It's a start, but have huge aspirations and realize I need other investors to help fund deals. My burning question...how did you find the guys that funded this deal?

@Daniel Mohnkern - I had never thought of a month-month lease in the way you describe it. A yearly lease does certainly force someone to evaluate whether or not they want to make a new commitment to stay in their current home. However, if the landlord has done their job then the tenant wants because they are being provided all the things they expected originally. Most people, I feel, move because they want something different. If different is what they want, then they'll leave no matter what the lease term is.

Also, with a 1 year lease you know the time of year you will always be filling a potential vacancy. In some markets this is very important as winter months provide horrible times for a move-in thus less people looking to find a new place.

Hello all. I have decided to take the plunge into full-time investing and my first priority is finding private money. Will a blog and/or Facebook page help to draw those looking to invest with me? Will it help to add a level of legitimacy? I have 2 concerns holding me back: Worry that my tenants will stumble across all of my information. Worry that problems will arise from everyone knowing that im successful and making money. 

What are your thoughts?

I began using Cozy.co a couple months ago for student housing and it has worked great. There are no fees. Both the tenants/parents and I like the automatic payments. The one downside to this software is that it takes about 5 days for the money to land in your bank account.

I second @Lucas Housos. If you find the right deal you should be able to break even or create passive income with a single family or duplex. If you are unable to qualify for an FHA loan, I'd suggest a co-applicant (parent, friend, other investor) or searching for a seller financing.

Good luck.

Your tenant is allowed to keep a messy/untidy apartment, but not unclean. If his cleanliness is not up to your standards I would enact a new standard in the new lease you sign with him. This standard of course comes with stipulations that you may bring in a housekeeper at his expense and/or start eviction proceedings. 

Inheriting a tenant always comes with challenges. Having the existing tenant pay the higher rent amount without renovations on your part sounds great. Keep the standard of cleanliness, pocket the extra rental income for the renovations that will come at some point, and prevent the unit from further degradation.

Thanks for the advice. I do believe I'll begin instituting a quarterly visit whereby I can address any maintenance issues and look for new ones. 

That seems reasonable, right?

I have a tenant who pays on time, keeps her place clean, and plans to rent for several years. However, she asks for the most annoying things to be fixed and it's taking more time than I want to spend. 

Examples: mailbox door wont always stay shut, crickets and other insects (basement apartment), door to furnace doesnt stay shut, screen door wont lock, etc.

I have a hard time saying no to her requests, because in reality I guess these things should actually be handled, but it's stuff most of tenants would handle themselves or just shrug it off.

Any suggestions on how to combat something like this?

Thanks for all the advice. The problem with this house is that it's in an area where home values are low, but rental rates are high comparatively...student rentals in college town. Purchase price of $185k, $100k in repairs, rent monthly of $3400. 

I have come across several potentially profitable flips and can either get a loan from the bank or have the seller finance the purchase however cannot find a way to get the money for the renovations? Hard money lenders want to do a loan on the purchase plus renovations, but with their loan to value ratio requirements there is still not enough? Where else can I turn? Been diligently working on a private party loan...nothing yet.