All Forum Posts by: Robin Thornton

Thanks @Twannisha Jackson.  I must have missed that episode.

Thank you for this post @Chris Seveney. I am new to REI and this confirmed what I was thinking about my own situation. I've been learning from BP since around 2017 but I didn't do any REI until 2021 when I inherited my 1st rental property (SFH). You are right @Nicholas L. because up until then I've often felt like I should be analyzing a certain number of deals per week and if I didn't then it meant that I was stuck in "analysis paralysis."  Due to the loss of loved ones, I disconnected for almost 2 years.  When I reconnected... "40 out of state rentals in Cleveland to replace your W2" @Michael P. is hilarious.  But surely @Scott Trench I learned from BP that REI is a long game. I want a 2nd rental property and I considered a HELOC for the down payment so that I could keep my cash but the idea of a debt service loan payment, the HELOC loan payment, losing equity, and the risk of losing my primary just doesn't feel good to my soul and @V.G Jason I do not want to hear those chickens coming.  Anything can happen like the stories I see about people's property taxes suddenly increasing by as much as 450%.  Did I miss a discussion on that in these forums?

Got it.  A general amount for safety is exactly what I was asking for.  $15K to start sounds good to me.  Thank you so much @Jonathan Greene.  I appreciate you being in these forums too.

Well thanks for clearing that up @Russell Brazil!

Thanks @Cory M..  I wish you the best with your first property.   I really appreciate you @Nathan Gesner for being in these forums.  I am grateful for your valuable insight.   Thanks @Adam Bartomeo  and @Theresa Harris.  I am very familiar with the property and have already calculated what I need to save each month including for the Cap Ex items I will need in the next few years.  I have no children and no debt except my primary mortgage which is very low.  So, it sounds like I will be more than okay with about 10K to start @Emanuele Mayer and a nice line of credit.  This will allow me to put more money toward my 3rd property.  Thanks everyone!

Hello Again Good People of the BP Community.

I just rented out my 1st SFH rental property which I own free and clear. All major systems have been well maintained. Other than saving a certain amount from each rent payment (for taxes, insurance, PM, general repairs, maintenance, Cap X, and vacancy), does anyone have a rule of thumb for what a good amount of reserves would be for a SFH or any 1-4 unit property? I feel like I should transfer some personal funds to make sure this property is well covered before I purchase my next rental property. Any feedback would be greatly appreciated.

UPDATE @Abel Curiel, @Sam Kahl, @Nathan Gesner, @April Rae- The TRAP HOUSE Next door is no more! My SFH has been rented and the owner of the house next door cleaned up their property. I guess staying on 311 worked because the letter I sent to the owner was returned unopened. I just wanted to share what happened after what appeared to be doom and gloom. Thanks everyone for your feedback. I really appreciate it.

Thank you @April Rae!  I sent the landlord a letter with 23 pictures using certified mail with return receipt.  I also Cc'd / emailed that letter to the housing authority contact person who handles complaints about section 8 properties.  I am the only voice.  The other neighbors are afraid but they cheer me on from the sidelines and keep me updated on what is happening in my absence.  Thanks for your feedback.

@Sam Kahl The neighborhood is Cameron Village.

@Abel Curiel the neighbors have been neglecting the property since they moved in about 2 years ago which was shortly after I took over my house.  Early on I spoke to 1 of the 3 young women who I assume is the lease holder about what will happen (rodents, etc.) if she doesn't keep the lawn cut.  She was neighborly and thanked me for cutting her grass on that one occasion.  I live out of state and was getting there every 3-4 months.  If I happened to be there on my scheduled grass cut day, I would have part of her front lawn cut.  I may or may not see any of them.  But its been longer than usual since I've been there.  My family does regular checks and some of the neighbors send me pictures.  I also had work done too since I was last there.  So, @Sam Kahl they probably know it is me.  I will probably see them again soon with my same neighborly attitude.  

I am also dealing with them parking in my driveway.  My family started not being able to pull in sometimes.  So I switched from a store bought towing sign to an official towing company's sign.  They noticed right away and stopped parking there for about 2 months.  Initially I told the tow company that they appear to keep a 9to5 type of schedule but recently my other neighbor saw them repairing cars in my driveway during the day.  I let the tow company know they should monitor 24/7 now.  No cost to me for the sign or monitoring.  

Yes, @Nathan Gesner.  Until I get back there, I will continue reporting the lawn and trash issue and notify the landlord.  Maybe they will get towed in the process. 

Thanks everyone for your feedback.