All Forum Posts by: Ryder Cotton

Hey Phillip, 
I hope you're doing well. 

IMO, I would try to work out a payment plan with her and get her out sooner rather than later. I understand that she's having a lot of issues; however, it could take her another several months to catch up and that's IF she's able too. You may end up having a non-paying tenant for much longer than you would like. So, perhaps letting her stay to catch up isn't ideal for you. 

I agree w/ Joe. Waive the late fees or waive a month of rent and get her out as easy as possible. Dealing with courts isn't necessarily a lot of fun. 

Hey Baylee, 

I hope you're having a great day! 
That's awesome that you're thinking about buying your first investment property at 18 years old. I wish I had done that. lol Took me 27 years. 

IMO regarding your first purchase is:

1. Talk to a lender. Talk to a few of them. Get familiar with some of the loan products their offering, interest rates, & what documentation needs to be provided. 

2. Once you're given a ~purchase price, you will have a number that you are able to work off of. This way, you can run your numbers accordingly and don't look at homes way above/below your price range. 

3. Work with an investor friendly agent. They will be able to walk you through the comps of a given neighborhood and should be an invaluable resource. 

That's where I would start. :) 

I may have some contacts out in Ohio that can help you. Send me a message. Would love to connect and be of service any way I can. :) 

IMO - 1. Send condolences 
2. Security deposit collected should remain in place until they move out

3. Ask what their plans are regarding a new pet. 

4. If they say they don't plan on getting another animal, amend the contract and remove the $50/mo. Or if they do plan on getting another dog then pause payments for them until they do. 

At the end of the day, the security deposit has been collected to cover any damages at the end of their lease (outside of normal wear & tear) & they shouldn't be forced to pay a pet fee is there is no pet. 

If you're concerned about them lying to you about another potential pet, just remember that you have their security deposit to lean on as well. 

Let me know if you have any questions.

Lots of good options here! :) 
I just set up an additional checking's account under my primary acct w/ Chase. I can use that account to write checks from, and even make utility/mortgage payments directly from the account. Lastly, I even have a debit card associated with the acct. Just keep track of what your buying and copies of your receipts. You should be able to use an excel sheet until you begin to scale.  

Is everyone else in your tri-plex paying on the 1st? If so, it may be best just to bring her back to the first. The 23rd is only a week shy of the 1st. This way you can have a clearer picture on how your investment is performing. 

Perhaps option 3 is the best for you, especially if you're okay with collecting the current months rent in 3 installments.

What kind of commercial R.E. are you looking at?

You can use a title rep to help you find the names, addresses, and phone numbers to homes that you are looking for. Also, white pages or spokeo can help you get info to the owners of a home