All Forum Posts by: Sara K.

I use Cozy and like it, but we only have one rental (so far!). I don't believe they have limits though, and no fees to send or receive ACH payments. 

Do you know their payment history?

I would want to verify their income since their rent would increase, whether you want to do a full background and credit check is up to you. *This is assuming you have proof of a clean payment history.

If they mailed a check and it was postmarked October 1st, would you consider that late?

I use Cozy as well, I wouldn't consider rent late if the transfer was initiated October 1st.

Thank you for your service, @Kevin Toland

@Francesco Barbati who is loaning you the money? You both need to be fully aware of the tax implications. The IRS will tax the gift, you can research imputed interest.

I don't understand why you would purchase an investment property with such strict rental rules. What if the building stays at 20% rented for the next 5 years? 10 years? Even if it dips below 20%, how is the next allowable rental chosen? It doesn't seem like you've done your homework.

I don't see maintenance included in your numbers, either. $150 or less cash flow wouldn't work for me on such a large investment, personally. I cash flow more than that on an $80k condo.

I don't see any money being set aside for property taxes, vacancy, maintenance, cap ex, etc? Who is taking care of the lawn?

Wow, that wasn't very bright of the previous landlord!

Are these tenants still under an active lease or have they transitioned to month to month?

I doubt you will get very far with a lawsuit, if you can even find an attorney to take the case. Inspection reports have a ton of fine print, and protection for the inspector.

Going forward, I would recommend that you steer clear of inspectors recommended by your real estate agent, or anyone else with skin in the game. Your agent needs the sale to go through in order to get paid, remember that. 

Congrats!

My husband and I just bought our first rental last month, I already can't wait for the next deal! It is truly addicting.

Thanks for sharing.

In Central FL, the going rate is $25-$30 per cut for a lot that size, no contract necessary.