All Forum Posts by: Sean Lambert

When I used to do non-month to month leases, when the lease expired (after the year term or whatever is up), it switches to a month to month lease. You might want to add that to your leases. If they pay the increased amount on the first, all is good, right? If they plan to move, they owe you a 30 day notice. If they’ve been good tenants for two years, just sit tight and see if the extra dough shows up in the rent check.

I created a simple spreadsheet where I MANUALLY track monthly cost per rental, income, cash flow, then the interest rate I’m paying on each loan, amount owed on each loan, the Zestimate (I know it’s not accurate, but it’s something easy to look up) and then the equity (again, going off of the Zestimate). Then it shows for the portfolio: monthly and annual cash flow, total amount owed, total Zestimate value and total equity. It’s nothing magical, just helps me track where I’m at.

what @Jim K. says.  get them out, pay them if you must to get them out and restart the LL biz.  good luck.

It depends on where you live, but you can check Craigslist and Zillow.  Drive around and look for For Rent signs, check local newspapers.  Good luck.

What are your goals and interest in BRRRR? Do you currently rent or own a home? Congrats on saving the $20k. It's probably time to put it to work, but we need more info on goals.

instead of using the blanket 50% for expenses, list out the actual expenses and get a closer to exact number for cash flow.  You just have to list out the income vs expenses.  Good luck. 

James Catuara I just created my own and have been evolving it over the years. It probably doesn’t look as pretty as the BP reports, but I just want to look at numbers and tweak them quickly based on different terms and expenses I’m comparing.

I use a spreadsheet for all of my analysis. I like to know and see the math. Disclaimer: I’be only glanced at the BPcalculators.

My rentals are 30-120 minutes away, so the distance from home shouldn’t be a concern. Like others suggested, break the expenses down more instead of the 50% estimate. Jump in, give us updates and take lots of before/after pics.

Closings slip some times for various reasons.  Has the seller told you why you can't close on Friday?

Maybe the seller is trying to get the current tenant to move out before closing?

I wouldn't list a property for rent until you have the keys, papers signed AND recorded.