All Forum Posts by: Sean N.

I use applyconnect.com. The person(s) applying for the unit (home) pay for it online.  I never take money or charge a fee.  It works pretty well and gives a detailed background and credit check on the same day they apply.

I saw your header and question and knew what I wanted to say but then saw Andrew's post.  It's always important to get everything in writing, even something as simple as a tenant agreeing to cut the grass. There are plenty of examples of tenant release forms on the internet for expectations of the landlord and renter.  He's also right, if renter B takes the deposit back, there shouldn't be a problem. 

Quote from @Dan H.:

I suspect that puts you 7 more rentals than many of the attendees :=).

Sorry you cannot go, you know so little that it has no value to for you to learn anything additional :=).

I

I'll assume that's just a joke, I started 7 years ago, growing organically, 1 unit per year all on my own dime and self managed.   My wife wants to go but can't imagine her sitting in the hotel room for 3 days.  Anyone else bringing their spouse that will be sight seeing or shopping while the other is busy at BPCON?

I really want to attend but I only have 7 rentals.  Can I still go?  Will Beardy Brandon be there?  I haven't heard otherwise.

I didn't think about the depreciation recapture. Right now Grand Rapids is a hot market even in these uncertain times so thought I would be able to get the most out of the rental house if I sold it. Not tired of being a landlord since I manage 2 other duplexes myself in the area.

As the old saying goes “build it and they will come” to me means if I build a duplex with the right tenant in mind I shouldn’t have any problems and target a tenant that is looking for a nice place. I think somethings can be under the “Mrs Murphy Law” to some if little degree as well to have the right tenant (if I understand it correctly).

i knew there would be some questions to fill in the gaps for more detail which is great.  My first post was mainly to get the ball rolling.  The rental is just a single family.  We currently live in a single family with a lot of equity I'll be able to pull to start construction when that time comes.  But yes, I am aware of the 50% homestead for property taxes.

I currently have a SF rental house that I’ve owned for about 6 years. It’s worth 180 – 185ish and still owe 126k. If I sell it, roughly how much would I have left after listing, fees, commissions and taxes if I don’t do a 1031 exchange to buy land and build an O/O duplex within the next 2 years?

I’m currently netting $400 in rent and will lose that income after selling the house until everything is done at the new duplex but a future tenant will be paying for my mortgage for my new residence.

Is it really worth losing money now to know that in the future my mortgage where I will be living will be paid for by the tenant? I still have a W-2 job and that would free up more personal income.

I was finally able to convince my wife and explaining that “our” side will be our dream home with an en suite and soaker tube, walk in closet, huge pantry, granite counter tops, yadda yadda (sorry . . . old Seinfield episode).

Thanks

Just got off the phone with my mortgage company and they are able to halt the payments for the next 4 months with no late charges or report to the credit bureau. It will require a balloon payment on the 4th month so I plan on making 1/2 - 3/4 payments.  I have enough in reserve for full payments but I'm just being proactive.  I'm going to send out letters to my tenants today to let them know they can make what ever payment they are able to afford, but a minimum of 50% is required and the remainder that they don't pay will come out of their security deposit but let them know that they will have to replenish their deposit later down the road.

Detroit just halted all evictions and I'm sure Grand Rapids will follow shortly.  Thankfully I just finished up an eviction the first of this month so that's all done and out of the way.  I'm not worried yet on my other rentals but if it becomes an issue I will ask them to pay what they can making partial payments and play catch up later.  I don't think it's a good idea to pull any money from their security deposits.  I have 1 tenant that's been living there for 27 years and they never had a deposit.

Thank you everyone for some input.  I made a list of all the CUs in my area and I'll be making some phone calls.  I have a SF I want to sell and 1031 into a duplex.  I have 2 other duplexes and for some reason I have less problems with them than the SF.  So, I want to zero in on a niche (1" wide - mile deep) and just focus on duplexes.