All Forum Posts by: Sean Tracey

Thank you @Mark Nolan! I plan on it. 

@Account Closedthis is such an interesting and enlightening situation. Thank you for sharing. While I commend your compassion and generous actions, I have to ask: are you going to cash flow on this property if you agree to the raised, but still under market, rents? Sorry if you've mentioned this, and I've missed it. 

Hi Dawn, do you get a generally positive/neutral reaction from potential renters when you initially let them know it's month to month? As someone who rents, I'd feel pretty insecure, so I'm interested to know if I'm unique in that sense. Also, do you ever extend the lease terms beyond one month for good tenants? 

Thank you for the warm welcome @Thomas Franklin! Good luck to you. 

Are all the units currently occupied? Have you factored in any vacancy as a result of pushback from current tenants that wouldn't want to see their rents increased to market rate? That might be additional vacancy to what you would already factor in. Also 9% seems a bit low to me for what may turn out to be a not very passive investment.  

Speaking from my own personal experience, I think tenants like this one may be under the mindset that a landlord is making huge profits. When in reality, margins are typically thinner than we'd expect. I don't think there's much one can do to change that mindset, but allowing emotions to cloud judgement and engaging in less than professional correspondences will only perpetuate the myth of the "greedy, evil, rich landlord". I can't say I would handle a situation like this any better because I've never been in one, and I'd imagine I would easily fly off the handle. The more I learn about business in general, though, is to play by the rules and never let them see you sweat. Simply refer to the rules, which as a landlord you have the power to significantly influence, and never let them see you react emotionally. At least not in negative situations. If you have the opportunity to give back to a good tenant, you can maybe afford to relax the rules a bit. Good luck with what appears to be a difficult tenant, James. 

Personally, I'm avoiding speculating on appreciation. I'm in NY, and it may just be my ignorance talking, but I don't know how anyone can cashflow with buy and hold here. Timing any market, whether it's stocks or RE is not something I'm willing to bet on. 

Just wanted to stop in and introduce myself. I'm a new member looking to figure out if RE is a path I'm willing to take. Capital to invest is not something I lack, but my current predicament is whether I want to divert a portion of my existing capital away from investments I'm gung ho about into RE, which I'm not so gung ho about lol. I've been reading forum posts and thoroughly enjoying the BP Podcasts. This is such an incredible community. I look forward to joining in on many of the great discussions here. 

Hi Amanda, 

I'm a total newb here myself (my first comment actually), but I personally wouldn't pay for any $5,000 education classes for the software. Perhaps there are classes worth taking for a price like that, but from what I've seen there are tons of free calculators out there that could help find deals. I think it's more about getting educated so that you can find the deals. 

There's also a ton of information on this site, and instead of spending money I think you'd profit more if you saved your cash for a property  to invest in after you've dug through all the great, enlightening posts. 

Also, if I've learned one thing about the internet is if there's a paid version of a software, there's usually a free one. Maybe there is some out there, so hopefully some more knowledgeable people on here can answer. Remember, though, I'm a total newb here, so take everything I say with a grain of salt. Good luck!

Sean