All Forum Posts by: Missy H.

Hi @Charles Stubblebine

I agree with @Jerry W..  Check Craigslist to see what other properties near you are renting for.

I too keep my rent a few dollars on the lower side, especially for the good tenants.  I have one tenant who has been in my property for 2 years with the lease expiring in June 2016.  I have no intention of raising it this year, but when they re-sign the lease, I will let them know at that time that the rent will go up by $30.  If they decide to move at the end of that year, then so be it.  But at least I know that I gave them more than enough notice and if they were going to move over a few dollars, they would have done so no matter how much notice I gave them.  

Good luck!!

@Sadye S.

I would suggest to not get involved in the relationship between your tenants and your grandparents.  I know that it will be hard, but pretend that it was another one of your grandfather's employees.  Would you get involved?  

In regards to your tenants' actions, have a conversation with them and point out the lease violations that you have observed.  Explain that they need to correct these violations immediately and document it.  You may want to have a lawyer draft this letter to make them take you more seriously.

Family and business don't mix so keep the two separate.

Good luck!

Hi @Brad V.

I rent where I currently live but own three rental properties. I think the choice is your to make based upon quality of life and expenses.

When I purchased my first property, I lived in a basement apartment half a block from the beach paying less than $700 per month. It was perfect for me and I LOVED it. The property that I purchased was a 3 BR / 1.5 Bath 4 blocks from the beach but it was more cost effective for me to rent out that house and have live by myself in a smaller place - perfect for 1.

I was still renting that same apartment when I purchased my second property.

Sure, I could by a house/condo, live in it and pay the whole shebang or live with roommates - or I could find a place that is low cost and have someone else pay the PITI on an income producing property.

Good luck!

@Edita D.

Why would you wait to use the deposit?

Bill him for the repairs.  Does your lease indicate that monies paid will first be applied to "additional rent" or "repair costs"?  If so, his next rent check will go towards payment for the fence/flooring and then he will owe your for current rent.  

Send him notice to pay or quit, based on the local laws.  Start the eviction proceeding based on breaking the lease (if the lease addresses pets) and non-payment of rent.  Don't wait another day.  Finally, you may want to contact an attorney to handle this process for you.

@Kevin Prentice and @Joe Splitrock

I enjoyed the post and am glad that you work things out.  Truly valid points on both parts.

In the words of Mark Walberg and Seth McFarland...."Thunder Buddies for Life."  LOL!!!

@Patrick Rowe

I would suggest that you shop around to see what the norm is for your area.  On my recent purchase, I obtained a loan for 4.8% fixed for 30 years.   Check with local banks and credit unions, they may be less expensive and have more options for you.

Hi @Danielle Morris

Welcome to BP and good luck in you endeavors.  You have definitely come to the right place to learn about real estate investing.

@Chereny Woodard

Definitely fire your PM.  

With a little bit of preventative work such as no frills in the apartment (refrigerator with a water dispenser or garbage disposal), a strong lease agreement and a list of skilled tradesmen, you should be able to self-manage. The lease agreement is the most important.  It should clearly define the tenant's responsibilities, especially on things that they break and their requirements on rent payment.  Hold them accountable down to the letter and do not let anything slide.  Make the tax deductible trip once or twice a year to visit and inspect the property and keep things running smoothly.  

@Tess Tari

I have 5 rental units, all in varying stages from lower end (laminate counter tops and stick on floor tile) to higher end (granite counters and hardwood floors).  Yet oddly enough, I rent a studio apartment with hardwood floors, oak cabinets and laminate counter tops.  

For me, it really comes down to living in an apartment that is clean and somewhat modern.  

Don't go to the max in your renovation.  One bad tenant and your expensive renovation will not be worth it.  Clean, Convenient and Comfortable - that is my motto. 

@Jack B.

"WOW" is right!  Hope the next one is better,