All Forum Posts by: Shelly Swanzy

@Jerry W.  - Yes payments are right on.  Taxes are approx. $1200 year, Insurance guesstimate $85 month, vacancy rate = no idea (rentals do not stay vacant long-most have someone ready to move in by the time the old tenant is moving out--rural  lower-mid income area mostly B & C tenants with potential for D & F tenants), and renters pay their own utilities with the exception of the RV space cost $150 month approx..  Recent comp 1994 DW 3/2 (no dining) shed 1248 sq ft on 1 lot $62000 (closed w/i last two weeks).  DW included in the 3 for 1 = 1994 3 bed 2 bath 2 living, dining and fireplace  19?? sq ft, with 2 car garage and shed.  

The major appeal to us is that even if none of our properties are rented out we could still afford to pay all costs out of pocket.  This gives us the luxury of time for the screening of tenants and also the ability to help our children start their adult lives a little easier than we had it.  "I'd rather it be empty than to pay someone to live there."

From the narrative it seems like there were three adults living there (the one lying on the bathroom floor, the girlfriend, and another roommate) - strange there was no mention of a young child.   Do any of the names on the narrative match your tenants name?      

March 2011 we purchased a 2 for 1 deal by the lake -- 1 lot w/ SW and 1 adjoining lot w/ DW.  Currently renting out SW 2/1 and living in DW 4/2 1 c.(purchase price $28k -  $8k down @ 6% for 7 years -- we paid off in 3 years)

Current Activity

Our neighbor decided that she no longer wants to do the landlord thing and owns 3 adjoining lots across the street with 1 SFR 2/1, 1 DW 3/2 2 c. , and 1 RV space. She has agreed to sell it all to us owner finance for $65000 - $0 Down 3% Interest for 13 years.

The SFR needs $5k repairs DIY then will rent for $550 month, DW previously rented $850 month - no repairs needed, and RV space is ready to go also previously rented for $400 month.

Our plan is to move into the DW 3/2  2 c.-- and rent out our 4/2 1c.  (since we only have 2 children left at home).

SW #1 -  Rental  $350 month (oldest daughter- helps her and us) -- rented previously to other for $650 month  (if daughter moves then we re-rent for higher amount)

DW #1 - Rental $750 month ($500 month if other two daughters and friend want it like they've already said -- it helps them and us)

SFR #2 - Repair and then Rental $ 550 month

DW #2 -- Live in this one  (FREE)

RV space with fenced yard and carport parking #2 - Rental $350 month (they bring their own rv-- park 3/4 mile away charges over $400 month and no yard space) 

Possibility

**Owner of SFR 2/1 with carport - next to first investment SW - had to move about 6 months ago to keep mother from being put into a home. We brought up that we'd like to buy if they decided to sell. About 4 days ago he came to mow/clean yard and told us that he and his wife were seriously considering selling to us because it was to hard to take care of being that far away --- we'd mentioned previously we could do it if they owner financed and we could afford $1k down and $250-$300 month. ---- So we may have investment #3 shortly after getting #2. (It needs cosmetic work and then could rent out for $550 month).

We are just kind of falling into the landlord thing since we bought our properties in March 2011.  Guess our niche found us.  We definitely won't have to guess what is going on in our rentals - we just have to walk out our front door.  

looks great good luck on your sale

Thanks @Marcia Maynard good to know just in case.

 We found our properties on the mls and their sales price was too low for a mortgage. So we presented the realtor with our offer to rent to buy with $8000 down (sales price $28000 needed rehab)  Realtor called and said seller accepted our offer.  Just ask they'll either say yes or no.

Thanks Annette,  I hadnt thought of that aspect.  Landlord requested they let her in for inspection before she posted notice to vacate and they would not respond.

Thanks Jon for sharing your experience.  I will let my neighbor know to take it with her even though it may not be used.  Thanks to all who commented. 

Its not that anyone cares what they say Seth.  Im a newbie landlord and this is my neighbors first time doing an eviction so was asking to find out if she should or shouldnt take screenshot photos of the FB post to the court date.

She posted on her own FB (which is a public profile for anyones viewing)  and yes the landlord has documented proof that tenant has been in default since FEB by never paying the rent in full by the due and still has not paid allof junes, nothing for july and nothing for august.