All Forum Posts by: Suzette T.

@Brandon Johnson or @Robert Leonard would either of you guys have any personal recommendations for portfolio lenders in the BR area?

i don't know about LA but it's ok in Indiana.  I've had it done 3 times i think, always by people who had sold a house and wanted to rent before buying again.  Do all the normal background check stuff you do.  Don't take any screening short cuts just because they are offering to pay more in advance.

@Suzette T. applicants who are in a hurry and willing to pay 6-12 months up front are generally up to no good. Don't let the money distract you from proper screening. Treat them just like you would anybody else. If you wind up accepting them get a certified check prior to move in. In my case we always get first and last and a security deposit equal to one month's rent. So six months is really only three. Be extra thorough with folks offering money up front. All the best!

Tyler - great responses for sure and I am in the process of reading Brandon's book right now.

Kerry - I love your comment, short/sweet but makes complete sense. When you say wide, what does that number mean to you 5 or 20?

We have gone "wide" by buying a number of SFR properties, and then intend to go "deep" by paying them off.

Hi @Luke H.,

What I do for the properties I manage is let's say the tenant comes in on the 15th of June and rent is $2,000/month and security it $2,000... You take the 1 months rent and security deposit when they sign the lease. Come July 1st that month is prorated less the 15 days of June. So the tenant would pay $2000/30 days = $66.67/day * 15 days = $1,000.05, making the amount due in July $1,000. Then August 1st and on, the regular payment of $2,000 resumes.

I hope this helps.

~Suzette

@Bridgette Delva

Thanks so much for the reply!! Very helpful information. So I’ve been flipping for about 4 months now and it got delayed because of COVID for a while so unfortunately it won’t be included in my taxes this year but it will next year. As for the hard money lender I have one already just my borrow limit isn’t so high. I guess my best choice would be to increase my cash to provide a healthier down payment.

Tenant texted one evening that the ac wasn’t working. The next morning I show up with a hvac repair guy. Tenant tells us that the ac unit has been making a loud noise for the past two weeks, but just stopped working the evening before. Hvac guy tells me to get a new unit ($6500), but that if we would have called when the noise started he probably would have been able to repair it. We live in the desert (high 90s, low 100s temp). The hvac company is booked and won’t be able to put in the new unit for 2.5 weeks. (We called 4 other hvac companies and the timelines were all over 2 weeks as well.) I supplied two portable ac units for the tenants, but they have requested $$ deducted from their rent for the inconvenience. What would you do?

***unit is 14 yrs old. Whatever caused the noise burnt out the compressor, which is not made anymore. Havac guys refuses to put in a different compressor. We did get a second opinion, but they gave same advice.

I live in a pretty rural area, large acreage and lots of mobile homes. Being there are so many of them, I'm running some numbers on those on the market and they look they should cash flow really well, around $400-$500 per property. Is anyone out there buying and renting mobile homes in rural areas? I seem to recall discussion in the past of someone buying and doing a rent to own program with mobile homes on rural plots of land. 

I realize I am sacrificing appreciation for cash flow, but it would seem to balance out over time. Especially if I were doing a rent to own strategy which should limit my exposure to the increased cost of maintenance as the homes age. I'd appreciate any advice or experience anyone is willing to offer. 

Tom