All Forum Posts by: Tatyana K.

Hello, 

I'm a new landlord, and would appreciate your input.

My current tenant decided to move out. He switched jobs and his commute doubled. However, his still within the metropolitan area, early termination clause does not apply. He understands that he's responsible for the terms of the lease (exp 05/31/15) unless we re-rent the place.

I have not received written termination notice. 

He posted an ad on CL and found a qualified tenant who's ready to move in within a month.

Now, I left with paperwork to clean up. I don't have written termination letter from current tenant, and I have rental application on hand from prospective tenants. I don't want to process this application unless I'm sure that current tenant will hold his end, and moves out on agreed upon date. 

What is the proper course of action for me? Please help!

Property is in Montgomery County, MD if it makes any difference.

Thank you, 

T.

Thank you, Brian

Have to do some homework. Probably would contact a RE agent just in case, but I doubt there will be a clear answer about prices in that area. It's kind of tricky.

Yes, we can afford negative cash flow of $200-300 per month even with 2 mortgages, and we do have some cash reserves for emergencies. However, I would like to establish criteria to evaluate my position from time to time, so I won't end up in bigger hole.

T.

Hello everybody!

I'm newbie here, please treat gently :-)

I have dilemma to solve, would love all your thoughts and advices.

We own a TH that we bought in 2006. Recently, we decided to upgrade, and now we're under contract a bigger house (it was really good deal for the area, so we jumped even though the timing was wrong for dealing with our current house).

Long story short, now I have to make a hard decision and minimize our losses.

TH bought in 2006 for 400K, +25K in upgrades

current mortgage (30 y fixes @ 3.325) $1900/month +$100 HOA fees

loan balance - $330K

last appraisal - $378K

Possible rent - ~1.9 - 2K

So my question is - is there a good calculator/resource/method to run some numbers? It is lose-lose from investing stand point, but would rent work long term?

Help please?

Thank you!

T.