All Forum Posts by: Todd Snyder

Get a contract signed with him saying he MUST finish any work he starts and be approved by you or he will have to pay for a contractor to come and finsh his work! And that it's no cost to you.

Kitchens are expensive the last thing I would want is to have my tenant say he's going to improve my kitchen and demo it and never finish it before he moves out! Treating you tenant as you would any contractor in situations like this is key! 

If you haven't done so already I recommend reading/rereading Brandon and Heather Turners book on managing rental properties! It's a great read and if you buy a hard copy they provide a ton (36 or so) landlord forums that you can use as a strong reference when creating your own. I would always recommend reading the landlord tenant laws in your state as well and make sure what ever lease you decide on complies! 

I don't like reinventing the wheel so learning from others mistakes is always better then making them myself! Brandon and Heather Turner have saved me a LOT of growing pain with that book and I can't thank them enough! 

Also congrats on your new investment! Keep it up!

I would just prorate the rent. Giving the extra $500 is overkill and a lose for you. You should always strive for creating win win scenarios. The prorated rent is a win win, the extra $500 for moving is a win lose.

Get pre-approved.

Learn your market.

Set long term goals and make decisions based on those goals.

Never stop investing in yourself.

We have plans in place if someone struggles to pay rent. We also have a healthy cash reserve for each property just in case. I'm sure most will use their stimulus checks for rent this month.

If you don't need your co-signers credit score for the loan and just need help with the down payment, you could accept a gift of the amount needed for the down payment and just write a letter explaining the gift to your bank!

They have the wrong philosophy of life to take any risks. The preplexed will always be the preplexed -Jim Rohn- . You can't change them only they can. I have learned to plant the seed and hope it takes root! Spending to much time trying to inspire that one person to better their life and the others around them is robbing someone else I could be helping!

@David Clay Thank you for the reply and the good advice! Metro is government assistance. After talking with Metro they have informed me that they will not be paying more then $560 for the first year and that it was against federal law to accept any money under the table from the tenant (unit should rent for $800-$850). When you say statute are you referring to landlord tenant laws and fair housing laws? I read them last year but maybe I should go back though them to help with this specific topic. The $700 she was paying to the current landlord was $560 metro and $140 out of pocket Illegally from my understanding.

My wife and I are about to close on our first house hack. It's a duplex in a neighborhood the we think is going to grow exponentially over the next 5 years. Both units should be renting out for $850. They are currently not under the old landlords month to month lease ($750 and $700). Both units are up to date on rent and have never been late. We asked one side ($750) to move out so we can move in and do some cosmetic things to bring it up to date. They were not happy of course, but they are currently looking for a new place. The $700 unit on the other hand is metro. We just found out during due diligence that metro is only paying $560 and the current owner is legally having the tenant pay the rest out of pocket. It gets better though, she told us that her son hired a lawyer when they found out that the other unit was getting relocated because they were worried they had to move as well. We had just moved up closing on this property to next week due to the crisis the world is going through as well, so we feel we have a limited window. We wont be accepting anything more then what metro is giving us, but we cant do that forever. We will need to have her relocate and there is a high chance she will lawyer up. We want to be very careful not to violate any Fair Housing Laws. Should we have the current landlord break the news to them? Should we go back on having the other side ($750) move out and say we want to move into her ($560) side instead? How would you handle this interesting situation?