All Forum Posts by: Traci Thomason

@John Underwood I agree. Thanks John

@Joyce Tavares great points. Thank you Joyce!

Have your tenants ever asked for a rent reduction?

My tenants (students renting by the bedroom in a 4 Br college town home) are requesting a rent reduction due to repairs taking a long time. Their AC and Fridge have not been working for quite some time now (about a month). The requests were handled expeditiously but in both cases a part is required to repair the item that has taken a long time to come in due to COVID. I’ve switched repair techs and truly did my best to get it fixed quickly. I bought them fans because of the AC issues. They are also complaining about spiders and although I offer pest control as a courtesy, I know that pest control is not my responsibility in GA. Either way pest control has been out multiple times.

I am a very nice landlord so I am inclined to just say yes. Their requested reduction would be equivalent to about 60% of a months rent (but they pay by the semester). However I am wondering if they are unfairly piling on here. I would be very angry in their situation but I would have also purchased a mini fridge and my own fan/room cooling, and even have my own bug spray. I had those things in my college rooms anyways regardless of what the property had. Has anyone dealt with this before? How did you handle it? How WOULD you handle this?

I am under contract for a primary residence. This will be my 3rd property in my portfolio currently and my 4th purchase overall. I do a buy and hold strategy and bring in long term renters or student renters. I am buying this home because I currently live in an open loft and want to reduce my living expenses so that I can invest more. This next home will be the same amount monthly (because no HOA) but it has 5 bedrooms so I can move in roommates or family to cover the bills. The other benefit is that I want to take a HELOC on this new home to purchase another investment. This home is a totally gutted renovation in a up and coming area. Purchasing at $210,000 and renovation is estimated to be $175,000 which makes a purchase price of $385,000. I expected the home might appraise for $450-460k, however it appraised for $412,000. This is too low to obtain a HELOC anytime soon, and I am feeling like I get no benefit from the equity here until I sell it (in many, many years). So I'm wondering if I should just buy a cheaper home with the same amount of bedrooms but save myself the stress and risk of a renovation that I can't cash in on quickly.

Would you still go for this deal?

Am I missing something here?

How would you think about/analyze this?