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All Forum Posts by: Tracy Uscinski

Tracy Uscinski has started 5 posts and replied 26 times.

Post: Paperwork to keep on file when raising rent

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

We are about to raise the rent on our rental unit. The tenants one-year lease expired in 2021 and they have been on a month-to-month lease ever since. We are sending a letter notifying them of the rent increase. What if anything do you file to document their acceptance of the new rate? Do you include something for them to sign and return, screenshot an email response or is their staying in the unit and paying the new rate responsible acceptance. Thank you.

Post: Getting over my Fear of Allowing Pets

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

My husband & I have a multi-family that we gutted & renovated 2 years ago. We did not allow pets with our first tenants, because everything was fresh & new. These tenants left the apartment in great condition. Though now that the apartment is turning over, we are continually asked if we will accept dog/cat. I keep imagining that the cabinets will be chewed or the carpet will wreak of urine. What’s really the worst that can happen when renting to tenants with pets? Should I really be worried to have pets in the rental?

Post: How to respond to inquired about Section 8

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

@Craig Sloan Thank you for your reply, that is helpful!

Post: How to respond to inquired about Section 8

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

I have one unit in NH, this is my first turnover. An inquiry came in asking if we would consider Section 8 vouchers. We have not applied to be, and therefore are not approved as a Section 8 housing option. How would you respond? Do you let them know the unit is not currently approved by HUD to qualify as Section 8 housing?

Thanks!

Post: Private lenders in New Hampshire

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

@Brandon Lavoie Hi Brandon, Are you considering hard money lenders? Episode # 9 of the podcast featured, @Ann Bellamy. She is out of Southern NH & MA.

Post: Pre approved loans, what’s next

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

@Troy Greaves Hi Troy, it depends on the type of loan you choose. The FHA 203(k) loan allows you to roll renovation costs into the loan. There may other similar loan products available in your market. If you haven't done so already, ask your mortgage broker to go over the options with you. If you're not working with a lender/mortgage broker, ask your Real Estate Agent to send you names a few mortgage brokers they'd recommend.

Post: New Property or Pay off Student Debt

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

@Kelen Weathers I can see the struggle here!! This resonates with me because I’ll be in a similar situation soon. I tend to be a more risk averse, because I feel that allows me more options if the economy shifts. You are already an investor and landlord so the initial learning curve is not a consideration. Likely will be much easier to buy this one and rent it than the first. If I were going to buy another property before paying off the student debt, I’d want to be triple sure that the numbers were still healthy in the existing property after the cash-out refi , and make sure my cushion for vacancy is reasonable. Then buy a reliable, cash-flowing property that will not require a bunch of time & money to rent and stabilize (probably not going for a home run). But after that I’d get very serious about getting those student loans out of my life before buying again. Of course we don’t know all your numbers, Just be sure you’re not exposing yourself to too much risk here. Best!

Post: New Property or Pay off Student Debt

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

@Kelen Weathers Hi Kelen- I would spend a year or two getting rid of the student loan debt, then build a reasonable buffer in your savings account so you’re in a good position to buy your next property. Keep your eyes on your goal & a year or two will fly by.

Post: Which projects have you decided to DIY but should have hired out?

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

@Adrienne Donner Hi Adrienne, I too like the challenge of learning a new skill. I think it’s good to be hands on with the first reno or two because you learn so much about the process & costs. That said, the one project I will hire out in a heartbeat is drywall. Pros can hang it & finish it in a few days. Doing it ourselves after work took over a month to cut, hang, mud, sand and paint.

Post: Closing costs- negotiable?

Tracy UscinskiPosted
  • Rental Property Investor
  • Boscawen, NH
  • Posts 26
  • Votes 13

@Kristen Buckley Hi Kristen! Great question. One thing many buyers don’t typically shop is Title work even though you can. My mortgage broker has a title attorney that she always works with at closing. However, I had a title attorney that I knew personally through my office that I preferred to use. The price difference between them was about $300. When the default title company heard I was using another attorney, they came back & said they’d match the price of the other firm if I went with them. $300 is nothing to scoff at when you’re starting out. May not hurt to shop around- just be prepared that you may get pushback from your lender. Good luck finding ways to save!