All Forum Posts by: Travis Sperr

If you gave them a key to it when they moved in, then I feel it should be changed. A little bit of money now could save a lot of head ache later.

Agreed, Rent it first. If your end buyer needs financing (assuming a loan of that size is available) it will be easier for them to buy when the property is producing income. Also the type of investor who if going to buy a turn key property is typically not the type to want to find tenants.

Good Luck!

Looks like a nice little deal. As a hard money lender my first thought is: Will $5k in fix add $30k in value to the property? From the description the property appears to be in good shape now, if it is a private seller you may just be getting that great of a day, if the property has been marketed on the MLS then the value may not be increased as much as indicated. Best of luck on the deal.

Travis Sperr

As a Landlord: Be very thorough in your screening process (credit, criminal, hot check and eviction checks), call references, document income, and keep very clear records. Don’t set a tenant up to fail, if they can’t afford the property don’t rent to them. Be firm but fair with all processes and issues.

As a Tenant: keep good records, understand the terms of the lease, thoroughly fill out the move-in report to protect yourself from losing out on deposit money. Pay rent on time, you might need those records down the road for, a home loan or good reference.

I manage all of my own properties, firm but fair is the best advice I can provide. Work with the tenant where you can and take action when needed. Best of Luck.

Travis Sperr
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