All Forum Posts by: Tylor K.

I got the pro-rated rent and security deposit taken care of before handing over the keys (I remember my LL being a stickler about that), but I did take a personal check. Hopefully that ends up being OK as I planned to take checks for rent monthly as well (the check they gave me the the background searches,etc cleared).

Obviously you guys have been burned with bounced/forged checks before?

Chris - I like that suggestion a lot. While it wasn't a huge issue, it did feel kind of amateurish signing the lease on the kitchen counter rather than across a table at an office (as my college landlord did). I just saw a mixed use (MF with a small commerical attached) on the mls an was thinking how useful that would have been and how much more professional it would appear.

I will definitely need to work on the running it as a business in the future as I was probably more friendly with the showings than a strictly business person might have been. There is always plenty to work on I guess.

At the risk of hi-jacking my own thread (mod let me know if i should put this somewhere else, I just didn't want to start too many) - is there any strategy/advantage that anyone knows of/has achieved from having a friend/ business partner working in a bank in a fairly low level mortgage processor type role? Obviously I am only talking about legal/ethical stuff here. The only thought I had was that he could try to get in good or get info from people who handle foreclosures and short sales, but I am not even sure if that would be acceptable. Thanks.

Thanks for the input all. I found the sellers name off the property tax rolls and got his number out of the phone book. Is it best to call him directly or to go through a RE agent? The property is on the MLS. Thanks again for the guidance.

Tim - just saw your reply and that really hits home because I love the idea of the serious rehab, but realistically, given my work situation (full-time) and cash position (small), I am glad this first one was not too bad (nothing structural/mechanical/etc). Also, though not technicaly enagaged yet, the GF and I have been shacked up for a while and it is only a matter of time - hopefully that advice isn't as good/true for me as your other posts on this site.

Thanks for the motivation Mark. And Wayne, I actually considered Section 8 (before I decided to put in all the work and make the place look nice), but the horror stories here and elsewhere deterred me. Also, I definitely get enough gov't interference already (the only thing the inspector found was an outlet with reversed polarity, but since it was electrical I was not allowed to fix it myself and just handed the electrician 50 bucks ten minutes ago for taking off the cover and switching two wires.)

Well, lease signing in T-minus an hour. I have reviewed the lease, my (6) addenda (overkill maybe but at least all my bases are covered) and my tenant screening results and just got the final OK from the inspector (showed her the bill from the electrician). Also my tenants just called to verify they are coming at the time agreed upon (stole that one from the forums here, thanks guys). Its pretty exciting that this one is almost done (rented) and I am really excited to work on finding a way to get the next one going (won't be as easy financing wise b/c no FHA, but I already have my eye on another property - see the deals forum for info about that one and let me know if you have any advice.) Thanks again for the guidance and encouragement BP community. This is a great tool for anyone interested in REI!

So I just had the inspector in on my rental to get the license approved and during the course of the inspection we were chatting about the city/neighborhood, etc. and it came up about the two other duplexes that are currently for sale on the street. Both are 2 BR on each side. One looks sort of rough from outside and is listed at $165K and the other is a fesh rehab off a foreclosure and listed at $250K (also is the last house on the block so fronts a busy street). Anyway, I tell her that I would like to get my hands on the cheaper one (just bought mine for $157K in Feb). She says the seller has talked to her about how he just wants to get rid of it, so he sounds motivated. I asked if she though he would finance it or something and she said he might but she doesn't know (thinks he is a realtor or something). Based on the others in the area and the fact that I just rented my 3BR in two days for $1100 three houses down, I think that I can get $900 for each side once in decent shape and would really like to add egress and rent for $1200 per side.

I am new to this, but it seems like there might be a deal here (especially if I can get the price down further). Conventional isn't an option right now because I talked to WF and they want at least 20% down (not willing/able to do that right now), so is there options beside trying seller financing? I don't that much about the terms that are generally used in those situations, so I was just hoping for some input on if there is a deal here somewhere or not.

If nothing else I hope to learn why there isn't a deal here or maybe what would need to be different (i.e. price only or seller circumstances or my cash on hand, which is probably limited to about 8K, maybe 15K with a buddy in as a partner, though I can add to that at 1K per month or 2 with the partner.)

Thanks,

Thanks for the input guys. The reason I am living next door is because as a recent college grad the only way I could get it done before the tax credit expired (credit was more than my DP) was to go FHA, and thus OO.

I think most of the stuff that I have done 'wrong' so far is due to thinking about what I would want in a unit I lived in v. what I need to do to get it rented. That is definitely the case with the W/D and paint. I painted every room and closet, and re-painted all the trim and doors (I used the 5 gals. of dutch boy antique white throughout). The main issue with the paint was that the rooms were bright blue, pink, yellow, etc. and thus took a ton to cover well.

I like the 2 year lease is a great idea, and I used a one year based on the same rationale. My only hesitancy to go longer in this case is that since living next door, I want an out in case they are not good neighbors but also not evictable. I will definiely give that a try though once I move out and it becomes a full rental.

On a mostly unrelated note, I just had the inspection (aced it) and though I am pretty new to this, I think that based on some info i got from the inspector there might be a possible deal on another property nearby that I would like to own, so if you have a chance check out my post in the deal analysis section and let me know if you have any ideas, Thanks again.

So after closing on my first property in February (a duplex that I bought FHA and will owner occupy for three years since I got the tax credit before doing another one) and spending the past 6 weeks doing rehab on the rental side (16 gallons of paint, refinished all ceilings, replaced missing trim and installed trim where there wasn't any, a new coat of finish on the hardwood floors, custom closets (thanks to dad working for a closet company), added a washer and dryer (craigslist), new light fixtures, etc), I found renters and they are signign their lease tonight. Not sure if maybe I underpriced the unit a bit, but its a 3/2 with a garage, dishwasher, and decent amenitites in a less than perfect neighborhood and I have it rented for $1100 (tenant pays own utilities except water and garbage). I posted it on CL and had about 20 responses in the first two days and 3 showings the first day (one of the showings are the accepted applicants and I pulled the ad on the thrid day to stop the responses). I think I have a good lease (from the state multi-housing association), non-smoking addendum, drug free/crime free addendum, have screened my renters and met them twice. We will be doing the condition walk-through and report together and taking lots of pictures.

So with the long prelude over, my question is this - looking back at your landlording experiences, what is the biggest thing(s) you wish you had done differently? Any advice for things I should make sure I do/don't due?

Thanks for all the guidance the posters to this site have provided through the forums on this site - you guys really have driven my interest in REI to a new level and provided some good tools to take tangible steps toward achieving my REI goals.

I am in Hopkins now, originally Chanhassen, so opposite corner of the metro. I went to Saint John's, up near St. Cloud.

Thanks, I would appreciate that.