All Forum Posts by: Yafei Tang

 Thank you Ed! The lease and the tenants have been giving me quite a lot of headache. I responded their other requests like pest control, winterizing, and furnace repair very quickly and efficiently. Since a lot of rentals in this market only provide washer/dryer hookup, I don’t plan to provide any washer or dryer in the future. 

Hello Mary, thank you for the suggestion. Since it’s a lower end of market, I plan not to provide washer or dryer when I replace the tenants. 

Hello! I would love to get some suggestions about how to handle the situation I ran into. 

I bought a rental house and inherited the one-year lease and the tenants. The lease will be due in 4 months and the tenants are not the best tenants. Just now I received an email from the tenants saying the washer is not working properly. I checked the lease, which doesn’t mention which appliance is included, but does say ‘the washer/dryer will not be replaced by the landlord’. Based on the lease, am I obligated to REPAIR the washer for them? I know I don’t have to get another washer for them, but what if they only want me to repair it?

Do I have the right to tell them either ‘you repair the washer on your own’ or ‘I throw away the washer so you can get a washer on your own’?

Thank you so much for reading!

Ali, thank you for all the thoughts! They are very helpful! Since this post, I have visited the biggest city in that remote county, found a very experienced and helpful agent, and she found us a wonderful investment property in this bigger city before it even hit the market. Currently the property is under contract and the inspection shows it's in great shape without rehab work needed. What even better is the seller started an one-year lease with a tenant this year and it fits the 1% rule and 12% cash-on-cash ROI and has an above 8% cap rate. I feel so lucky with my first investment property!

 Thank you Jonathan! That's a really good point! It seems that the population did decrease slightly in the past few years and there are about 15.5% vacant housing units. The bigger city next to it only has about 8.7% vacant units. 

Hello Everyone, I'm a new member of the BiggerPockets. I'm also quite new to the real estate investing. After learning from the books and the podcasts, I decided to start to analyze deals and maybe buy my first rental property using the BRRR strategy.

After analyzing a dozen of properties in my hot market, I finally found one that's within my price range and makes sense with the BRRR tool on the BP website. It's a old house that has be on the market for over 10 months. Based on the pictures, it looks in quite good shape (structure wise). It has about 1000 sqft above ground space and a full unfinished basement with the same sqft. If we get it and add a bedroom and a bathroom in the basement, it will become a 4 bed 2 bath house. I have been quite conservative in the analysis but the result is still very promising. In the initial rental period, it will have over $400 cash flow per month and 12% cash to cash return. In the rehab period, it will have about $250 cash flow and 16% return.

Based on my limited experience, it looks like a good deal that I should go after. However, the location really makes me concerned. The house is located in a small town with about only 1,000 population. The town is surrounded by farms and the median household income is about $39k while the median house price is about $96k. This house has had price cut and we may be able to get it at around $60k. The town does have a hospital, high school, grocery stores and post office. It’s quite far away from where I live and I have never been there. But it’s in the same state. It’s about 20 to 30 miles away from two bigger cities. I used the lower end of prices as leasing price and after repair value based on the Zillow estimate. The problem is, will this small town even have people need to rent to buy so that these numbers will come true? There were some transactions in the past two years. But basically the houses were listed for a few months and had a few price cuts and eventually been sold below the asking price. I talked with an agent who knows the area on the phone. She currently has a new listing in that town and she sounds quite positive about the local market. She also mentioned that at least a few months ago, the house was occupied by tenant. So hopefully I can get more information about the renting situation from her tomorrow. 

What do you think about this deal? Does the size of the town matter? What other information do you suggest me to get from the agent?

Thank you very much for reading my long, first posting. I wish everyone find their amazing deals soon!