All Forum Posts by: Mike D.

I will NOT allow dogs in an apartment. I've had to kick more than one tenant out because Fido barked all day long while the owner was at work. Not worth the hassle!

2 Votes

I don't know why but I've had bad luck with CPAs too. Hopefully you can get this return pushed through this year and then find another one next year.

0 Votes

Originally posted by @Account Closed:

30% Of Americans Didn't Make Their Housing Payment In June

A stunning 30% of Americans didn't make their housing payment for June - a figure that is likely going to ripple through the housing industry in coming months. According to a new survey by Apartment List, the rate is similar to May and shows that even though other industries are rebounding, the situation has not yet improved meaningfully in housing.

These figures stood at 24% in April and 31% in May, before falling slightly to 30% in June. One third of the 30% in June made a partial payment, while two thirds made no payment at all.

"Missed payment rates are highest for renters (32 percent), households
earning less than $25,000 per year (40 percent), adults under the age of
30 (40 percent), and those living in high-density urban areas (35
percent). While the missed payment rate for mortgaged homeowners is just
3 percentage points lower than renters," the survey showed.

Okay but what is the NORMAL delinquency rate for people in that $25k/year bracket? I'll bet the number of people paying after the 1st is in the double digits.

2 Votes

Originally posted by @Brett Hennessy:

Going to take advantage of low interest rates and refi my primary house out of construction loan. Locked down 2.75%. Have the opportunity to pull out an additional $150 in equity and wondering the best use. Considered buying a single family house all in at $150, rents for $1300. Thought about paying off two currently owned and financed single family houses with loans at 4.85% or possibly something totally different. Don't have the time for any more flips and prefer buy and hold benefits to syndication deals. Appreciate your thoughts.

Lower priced condos in demand areas. They will rent easy and you'll get double digit returns on your down payment.

0 Votes

Originally posted by @Peter Morgan:

Hello,

I would like to know what are the disadvantages of renting to someone having pets.My family loves pets but we don't have any pets.

I found a prospective tenant who has a dog,

What are some major disadvantages of having tenants with dogs?are there any ways we can overcome them or is it we just have to know the risks and live with it? Appreciate your inputs.

Thanks

Hello fellow Iowan. Biggest reason I don't want them in apartments is that they bark which bothers other tenants. Even if it's a house the dog may break the noise ordinance if it barks loudly all the time. I would check the rental references. Next biggest reason is owners don't pick up dog poop in the yard. Not an issue at a house but it is at an apartment. Also they will scratch up hardwood floors if it is a dog over about 25lbs.

1 Vote

I think it depends on your time horizon. Interest rates are around 4% now which is only about 3% above what you get in a savings account.

I have a longer time horizon so I decided to buy a few affordable condos in good neighborhoods. Double digit returns which is much better than the bank.

0 Votes

Originally posted by @Alex Kehaya:

I've done a few BRRR investments and my strategy is to buy at 75% of the AVR including closing costs and repairs. I'm looking at a deal where the seller is motivated due to a 1031 exchange. I told my agent I wanted to be all in at the above numbers and she simply replied "Then this is not the house for you".

I'm confused because I don't see why I shouldn't just offer what I'm willing to pay so that the numbers meet my strategy. It seems like the worst thing that can happen is that the seller says no.

Is there something I'm missing here?

Fire your realtor. She's obligated to offer whatever you want. Contact the listing broker directly. Explain you will be fixing up the house and need to get it at approximately NNN price. You don't need to take the time to draw up a formal offer. Just impart to the seller that you are a serious buyer. You never know the seller may come back to you after a few weeks or months to start negotiations.

0 Votes

All Forum Posts by: Mike D.

Mike D. has started 34 posts and replied 174 times.

Post: Covid Eviction Wave in Sept? As many 23 million - Omar's Solution

Post: Joe Biden wants to trash the 1031 exchange

Post: How to reduce new construction costs

Post: Why you SHOULD allow animals

Post: Paid CPA full fee - Now not responding to emails or text

Post: 30% Of Americans Didn't Make Their Housing Payment In June

Post: Best use of $150k today?

Post: I like pets but what are the disadvantages of renting with pets

Post: Pay down rental housing debt or keep cash for another deal

Post: Why not low ball when you know the seller is motivated?