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3 November 2024 | 8 replies
Assuming it's written in your management agreement somewhere that states the owners are current on all financial responsibilities related to the property, does anyone require them to actually provide a current mortgage statement, HOA payment record, taxes paid, etc..... at least at the time of the original management agreement signing.Recently had a new owner sign the agreement, only to find out after we had secured a new tenant for them, that they were in financial distress to say the least (inquiring about bankruptcy) .
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2 November 2024 | 10 replies
I have the reserves to weather defaults and my team knows their portfolio level numbers, so it's just a matter of getting note investors and lenders on board.15 years payments and 50% LTV are the limits we're seeing for each individual method by the way.
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1 November 2024 | 8 replies
You have a leg up on most in that you understand regiment, organization, responsibility, and dependability.
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31 October 2024 | 2 replies
If the dues are exorbitant or there isn't a clearly defined value being brought to owners, maybe pass on it, but I'd say by and large that STRA's are well worth what is usually a pretty small individual investment.
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2 November 2024 | 9 replies
I'm sure the answer is "it depends" but in general, do people that operate medium-term rentals tend to find a better response from a unit that looks pretty or a unit that might have some more perks while someone is there for a short time?
2 November 2024 | 8 replies
Landlord can require tenants to be responsible for separately metered utilities, so can avoid waste.Landlord can get annual small increases in rent.NegativesMost of us don’t treat something we get for free the same way we treat something we’ve worked hard to obtain.S8 applicants claim “broke” and don’t like to pay application feesSame goes for security depositsS8 tenants, in our experience, tend to cause more property damage than non-S8 tenants. - Make sure you get a security deposit and perhaps do a surprise inspection of their current home.S8 requires an inspection (mostly health & safety) before approving a lease and then annually thereafter. - Not something most landlords taking care of their properties have to worry about.There are limits to clauses they allow in your lease.
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28 October 2024 | 12 replies
I don't rent directly to the individuals.
5 November 2024 | 14 replies
Thank you for the response, Travis!
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31 October 2024 | 4 replies
Spending quality time with your kids and connecting with inspirational individuals are definitely enriching pursuits outside of real estate.
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1 November 2024 | 18 replies
He was also featured on the local news station for his innovative work.The tenant is of course taking no responsibility for any of his actions or the damage, and he mainly just throws out empty and somewhat comical threats about a team of lawyers on standby, accusations of insurance fraud, and leaving bad reviews for the property manager.