The tenant is telling the PM that HUD was approving based on old income and they are going to have it readjusted.

Usually takes 3 years to cycle through customers till you get a base of good customers.  

This isn't just about keeping things organized; it's your safety net if things escalate legally.Legal Grounds Check: It's wise to touch base with a legal expert familiar with your local landlord-tenant laws.

We made some adjustments to our pricing earlier this Summer 2022 to reflect some material pricing changes that we have seen.With that said, construction pricing can vary substantially based upon many factors including the project location, property type, specific SOW, material selections, contractors used, season of the year, etc.In fact, pricing can vary substantially from investor-to-investor and every investor will have different prices they use. 

Net income = $39,240Monthly operating expenses are as follows: Trash - $33, Landscaping/yard - $66, Electric - tenants pay, Water - $95, Maintenance $87Monthly taxes about 3KSo, gross expenses are at $41,064If I'm doing the calculations correctly, my net operating income is -$21,888 and cap rate is -3.4%.Obviously the current numbers look terrible for this investment, but I feel like the rent should be raised significantly based on comps (above 2K each unit). 

-Purchase price = 88,500-Amount currently owed = 70,340-ARV =$145,000 (NOTE - we have not gotten a formal appraisal, basing this off comps in the area)-Lease= Signed 12m lease at $1125-Current Monthly Mortgage = $617-Credit score = 792-City = Greer SC

I’m based outside Houston, I bring over 14 years of managerial experience in chemical manufacturing to the table.

Join local meetups, read books, listen to podcasts, find a mentor once you have a base level of knowledge.

Hello Faiz,If the property is paid off and it is rented out, I might recommend a DSCR loan as it is based off of the asset itself and most DSCR lenders do not need W2/Tax Returns.

This was based on our continuing commercial relationship with this institution.