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13 April 2020 | 43 replies
I did the analysis for turning it into normal rentals by combining some of the rooms.
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13 April 2020 | 4 replies
When you talk about "finder's fees" I don't know if you're talking deal assignment fees (which we do pay and are normally 5% to 10% of face value of deal) but if you're talking about a "buyer's broker" I would not touch that as it will end your access to "pocket listings" which are the best of the broker's listings (and not publicly available).
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27 April 2020 | 9 replies
Help for Airbnb and Vacation Rental OwnersWhile long-term effects on the short-term rental industry are debatable, here are some things you can do right now:Reduce your vacancy rates as much as possible by offering discounts and being more flexible during this timeCut your expenses by eliminating welcome gifts, reducing amenities and subscriptions or applying for mortgage deferral programs, as discussed aboveIf you’re an Airbnb host, apply for cancellation reimbursement under the $250 million Host Relief Fund available for qualifying cancellations (up to 25% reimbursement of what you would normally receive from a canceled booking)Consider turning your short-term rental property into a long-term rental, at least for now, as the traditional rental market is not expected to be impacted as severely as the short-term rental market Additional ReadingResources for Property Owners and Agents from the National Association of Realtors is a great list of general recommendations and resourcesList of Relief Programs Offered by US Banks, published by the American Bankers Association, is a comprehensive list of specific measures banks across the US are taking to help borrowers in needCOVID-19 Tax Resources Center by the Drucker Scaccetti tax services firmLegal Guide for Landlords by Julie Anderson, written for the Mid-America Association of Real Estate Investors, provides general legal guidance and advice for real estate investors Please let me know if I missed anything, or if there is any inaccurate information, so I can correct it.
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24 April 2020 | 7 replies
This is my first investment property, I guess I'm paying my tuition to learn how to deal with these types of individuals.I would also include in their damages the cost difference between a normal water bill and the high water bill from (I assume) the month they filled the pool.
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14 April 2020 | 16 replies
If you give them $20 off, make sure they know the rent will increase as it normally does for year 2.
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15 April 2020 | 8 replies
Just remember that they normally take 75% of the rental income for their calculations.
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13 April 2020 | 2 replies
Under normal circumstances though yes evict them.
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23 April 2020 | 11 replies
My advice: get standard, normal houses, no funky layouts.
15 April 2020 | 1 reply
Your first stop should be the bank you have your current mortgage with or just the bank you use for your normal banking.
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19 April 2020 | 3 replies
@Greg TodrankClosing costs have many factors.The bank you use - some charge a higher loan processing fees than others.Closing without a mortgage is normally less costly than closing with a mortgage.The time of the year that you close can also impact it - depending on if you are close to a real estate payment, you may pay more or less.Is there tenants already in the unit - you may get higher pro-rated rent if you close in the start of the month.etc etc etc