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Bloody Queef posted:So anyone know of a solution besides suck it up and do the HEL plus out of pocket cash? Do the HELOC and cash. It's way less trouble. You don't have to suck an underwriter's dick with mountains of paperwork to get a mortgage, you save a few thousand on closing fees, and you can usually negotiate a slightly better price because the sellers and bank know how much less of a hassle it will be. I just did the same thing to buy my second apartment, I closed a week ago and started renting yesterday. Now I'm getting a HELOC on this one that can almost pay for the next. I'm just daisy-chaining HELOCs to keep buying apartments in this building if it keeps working out.
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Feb 2, 2014 20:40
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Hey, you know what's stupid? When my building has lead paint, but the condo association does not want to pay to remove it from the common areas. So even if I remove it from my apartments, I still legally can't rent to people with children or visiting children. Plus, I can't legally tell them they can't rent either! I like how I asked the property manager and the state lead paint program and the EPA what the gently caress I'm supposed to do and they all shrugged and went WELP! Apparently the unofficial answer I'm seeing from online lawyers is that no one has ever actually been sued for refusing to rent to families in a situation like this, so while it's a grey area I should just avoid advertising to them since safety trumps discrimination.
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Mar 25, 2014 15:23
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I can (and would) tell a family there is lead paint, I'm required to disclose that. But then the govt says they can't legally be there, but I can't legally refuse to let them be there or even hint for them to look elsewhere. It's a wacky conflict that has never been reconciled.
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Mar 25, 2014 17:18
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You know what's great... buying a condo for 68k, getting a Home Equity Line of Credit for 75% of the value, using that to buy a second condo in the building in cash, then moving into the second condo, calling a second bank and getting a second HELOC on that. I keep finding people to rent them for $1000 a month so I guess I'll just keep chaining up loans until I own the whole building?
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May 1, 2014 22:47
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No Wave posted:Wow. Where is this? Some dump twenty minutes from Boston, it isn't anything special but everyone around here is "bad credit / no credit", lots of section 8 and immigrants. Hence the rents are disproportionately high, supply and demand I guess. Some fuckface named Steve Winn is trying to build a casino here which is supposed to turn our economy around, but it'll probably just create more traffic and crime than we already have to make the rich richer.
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May 3, 2014 02:10
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DNova posted:People, do not use Home Depot as a contractor. Find yourself a good independent flooring guy. I kind of really want to use Home Depot though... I have thousands in store credit and recently found out I can apparently use the store credit to pay for any contractor I get through them.
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May 28, 2014 19:02
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Gotta get that three bucks a pound man, drug habits don't pay for themselves.
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Aug 1, 2014 17:56
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I just had a tenant casually mention to me that he's getting a cat. I instantly objected, I loving hate cats, but he said he already signed the paperwork. He feels bad for not checking with me first. My one big concern is cat urine. I asked my insurance today and they say they won't cover any pet damage. This is a young female cat so it'll probably won't make any mistakes for a few years, but I also know firsthand that a sick or old/senile cat will pee wherever it wants, and left unattended will eat through my hardwood floors. I'm not sure what to do here, the only thing I can think of that seems reasonable is a sort of running security deposit. Like, I'll charge him an extra $100 a month (my rent is already charitably low) and if the place is fine in a few years then he gets a fat stack back. I figure that'd scale with the damage-over-time that a pisscat can rack up.
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May 11, 2015 23:14
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SpelledBackwards posted:I'm assuming there wasn't anything concerning pets in your original agreement? Not in writing but then he didn't have any pets in the first place and I did my usual verbal spiel about no smoking/pets because I always do. He admits he should have asked ahead of time. He says he can't afford an extra $100 a month for security deposit. I said "You do a cat with food and vet bills can be a whole lot more than that, so you should reconsider ownership if you're cutting it that close" and he says he's going to try to give the cat back now. I feel like a bit of a jerk but I mean come on.
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May 11, 2015 23:38
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Well, he said he just talked to the guy he was taking the cat from and it wasn't a hassle for the process to be canceled. So I dodged that bullet, assuming he's not sneaking it in or something.
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May 12, 2015 00:05
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Nocheez posted:I listed my place as "no pets" and absolutely would have turned down a cat owner. Cats puke, poo, and tear up things just as easily as dogs can. I can afford to be picky, though. Cats also have the most corrosive, permanent death piss. If they piss in the house due to sickness or senility you just have to burn the place down and start over.
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Mar 12, 2016 07:24
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Saint Fu posted:poo poo I just found out my landlord died of a heart attack. She must have been a good landlord because I'm legitimately sad about this. I'm guessing this will not be good for my hope of subletting the guesthouse in the next few weeks. But now there's no one to stop you! Too soon?
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Jul 18, 2016 20:48
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It helps to become Batman, or if you can't afford the costume, Charles Bronson.
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Dec 9, 2016 16:12
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Bed Bath and Beyond stocks the outdoor Nest camera at their brick and mortar stores for $200 with allegedly no time limit on returns: https://www.bedbathandbeyond.com/store/product/nest-reg-outdoor-security-camera/1047492042 It is $100 a year to upload footage over wifi to their cloud server. That's probably the most cheap/reliable way to set it up. You could even give the cops (or what would probably work better, the neighborhood watch or the internet at large) a link to watch the stream. Crack Den 24/7 webcast.
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Dec 9, 2016 20:35
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Rocks posted:I was listening to a podcast the other day that introduced the concept of becoming a "mortgage trustee", basically lending money to people that make investments and then profiting from that (i guess it's like you and a group of people act as a bank???) Where do I find more information on that? That sounds like a great way to... lose all your money?
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Sep 22, 2017 08:53
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Rocks posted:Fair but was just something I wanted to read more about. I've never heard of it It sounds like another take on those "microlending" things like Kiva or Lending Club, but instead of losing your money to the average Joe who bails on his payments, you'd be losing your money to some already rich rear end in a top hat real estate investor who can't rent out his overpriced luxury condos or something. I don't actually know, that's just my hot take. But there's plenty of perfectly good ways to invest right now without trying some new unproven model. I don't know anyone personally who outpaced the stock market issuing microlending.
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Sep 22, 2017 17:10
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I got a garbage disposal because I'm charging the kind of prices where the renters should certainly expect one... My tip is to get the kind I picked up: https://www.insinkerator.com/us/en/evolution-cover-control-plus-garbage-disposal#76944 The "Cover Control" type is the one where you stick the cover into the sink and turn it. This makes it basically impossible to turn on the disposal while utensils are sticking in the drain, or for some idiot kids to grind their hands off, etc.
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Oct 24, 2017 20:01
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FogHelmut posted:What's the appropriate amount to raise rent? Property values are not really increasing. 3% seems like a lot. Whatever people will pay; we have no idea what you have or where you are. The people renting from me are paying $3500/mo and they make 300k a year. When the lease is up I'm bumping it to $4000 because they love the location, can clearly afford it, and I underpriced it to begin with.
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Jul 10, 2018 21:34
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FogHelmut posted:Yeah I'm at $1350 and that's averagely priced. Other units in the complex ranging from $1300 to $1400. I don't want to leave it the same, but I don't want to blow them out and have to pay a realtor to find me a new tenant. I know they're not wealthy, but I have to raise it some amount. If it's average price, and you have solid tenants, I wouldn't budge. They will appreciate if you tell them you're not raising rent because they never give you trouble (this will make them think twice the next time they want to nitpick something). Do you really want to risk bumping them out for $50 a month? Take even two weeks to get someone back in the place and you'll have lost a year's worth of that extra $50/mo.
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Jul 10, 2018 23:02
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I want my tenant out by Sep 1st, as he's paying $800 for an apartment in a building where identical units are getting $1300. And he's been up to 3 months late on rent multiple times before catching up. Anyway, he paid last month's rent when he moved in. So, should I tell him I'm evicting him and August is his last month? Or should I tell him I'm increasing the rent to $1300 starting Sep 1st, plus a fee if he's late, in an attempt to get him to move himself out willingly? Henrik Zetterberg posted:My tenants complained about water bill going up by $1 and gave their 30-day notice. I've never heard of passing the water bill to a tenant before. For my condos it is mixed in to my condo fee that I pay, and for my multi family house there's only one meter so I cover that too. Zero VGS fucked around with this message at 00:50 on Jul 27, 2018 |
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Jul 27, 2018 00:47
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Devor posted:What does your lease say for notice that you won’t be allowing him to continue? Is he month to month? If you’re going to evict rather than not renew him, make sure you have your ducks in a row with documentation and everything that eviction requires in your jurisdiction He's month to month with first and last, no security, the place looked fine a month ago. He was my first tenant so it was mostly verbal. These days everyone else is rock solid paperwork with my lawyer, but he's a loose end. He's very meek and polite so I think raising the rent might just bluff him out of the place willingly. I just don't want him to try to dig in to the place and draw out an eviction.
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Jul 27, 2018 01:09
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spf3million posted:Does anyone have a recommendation for background checks on potential tenants? You can do it yourself if you get them to sign a generic background check form. They tell you their SSN, employer, previous landlords, and sign saying that you have permission to run these checks (their employer will want to see the signature). I paid $40 for a background check from RentPrep.com and they completely half-assed it, they told me they couldn't verify my tenants employment at Google (hmm... maybe Google how to do it?). I had to spend about an hour figuring it out myself.
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Aug 22, 2018 17:00
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A half-competent family member or friend can give you as good of a value for managing your property as a professional can. I just have a family member who can take trouble calls (have some dependable handymen on speed dial) and chase tenants for rent checks and it has been working fine for my three places. edit: plus, wouldn't you rather toss a few hundred a month to friends or family than some bozo? edit 2: if you don't have any family or friends in said state, maybe find a goon lol Zero VGS fucked around with this message at 17:14 on Sep 11, 2018 |
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Sep 11, 2018 17:07
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Thesaurus posted:My concern with using a family member is the chamtce that things could go to poo poo and I wouldn't want to poison our relationship. I'm always paranoid about mixing family and business. Still might be my best bet if the companies look like garbage You're right, but in practice it's one of those "you had one job" things that is really hard to mess up unless they willing try. You could instead offer the job to a half-friend that you wouldn't miss. 1) If tenant calls up with something they can't fix, they hop on Angie's List or Thumbtack to find a couple handyman quotes, or have them use a list of personnel you've vetted. 2) They collect rent (if tenants are paying in cash) and nag tenants if they are late 3) If poo poo hits the fan, they call you for advice My friends are useless stoners but they've managed it OK. Sometimes they let the tenants fall behind a bit on rent but lately I've switch to leases and late fees and that fixed the issue.
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Sep 11, 2018 22:15
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BEHOLD: MY CAPE posted:Use a boilerplate lease from your state association of realtors or a similar source. Don't try to write important legal documents from scratch. Yeah I used this one: https://www.ilrg.com/forms/lease-res/us/ma My lawyer skimmed it over and said it was fine, I'm using it for 3 different properties now.
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Sep 28, 2018 16:29
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goku chewbacca posted:Google "[Your State] Board/Association of Realtors Lease" and see if you can find a PDF not hidden behind a paywall.. Hint, the site I posted, you can just copy and paste the text into a Word doc and it doesn't break any of the spacing. I guess if you gently caress with enough of it, it won't break copyright, like that science paper you half-copied out of the encyclopedia.
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Sep 29, 2018 02:48
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