Buying House With Tenants/Want To Use Garage.
I am looking at a house and one of its selling points is that it has a garage that I could use(and need to) but the tenants are used to using it(Not for cars but for partying apparently.) Would it be a problem when I bought it to make them stop using the garage?
thanks
Nick
Thanks Cataman. Congrats to you as well. This is very exciting. The other tenant was new and was being allowed to pay and extra $50 a month till her security deposit up to speed. Things the previous owner disclosed after the closing, lol.
Marco
Marco
Bottom line, you took the next step and you are getting some hands on experience. CONGRATULATIONS!
Now go get another one!
Larry
Before you go off the deep end with the payment on the 8th...find out why. I had a tenant that was always late - the PM found out that because of her job and when she got paid she could never make the 5th. Funny she never said anything and always paid the late fee. I re-did the contract to have the rent due on the 10th late on the 15th. Never late again and early most of the time. However, I made the her life easy and she has been with me going on two years.
I use cap rates as a gross screening device and to compare different geographical areas to get a rough idea which areas are better for cash flow. It is not a good idea to rely on them instead of more detailed analysis or actual income/expense data.
CAP rates are somewhat more useful for larger properties since they can represent a summary detailed income and expense information. Again, this is a smell test, not a litmus test.