Comments on: Buying MN Investment Property with Cash Flow, Another Thought

By: mn mls

mn mls — Thu, 02 Jul 2009 21:46:44 +0000

How very true Scott!! As landlords, there are so many expenses that can sneak up on us. Important to have someone who watches the books closely to see what is coming in, and what money is going out.

By: KC Investments

KC Investments — Mon, 18 Feb 2008 22:41:53 +0000

Scott, My intention was not to show you up!!!!

You are fantastic at what you do and it is appreciated.

By: Investment Property

Investment Property — Mon, 18 Feb 2008 22:17:17 +0000

Oops. You are correct Chris…Even the “expert” forgot the HOA fees. I figure the advertising expenses as turnover expenses or corporate fees (like CPA charges), but you point is valid.

Thanks!

By: Chris Lengquist

Chris Lengquist — Mon, 18 Feb 2008 14:52:47 +0000

Don’t forget HOA fees. Those can get hefty. And if you are self-managing there are advertising expenses.

Great job.

By: Investment Property

Investment Property — Mon, 18 Feb 2008 05:19:19 +0000

Hey John-
Good tenants are worth the wait. Like you found out…you can keep you place full 100% of the time if you are willing to take anyone. But I would argue it will cost you more in the end on evictions and repairs to take questionable tenants!

Nice thing with the 5/31 lease end is that you should have some time to get it rented.

By: John Gall

John Gall — Mon, 18 Feb 2008 05:15:46 +0000

Vacancy is certainly a factor especially for a first time investor. I bought a home on 12/27/07 could have rented it on 1/15/07 to questionable tennants, had a business trip that caused me to not show the property until 1/24/2007 then the ones that finally qualified wanted to move in 3/1/2007. We settled on 2/15/2007 so I missed 50 % of a mortgage payment to get a properly screened tennant. Based on your blog my lease ends on 5/31 so hopefully my next go around will be easier and with a higher rental rate.