All Forum Posts by: Logan M.

Fires are a nightmare, especially when they're preventable. And bad tenants? Ugh, don't even get me started. It's like playing Russian roulette with your income. And accepting deposits through a non-profit? Yeah, sounds like a recipe for disaster. Lesson learned, I guess. And about those deposits for nice homes? Totally get it. People can be real jerks sometimes. Here's hoping things turn around for you soon, buddy.

 You should have bought the mobile home park on seller financing from him!

Logan, another good post.  Thank you..

I have some input and commentary:

#1 Fires, I have lost three homes to fires. Two were caused by humans. I should have insured the homes, sold them, or done something to mitigate this risk.  we too have been through this.  Fires are no fun.  I believe I posted on a previous thread.  

#2 Selecting bad tenants, there is nothing worse than selecting a tenant that pays you a deposit and months' rent then refuses to pay you again.  screen, screen, screen.  We've learned (and continue to learn) it's all about screening.  From that first contact with the tenant, it's like an interview.  

#3 Allowing a tenant to pay a deposit via a non-profit.  

Never a good idea.  Banks would call this lack of skin the game.  If you were getting a mortgage, typically the borrower has to have some money to put in (downpayment).  We understand there are 0-3% DP programs, but for the purposes of this post, we are not talking about those.  Housing is a major item in someone's life, and is a commitment (you're not just leasing a car, or something).  Typically, it's also a major expense in life.  If a tenant is able to mitigate this expense, good for them.  However, as the property owner, it's ALWAYS prudent for the other party (tenant) to have some of their OWN skin in the game.  Else the tendency to not care and not treat the arrangement with respect, may arise.  A human behavior and statistically-based concept.  We didn't make up the concept.  The loan biz has followed this formula for decades and there is a good reason for it!

#4 Not charging big enough deposits for nicer homes, I have had many recently renovated properties that tenants have destroyed.  a true shame.  We like to say "thats why those people will likely never have anything nice in life"  

@Dan Carter I wouldn't count them as part of the deal but an added benefit. I only count lot rent when doing my analysis.

Hey everyone, I am a new agent in the Salt Lake area and am interested in getting into helping investors find property. Would love to hear everyones thoughts glad to be here. 

@Logan M. Sage advice!  Thank you!  It's hard to hit your goal if you aren't crystal clear on what the goal actually is.

What lights are you using? I was looking into Gama based on the Frank Rolfe article.

We too have considered providing WiFi.  I do like your idea of the "tech package" with assoc. fees.

The major con that has kept us from implementing has been - management burden.  You touched on this as well 

If any problems, mgmt will be flooded with calls regarding this non-essential amenity.  People will get unhappy rather quickly.
this, plus it's one more thing to "babysit".  We prefer hands-free as much as possible (most utilities and services for us are tenant-responibility).  

These considered, not sure the potential extra profit would be worth the hassle.