All Forum Posts by: Steve Vaughan

As others have said, a BK won't solve your income problem.  Also, a lot of debts (school  loans, IRS, etc) aren't bankruptable.  Credit card co's will settle with you after a period of non-payment.  Where does @Elizabeth Sky want to be career-wise in 5 yrs?  Once you figure that out, you can back into the small steps you need to take now to get there.  If reactivating your RE license is part of that, go for it!  Go out and be the best/hungriest agent in your area!  Generate some income and start punching your debt in the nose!

Apathy is not illegal, and is indeed rampant on so many  levels of our (and many other) businesses.  I can't identify with or figure out this kind of nonchalance, either. I guess that leaves more for those of us who provide quality service and value!

I'm kind of facing the same thing.  If I sell the goose, where do I deploy those funds that can do as well or better?  My area is expensive relative to a lot of areas, too.  Since you're comfortable investing out of area, I would either just keep it, (letting it amortize as is) or sell and buy in another state/area with even better returns.  That's what I will have to do if I do decide to sell some off.  Sometimes no action is the best action!

Welcome to the site, Steve.  Good to have a new Washingtonian!

In general, I have found the rent price-point of $450-$500/mo to be a very transient and higher headache tenant hub.   Your area may be completely different, if that price is the broad norm.  Are the leases in place longer-term?  People here that only pay that amount don't look at their place as a home, really.  Hopefully your area is different.  The numbers look great by the way.  Congrats!

Wow - sure wish I could find value like this in my area. Is $230k just the asking price? They probably only expect about 92% of that if it's an MLS listing. As an aside, I always thought MFH was ManuFactured Housing (mobile's). Makes sense why there's so much talk about MFH!

Unbelievable!  Thanks for sharing @Aaron Wyssmann !  I recently added a nice little addition to the pet policy paragraph of my lease : Any unauthorized pets or animals allowed inside the dwelling for any reason will immediately incur a fee of $500 + additional pet rent of $100/mo per pet until the pets are approved or removed. ______ (initial)

I am a pet-friendly landlord in most of my places, but they tend to do a lot of "looking after friends pets."  Not anymore.  This guy would have been charged thousands!

Hi @Jim Viens ! Your numbers look good to me.  It's a great strategy if the folks don't need cash right now.  My first meeting /call with a seller is all about listening  so I can structure a solution to their 'problem', like yours is I'm sure.  Because they have been living in the property for 45 years, they may not be that open to a creative solution with a balloon down the road, is all I'm trying to say.  I do your strategy more with younger sudden transfer out-of-town for work types.  As you ask them what they plan on doing after the house is sold, your answer to the win-win will come to you!  Good luck! 

I do this with my good folks.  I raise their rent, say $50/mo.  I also include a separate 'good tenant discount' page that gives them a credit of $25/mo for paying on-time and in-full while having no complaints from neighbors (if in a multi-family).  This lets them know I appreciate the fact they are on-time and not causing trouble.  It has worked well for me.  I also use it for folks that help around the property.  With them, I raise their rent $25, then give them a discount for the same $25 for providing 'dumpster supervision' or whatever service they are helping with.   

I would rather miss out on a little extra gain being under-leveraged (under-maximized) than have my head taken off by being over-leveraged like many were just a few years back.  Like they say in the stock-market biz: "shorts can get rich, longs can get rich, but hogs always get slaughtered."  Greed will eat your lunch.