All Forum Posts by: Aaron Burns

Not sure what you're trying to say.  I don't think any reasonable landlord believes that this bill is a positive for their investments or the future of real estate investing.  

@Mary M. if interest rates are lower in nice areas would that violate redlining laws?  

As for the bill in the current world, it's DOA and is going nowhere with that wording.  It would be devastating to landlords which means in the long term it would be devastating to renters unless the government takes over landlording (which would be a nightmare as with almost everything they take over).  

However, come November it's hard to guess what might pass next January.  I'm hoping there's enough landlords in Congress to keep this from killing the rental industry.  

So far out of 10 SFR's I've missed one month of rent but that was due to me helping a tenant out hoping the break would help him get on top of his bills.

The majority of my units are class C and I've only missed 1 month of rent out 10 units over the last 2 months.  Many of my laid off tenants are making almost as much, or more, in unemployment.  

There are 2 measurements of right & wrong on these matters.  There's Contract Law and then there's ethics.  There's been several answers on the Contract Law.  My Ethics answer is more of a personal measurement guide where you ask yourself:

1- How would you feel if someone did this to you?

2- How would you feel if someone did this to your mother or father?

3- If a reporter wrote an article on the situation and the whole town read it, how would you feel?

Hope this helps. 

9 for 10 here with one remaining that should pay today.  Though one of my tenants was laid off last month and couldn't pay  as unemployment is overwhelmed and running slow.  I told him if he paid for this month I'd forgive last months rent and he can put the difference in his safety fund.  I hope he takes my advice.  

My thoughts:

1- Education yourself as much as possible (find out the best books etc to read and read them.

2- Condition your mind to always think of money.  Question every purchase.  Put every dollar into action.

3- Build a network of experts and assets.  

4- Envision your goal and how it will feel to be there and use that as your guard to ward off temptations.

5- Let people know what you're trying to do.  Most people feel compelled to help others and this will help you enlist a team of people who will be looking for ways to help you accomplish your goals.

6- Write down your goals and review often.

7- Start today.  If you delay getting started your mind will convince your soul that you just aren't that serious. 

Thought 1- The Virus- Anyone throwing advise about how the virus is going to impact an investment sector is guessing (or even Educated Guessing at best).  

Thought 2- Like said before, the "advisor" benefits more from you keeping the money with them.

Thought 3- Over the long run Real Estate has been pretty damn great for most people.

Thought 4- If you decide on buying the property, factor in money for expenses and down time.  Surviving a temporary down turn is much more comfortable with money in the bank.

Hope this helps. 

So your lease ends and for whatever reason you don't want to renew it but the tenant refuses to leave.  Is there any recourse to get the tenant out?  For example, I have a few of my houses that I may sell once the lease is up to lower my risk in this sector.  

I don't have stats but two things I look for are diversity of economy (ie no 1 business towns) and proximity to larger-anchor cities like KC, Detroit, Chicago, Indianapolis etc.