All Forum Posts by: Adam Bartomeo

@John Clark Thanks for asking but I am unsure how that has any basis on the thread. How do you get paid?

Whatever multiple you use, it should not be a hardline yes or no. It should be a gray area or a guideline. Our goal is to find ways to say yes, not try and find reasons to say no. If they are below our 2.5 times rent multiplier we simply ask for advanced rent based on the added risk involved. 

Personally, I would not work with an owner like you due to inflexibility. I have found that ridged owners should not own real estate as they do not understand all of the "what if scenarios". 

Cut your losses now and start again fresh. I have lived this nightmare before... This is too large of a cash flow gap to make sense anywhere in the near future.

What's the address?

@Agustin Conti Do the math... I tried to warn you.

Great job! It is difficult to build and cash flow in Cape Coral.

You should take business as business and not take it personally. Also, I am fairly certain that you just announced to the world that you are breaking Florida State Law by overcharging on late fees. From my calculations your tenant would have to pay at least $7,500/mon in rent for your late fees to be in line with the law. Maybe you should hire a PM to handle the property as to take the emotion and liability out of the equation.

I think that this subject has been beat to death over the years... A primary residence isn't an investment... But, that doesn't mean it isn't a good purchase...

We have evicted tenants do to not paying fees. 

It would not be a 7 day notice, it would be a 3 day notice. 

If they pay their full balance you will not be able to evict. 

We always apply the rent towards the oldest balance.

Eviction should ALWAY be the last step after you have exhausted all other means of collection. You shouldn't step over dollars to pick up penny's, if you have a paying tenant then work with them to get the balance to zero.

Hire a property manager if they are more than 2 hours away.