All Forum Posts by: Atul Mohlajee

Every landlord is concerned but you cannot go for long like this.  I have $31000 rents coming in every month with 23 tenants.  My expenses are $20000 every month.  I have $160000 in cash reserves right now.  I am still concerned i.e., 8 months of expenses with zero tenants paying rent.  My properties are usually at least B class neighborhoods, some in A.  Majority of tenants will keep their jobs except 3-4 of them.  Still it is scary.

Started at 43 in 2003, as a side income, I still work full time in Engineering Transportation.  Currently have 23 units with nice cashflow and appreciation.  Most of my properties were bought from 2008 thru 2015.  Most of my networth is the result of real estate investments.  

Rich Dad Poor Dad.  Greats0est book I ever read.  Well written with great ideas.

Chase quickpay.  23 tenants   
No cost to me or the tenant.

Thanks everyone for your input.  I have been painting all units after 3, or 4 years of tenants being there.  I might skip ceilings sometimes.  I have even painted after a tenant was there for 1 year.  Seeing all your viewpoints, I am going to paint every three years or more if tenant stays longer.  It is costing too much fully painting in 1 or 2 years as I hire painters.  Thanks again all.

three years  

Thanks  How about any other inputs?

Please respond to this poll. How many of you paint apartments between the tenants after one tenant leaves and you are preparing the apartment for a transition while looking for your next tenant.  Would you paint between the tenants if a tenant stayed one year, two years, or three years at least.  Do you paint every few years or every vacancy between tenants irrespective of the number of years the tenant lived there.'

Thanks.

John Warren is correct. I had one daughter in college 2013-2017. I had her take student loans while I could have paid for her college fully. Instead we kept buying properties SFH's, condos, 2 flats, 3 flats, 6 unit apartment building, 5 unit commercial etc. between 2008 and 2017. There were so many foreclosures to buy it was unbelievable. I only bought MLS deals easy to find and 60-70 cents on the dollar.Not paying for her college helped us accumulate additional down payments. I was buying a property every 6-8 months as soon as previous one was ready and rented and I had down payment for the new one. Later on we helped pay most of her loans once she graduated in 2017. I am paying full college for my younger daughter 2017-2021, because there is no more great deals to be found.

Out of a total of 23 tenants, I have two late tenants who both pay in pieces. It takes a full month to get rent from them which sometimrs goes into next month. I have had them for six years when I started buying foreclosures and was inexperienced and naive wanting to fill vacancies right away to enable myself to buy more properties. I am lot more careful now and hire a realtor to find tenants. I say no to many potential tenants untill they fulfill criterias of credit, job income, crime, and references. Currently I am evicting one of the two late tenants because old habits never change. They have told me so many excuses that I could publish a book. Second late tenant will be evicted in a few months because I wanted to spread time between two evictions. Both of them have given me so much hassle over the years in following up with them over rent, keeping account of rent owed, late fee, texting them, talking to them, it is cutting into my work and family time, that even late fee is not worth it. One of them pays $200 late fee if rent goes into next month and most months she pays $200, a few times she paid $175 late fee when she paid by the 30th. As a landlord and W2 employee, who wants to do other activieies, my time has value. I woyuld recommend get rid of deadbeat tenants right away otherwise you will keep suffering for years like I did.

Out of a total of 23 tenants, I have two late tenants who both pay in pieces.  It takes a full month to get rent from them which sometimrs goes into next month.  I have had them for six years when I started buying foreclosures and was inexperienced and naive wanting to fill vacancies right away to enable myself to buy more properties.  I am lot more careful now and hire a realtor to find tenants.  I say no to many potential tenants untill they fulfill criterias of credit, job income, crime, and references.  Currently I am evicting one of the two late tenants because old habits never change.  They have told me so many excuses that I could publish a book.  Second late tenant will be evicted in a few months because I wanted to spread time between two evictions.  Both of them have given me so much hassle over the years in following up with them over rent, keeping account of rent owed, late fee, texting them, talking to them, it is cutting into my work and family time, that even late fee is not worth it.  One of them pays $200 late fee if rent goes into next month and most months she pays $200, a few times she paid $175 late fee when she paid by the 30th.  As a landlord and W2 employee, who wants to do other activieies, my time has value.  I woyuld recommend get rid of deadbeat tenants right away otherwise you will keep suffering for years like I did.