All Forum Posts by: JR T.

@Jerry W. What about charging a repair deductible in your lease is illegal? I'm in court on my lease once or twice a month and the only place I've gotten judicial resistance is my "appearance fee" for having to send somebody to the hearing. 

What makes you believe any tenant is entitled to a ceiling fan let alone one that doesn't squeak?

Possibly. It's not an overnight process. You're going to have to hang on to those all cash assets for a year or two or three to demonstrate to a lender that you're actually any good at making money off these things.

Central Florida rental portfolio in the $900/mo range managed from another country? I hope you realize these sorts of rentals do not make the type of returns you're anticipating without investing significant time. 

It's a challenging business which is why we are paid so well when we do it correctly. Buy and hold is a solid, conservative investment strategy. Don't run out to a hard money lender who will price all the risk into your loan. That's not suitable financing for buy and hold. You need 5% interest or less and 10 year terms. At least that would be my risk tolerance.

Where will you be living? Why can't you buy a rental there?

You should have a minimum repair call charge of $100 and every time they call you out there diligently send them a bill. They will learn soon enough it's an expensive proposition to interrupt your life over B.S.

SELL. There is no way for you to make money with this property. Just get out of it and go on with your life.

You can't expect to do it all for free. You're going to have to go make money somewhere else and invest it in your business if getting that going is your eventual goal.

@Ray Jimenez A year is new.

You should tape that letter enclosed in an envelope with the tenant's name and personal & confidential underneath, which is excellent @Max James .

In your jurisdiction change the verbiage to indicate that if they pay you before the 5th the late fee will not apply. If they don't pay by the 5th write a harsher one stating the date you will pursue and eviction and tape that to the door with no envelope. 

It's a new service and not all post offices allow it - so make sure to inquire before renting the box. It's my understanding they'll accept UPS and FedEx packages at the locations that allow street addressing.

@Ray Jimenez You came here asking the volunteer contributors here to give you feedback on your "investment" proposal and now you're arguing with the responses you receive.

You have little experience, credit or money. Why should anyone trust you? 

Get some of your own experience the hard way, with your own money, then you'll understand all of the little things in your proposal that are turn offs to those who already possess credit, money and experience. 

Most banks require representations via a short sale addendum that the parties are totally unrelated. 

Remember your mother is asking the bank to write off part of the money they lent her. Understandably they want to make sure there is no collusion going on between buyer & seller with the offers they receive.