All Forum Posts by: Scott F.

@Trent Honea

Wow I’m sorry to hear about your current issue, I’d put in my two cents in but you’ve just received about $1,500.00 worth of advice for free in less than 24 hours – you gotta love BP!

I just want to thank all the replies that cover such a broad spectrum of thoughts and insights that I never would have thought of and I’ve been doing this since 1978. 

The Insurance professionals are the most intriguing to me since I rarely ever hear their perspective or prior Client issues under similar circumstances. Thanks to all who offered help for Trent.

And YES use cabinet screws!

My favorite cabinet screws: GRK

http://www.homedepot.com/p/GRK-Fasteners-8-in-x-3-1-8-in-Low-Profile-Washer-Head-Cabinet-Screw-50-per-Pack-114083/203556498

http://www.homedepot.com/p/The-Hillman-Group-Wall-Dog-2-1-2-in-Zinc-Cabinet-Mounting-Screw-25-Pack-376252/202243045

@Michaela G.

Is correct, get the title insurance!

I had a bank sheepishly come back to me over a YEAR after I had closed on a project – they never recorded the lien; so I signed again because that’s how I roll but others may have told them to take a hike!

@Allan Glass

In the past we’ve done about the same thing only with industrial buildings. You can convert space for individual offices, with a common conference room, lunch room, shares secretarial services – phone, fax, copy… Depending on the building you can have movable walls that are basically dividers between desk’s / offices for expansion / contraction.

Open space may not work well due to control over the individual tenants. Some like loud music, loud phone talkers (like me) people that pace (like me again), people that don’t like others studying / looking at them, lack of privacy, safety / security. You would have to check local zoning laws for security and privacy, California is known for some out there regulations – like scent free areas…

Good luck!

@Sarah Robinson - Welcome!

I’ve been in the property business a long time and owned a bunch of properties. However I’ve never met such a vast group of investors that want you to succeed, love to share their knowledge and mistakes all in one place - here on Bigger Pockets. 

I do caution you though, you should be prepared with the anti-BP-addiction serum because after just a short while reading BP is all you’ll want to do!

Good luck!

Hi Everyone,

I’ll have to order a set of the Landlord locks to check them out, they're cheaper than what I'm currently using and I like the quick swap out feature.

I really like the digital lock concept but at $100.00 per door x 2 or maybe 3 doors per unit that gets expensive. I’m already paying $60.00 per door and grumbling about that.

Maybe I can search for the doors on Star Wars that shoot up in the air and slam behind you, no locks, no handles!

Greetings All,

I think @Daren H. may have it correct - I probably missed "I’m a patient" and not “I work” at the hospital - lol.

I agree with the fact I didn’t do a follow up inspection and got burned – about $4000.00 worth. One thing we did discover is (this property doesn’t have a basement it’s on a slab), because of the pet urine soaking into the concrete after cleaning, bleaching… we sealed it with Kilz oil based sealer to lock in/out the odors and ran my Ozone machine for a month to help with the smell.

The Bear Paint distributor for Home Depot said we should have used water based Kilz and not oil based. The concrete out-gasses and pushes the oil off, but not the water based Kilz. By that time it was too late with new pad and carpet.

I like what @Kimberly H. says at lease signing: "We go in at 3 months when there is a new tenant, then every 6 after that. We don't make excuses to go in, I tell them I am there to check on the property and make sure rules are being followed."

I now have something new for the tenant at lease signing! 

Thanks everyone!

@Josh Rowland

Well I have to say that @Michelle Bright and @Evan J. have taken the words right out of my mouth - I second what they have to say. I was an investor LONG before I became a Broker.

Nice topic!

@Kalimah Jenkins

Is correct, it's old school but still give you insight to how they care for their things. 

@Kim Meredith Hampton

I agree, I'm usually in all the properties several times per year but this was going so well it didn't seem out of place - and that's where I became the weak link!

I always thought I did a good job of screening, gut checking, red flag observing – the usual seasoned Landlord stuff.

My process:

Credit check, criminal check, social security verification, former Landlord verification, employment verification, look in prospect’s car, I make the calls and fax the necessary verification paperwork, spend lots of time talking to the new prospect.

But apparently my process didn’t work on this tenant. This person was the Medical Manager at a large Hospital in my city, made great money, had a MBA degree, what did I miss??

The only thing I didn’t do was a bi-annual walk through. Whenever we spoke I was always told that nothing was wrong, they didn’t need anything, the rent was paid, what else could you want? The one thing that stands out now is their shades were ALWAYS closed, maybe they were afraid of the sun????

So post your eviction and final rehab pictures and a little description of the scenario NO NAMES PLEASE, let’s not open ourselves up to any more problems; just what you think you forgot or should have done differently.

What do you think you missed in the process that caused this failure?

@Bill Gulley

is exactly correct, it's a liability to you and never “owned” by you until the tenant moves and then it’s decided if there are additional charges or damages owed to you – which would or could be taken out of the SD unless the tenant reimburses you for them. At that point once you’re made whole you must return the deposit.

In Michigan were not allowed to earn interest on deposits. Never borrow from your SD’s unless your State law permits it, and even then you may be opening a can of worms if you don’t meet the repayment stipulations of your State. We never touch SD’s.