All Forum Posts by: Shannon Slade

I had a tenant earlier in the year tell me that rent wasn't late after I sent over a late notice

I said "well my account doesn't show a deposit"

Tenant said " I have a deposit receipt here and I can text it to you"

I said "perfect, send it over and I will check it out"

Tenant texted it to me

So I sent it to the bank where they confirmed that the deposit receipt was duplicated from the previous month and photo shopped, tenant change some numbers on the receipt.

Folks will try anything to get out of their responsibilities

@Steve Babiak -  Ooops

I use excel file with a tab for each rental unit.  Each tab represents income versus expenses with accumulating totals.  Sounds simple but each tab is full data (dates, Repairs, Maintenance, Ins, Taxes, Vacancy, Cap Ex, Income and utilities).  Formulas for making tax prep easy

I had a tenant earlier in the year tell me that rent wasn't late after I sent over a late notice

I said "well my account doesn't show a deposit"

Tenant said " I have a deposit receipt here and I can text it to you"

I said "perfect, send it over and I will check it out"

Tenant texted it to me

So I sent it to the bank where they confirmed that the deposit receipt was duplicated from the previous month and photo shopped, tenant change some numbers on the receipt.  

Folks will try anything to get out of their responsibilities

I agree @Andrew Acuna, nice post!!

I will admit when I had my first investment property at 24 that I did not realize all the legal aspects of RE and all the laws concerning what you can and what you cannot do.  This forum here is an awesome place for those just starting out to learn.  Someone does not know about property codes, they ask, we tell them to look and read.  Someone asks about a repair, then someone who has remodeled 25 houses answers his question,  then the next newbie has an insurance question and an Ins. agent responds.  Vicious cycle of learning.  Over time of that LL making mistakes he is gaining much knowledge and hopefully it turns to wisdom and eventually he is helping others.  

Property mgmt has it place but not in every situation.

Sometimes I can read a post here thinking that idiot should not be a Landlord but where else is that newbie going to learn.  Thanks BP!!

Congrats @Chase A. on your new purchase.

Everyone of my properties are metered separately for electric and tenants pay that.

My duplexes only have a single meter.  Water bill is in my name and early on we sent out a water bill every month to the tenants based on per person usage.  This got to be a pain in my butt, tired of dealing with the tenants every month about the water.  I decided after a couple of years doing this that this was not working for me so I went to include the water in monthly rent, took a look back at all the water bills over the past few years and then averaged the bill between the 2 sides. 

I own two duplexes and this works great for both, no having to send out water notices and that means no dealing with the tenants only paying the rent and that they didn't receive the water bill.

I even do this with all my single families as well, just one less thing I have to move back in my name once the tenants leaves. Good Luck

Used for sure, we have had good experiences buying from craigslist.  I do not recommend buying new appliances with extended warranties, takes too long to get your money back.  New appliances do not add that much value to the home here.  Over the past three years I have started replacing all stoves with the glass tops for $200 or less with an electric cord already wired from craigslist.  Also if you pay the higher price for newer appliances and do not buy the extended warranty, I have seen folks SOL after the 90 days or year warranty is up.  

Are both names on the lease as tenants?  If so, then write the check out to both parties, that way one cannot screw the other.

I would not get involved with their family issues.  

First off with the numbers your giving here, you have NO cash flow.  Revisit your financials quarterly to see.  

Mortgage service         $1800+

Repairs                        $????   Dishwasher, 

Maintenance                $????   Gardener, pest control, 

Capital Expen           $????  Costs may be lower because newer home

Vacancy                    $????  Finding a new tenant

Prop manager           $100  pretty cheap

Total                          $ probably more than rent

Check in your lease where it may state "condition of premises" where tenant is to keep the property "clean and safe"  or "good and sanitary"

Texas lease below

CONDITION OF PREMISES. Tenant stipulates, represents and warrants that Tenant has examined the Premises, and that they are at the time of this Lease in good order, repair, and in a safe, clean and tenant able condition 

MAINTENANCE, REPAIR, AND RULES. Tenant will, at its sole expense, keep and maintain the Premises and appurtenances in good and sanitary condition and repair during the term of this Texas Lease Agreement and any renewal thereof. Without limiting the generality of the foregoing,

Maybe you have an argument that the Tenant might be responsible for pests!

I really want some steady passive income and have no desire to sell.  

Two ways to get passive income, lower expenses (drop PM and refy) and/or raise rent.

You realtor may be on to something if you cannot get your numbers to make sense!

Mortgage alone will be above $500 a month at 6% principle and interest.  You are underestimating your taxes, ins, maintenance, vacancy, etc.  

I believe that your rent will be much higher than you are anticipating.  Get with a realtor and find average rents in the neighborhood you are looking to purchase.  If rent is $500 than you will need to look in a different market.