All Forum Posts by: Christine Mwai

It’s frustrating when a tenant(s) does not pay on time and abide by the lease. My answer to you is to find out the cause of the delinquency: in this case, you stated the tenant will not answer phone calls, that to me is a show of bad faith. I’ve had tenants that were late for “life unavoidable circumstances” but were courteous enough to call and let me know the situation and that they would be paying the late fees and rent on such and such a date. The ones that ignore your calls, go ahead and file eviction papers per your state law as soon as possible. They are up to no good. 

Hey fellow BP members! Want your take on this based on your perspective please. I know some like to do long-term holds ( rentals), while some prefer flips, and some also do both. What have been your determining factors on which one to do? ( I’m kind of getting tired of rentals). Thanks.

Some of the zestimates on Zillow border on extremely ridiculous and unfortunately they do in some cases give buyers, sellers and renters false subconcious ideas of how to negotiate on a property. Should Zillow be sued?...I think it's a waste of time on one hand, but on the other I think if they got enough complaints they may put more  effort into generating better Zestimates. Is this feasible for them?...who knows. 

Well, one of my rentals is shown by Zillow as having sold for an AMAZING $3000 ( yes, three thousand) when I bought it in Oct 2014. The Zestimate is now $112000. Hahaha! I wish that was true,  that would have been a very sweet deal:):)

I have to say this is a very interesting post, and quite devisive in some aspects, so, I'll add my small 2 cents. ... personally, Jackson, I say good job on negotiating down your debts, that is done at closing tables and board rooms around the world all day long!!! Take those same skills and apply them in the realestate investment world.. most of us do, asking price is 103k, negotiate it down to 70 or 60k if possible. Please those credit cards you had or lenders rob people daily with ridiculous interest rates some over 20% APR.. so they lost NOTHING. On real estate though, no one here wants to hear of evictions.. it's a curse word...:):) I've done 2 evictions and that was enough for me... so I guess that's where some of the backlash on your post is coming from. Best wishes, the key thing is you were young, you turned things around so use your lessons to move forward as you stated.

@Greg S, thanks for your response, any great ideas on best ways to address a rent increase?.. of course I do know it is my responsibility, any helpful suggestions on best ways to approach it? What methods work have worked best in your landlording experience?

@ Kelly, Thanks, not planning to sell with the tenants in.. just want to be fair and let them have time to find another place. This particular lease expires in July. I was thinking 3 months is fair..

Hey All, 

Please share your thoughts, experience or advice on

1. Time frames to notify tenants of an increase in rent and best suggestions on how to approach that. 

2. Time frames to notify tenants of  selling the rental property and any advice on how to best approach that. 

Thanks in advance for any and all responses.

This is a legal question, I'm sure you can look up your state laws or pay an attorney a small consultation fee. Can you increase the rent when the lease starts to mitigate " expected losses"... in AL one can only charge a deposit equal to one month's rent, so if the rent is 1400, I can ask 1400 deposit, and have the extra $100 per month/1200 a year set aside.., vs 1300 and ask 1300... that would cushion my "expected losses"? 

Kindly tell us all in detai, not vague references or appeals to people's emotions  about "newbies and entitelment", what you paid 75k for... 

Nothing is free, true!, but it does seem that you were taken for a ridiculous 75k ride.. Explain the justification for that in details please. No, offense, but I self-taught, it IS a business for those with a passion for it. You don't need to pay 75k to learn REI... who took you for that ride??..:)75 k?? LOL!!

Congratulations! Hold on to that momentum.