All Forum Posts by: Clint Galliano

@Cam Schumacher no one responded on BP. I get their offerings & updates via email, but that is the extent of my knowledge of them.

We charge a $50 late fee on the 6th day. There is no statute regarding late fees, at least as of my last discussion with an attorney on the matter, but if you do wind up going to court, the jude may deem daily daily late fees as excessive and only allow you to be made whole on missed rent and not late fees.

Was this an existing tenant from when you acquired the property or did you place this tenant? I would hope that this is all stipulated in your lease with them. If there is no lease, it might be a good idea to move everyone to your lease that stipulates terms & conditions, such as late fees and when they are due. I would also suggest doing a "Tenant Education" session where you go over the lease with each tenant so they understand what they are agreeing to.

Regards,

Clint C. Galliano

Depending on what'sin your lease, if they are disturbing the neighbors, regardless of paying rent on time, AND they discharged a firearm inside the premises, accidental or not, I would proceed with the eviction. There is a liability issue where if one of your other tenants would have gotten hurt, you could possibly have been involved in a lawsuit. 

@Chad Bellanger That is BP app's way of handling the ampersand symbol. "&Amp"

@Michael Mannina I would suggest looking for someone to partner with who does have the time. Preferably someone with more experience that you can learn from.

If you do go this route, spend a considerable amount of time vetting that partner. Talk to other people in your local REIA to verify their legitimacy.

Create an actual legal partnership (LLC, talk to a lawyer for specifics), spelling out who will do what, and most importantly, how the partnership will end. Again, your lawyer should be able to advise on this.

Good luck!

@Chad Bellanger Verify flood insurance. If it is a "turnkey" property, you need to inspect it to make sure it is in good shape & doesn't need any additional repairs/improvements.

What part of MC is it located in? I would also want to verify that you could get the rents you are looking for. Depending on location, it may be tough.

I use Bryan McElroy. He is not real estate-specific, but does a good job,

Standard disclaimer: I'm not a lawyer & don't play one on the internet.

Just by the fact of getting a restraining order requested against them should be enough for you to evict them. I am not sure what you have in your lease, but it should have clauses requiring them to not disturb the neighbors. By them getting the restraining order requested, this seems above & beyond, thus violating the terms of the lease (if you have such a clause). 

Your property manager was likely giving you good advice and when they realized that you did not want to take it, they decided it was better not to work with you.

@Rodney Buford He apparently is rolling out his scam across the country. He has recently joined a lot of the groups in South Louisiana, claiming to be from New Orleans, posting in Baton Rouge, Houma, & Slidell REI groups.

Obviously a scam.

@Zach C. I previously used Excel/Google Sheets for my accounting.

This past year, I started using Stessa to keep track of my accounting. It handles multiple properties. It's free, online, & links your credit card and Bank account transactions directly into it. You just classify the expenditures and income.

For free!

Plus, they generate a tax package to hand off to your CPA.