All Forum Posts by: Cory Lucas

@Kelly Davis hard to say without knowing their personal situation, I definitely agree with you, but debt can be crippling and versus dealing with the problem head on unfortunately a lot of people resort to putting their head in the sand and hoping the problem goes away and/or some people just give up. There's plenty of other financial burdens that could be at play too, it's multifaceted versus just being a cut and dry issue. Either way, kudos for exploring this avenue of investing! 

@Yaniel Suarez nice to meet you, fellow RN investor here up in Illinois. Happy to help how I can. 

Me personally if I was you I'd say get a duplex, live in one side and rent out the other may be the easiest given your situation and you could possibly avoid the Property Manager. PM's are nice if you find a good one, but not completely necessary, usually the most headaches with a tenant come within the first few months and once you get any issues ironed out it is usually smooth sailing in my opinion/experience. I haven't used a PM to this point other than to place tenants as I don't' have the time to do all of that mess myself (showing the property, obtaining the lease, sifting through applications, etc.) It's a time consumer that I'm happy to part with 80% of the 1st month's rent, but after that as long as you place a good tenant your phone calls/issues are usually incredibly minimal, I hardly ever hear from my tenants, so I don't see the need to give up 10% of my monthly rent to a company for them to not hear from my tenants either. That said if you're looking at it purely as investment and not looking to house hack/live there then I'd go SFH myself versus duplex to minimize your issues. Again happy to help if I can, feel free to reach and I hope I was helpful

@Yaroslav Perevoznyuk congrats on investing, I'm interested to see what other seasoned investors have to say about your situation. I'm not really able to help much with things from the Canada perspective, best of luck 

@Michael Dumler appreciate the feedback, I’m thinking on offering him all 3 choices though. Any thoughts there?

@Lauren A. man $300K, wanna be a silent partner in the Smokies on a STR 😬?

I agree with the above two comments, Midwest still has good prices and while I don’t invest OOS yet, being remote nowadays looks far easier than ever before

The time is well past due to get an inherited tenant out. I think I may have finally found a solution to get him out and avoid damage to my unit. I’m thinking on offering him 3 choices. I’m sure there are plenty that will say just give him a 30 day, I just really feel given his demeanor there’s a good chance he’ll look to retaliate somehow, so I’d like to try and give him a choice to give him some dignity and feel he’s being treated like a human. In quick summation, he doesn’t keep up on the place, trash in the garage, pretty sure there’s a good chance of a rodent problem there, and he’s on a month to month

My 3 choices…

Raise the rent to market rent, which is $100 more than he’s paying, the place cleaned up, and if he’s late on payment he’ll receive a termination letter that month

A 30 day lease termination letter, detailing his exit of the property ( good condition, keys turned over, etc) in exchange for his security deposit in return

Or Cash for keys once he pays this month. Give him 10 days to vacate for $500, the amount he’s currently paying in rent, with terms of course saying the property be left in good condition

Thank you in advance for the help and feedback 

So I ended up having an opportunity to speak with the PM that I use to place tenants, happened to just have to go her office and asked her what she was thinking he was possibly wanting and she thought he may just want to stay a little bit ahead, so I clarified it with him on what he was wanting to do there and that is the case. He’s just wanting to have a credit towards the next month so he can stay ahead on payment. 

Thank you all for the feedback though!

@Greg M. wow! All the more reason to not get involved I guess, Bwahahaha that’s craziness. 

I just got a tenant moved into a new property that I recently acquired and he was due to pay a prorated amount for February and instead paid double. I brought this to his attention via email, asked if he would like it applied to March or if he needed something else done with it and this was his response…

“Cory-I am going to pay $375 twice a mth if that will work. Just apply the $375 towards March and I will pay another $375 3/18 to complete March”

This was never talked about during lease signing and we have it that rent is to be paid in full on the 1st. I’m wondering what more experienced property owners would do in this situation to avoid any negative feelings and try to take their situation into consideration, But avoid the pitfall of them training/getting their way with me right off the bat?

My thought was to respond and say that we will apply it towards March, if he wants to go to a biweekly payment we would need to addend the lease, otherwise rent is due in full on the first. Thoughts? I don’t mind doing biweekly if that’s what he wants, considering that would be another full months worth of rent by years end, but I think he’s just wanting to pay in the middle of the month as well as the first 

Thanks in advance for the feedback

@Cameron Myers welcome! I’m a Registered Nurse on the Illinois side, my investments are on the IL side. I think I’d like to get into the STL market, but just don’t know enough about it. Either way always good to connect with fellow investors in the area, can’t ever have enough resources, plus kinda cool to both be in the healthcare industry. Happy investing and happy to help however I can