All Forum Posts by: Cory St. Esprit

@Corey Louton

@Cory St. Esprit

BrokeToFI / Properties and Pints is going to be meeting at the Hazelwood Brew House in Hazelwood on June 4.  Usually a casual / networking-oriented meetup.  I can post more details here as soon as I get them.

I'm 18 wanting to get into Wholesaling Real Estate to start out, and I've been researching and learning about it for around 6 months now and I have a strong foundation for what I would know and what to do. I want to actually know how I should start out doing it from people that have actually experienced it.

Quote from @Tina Lee:

Oh no, please tell me this, I sometime feels like this person just love me and like to talk to me for non-sense on her spare time. 

I am overwhelm with her messages. And I am thinking about ignoring her from time to time

i mean do I have to reply to her request of future late fee waiver now? I can just ignorant her right ?
Quote from @Joe Villeneuve:

Quote from @Tina Lee:

Hi all, she has no late fee now. She paid on 1st this month. I have no idea what’s the F. She mean, but I believe she mean is is going to pay late in future all the time. 

This is the same tenant won’t let me raise her rent and I had to explaint to her , I have inflation cost to take too. Is just constant request from her. 

Since when does the tenant decide if the landlord can increase the rent.  You just increase it.  Their option is to stay and pay it, or move.  I hate to tell you this, but this tenant owns you.

Here's one of my most important rules as a landlord.  NEVER LET THE TENANT KNOW WHO YOU ARE.  That's a recipe for being taken advantage of.  they will want to be your friend, then they will expect favors from you all the time.
Even if I visit the house, I'm not the landlord, I'm the property manager.  I have no say in anything, as far as the tenant is concerned, I don't make money decisions, I just follow orders.  Any questions, complaints, or problems, the tenant has to communicate with the landlord, in writing.  I know,...that's me, but not as far as the tenant knows.

I would say something like this:

Thank you for reaching out and sharing a bit about what's going on in your life. I wish you all the best in this new but exciting chapter. 

Regarding late fees, I am not able to waive past last fees. The lease terms are in place to keep things consistent and fair for everyone and I've been advised to stick to them. 

That said, paying rent in advance is welcomed and I'm glad to hear you are thinking proactively. Let me know if you have any questions. 

A paying tenant is almost always a good tenant. Problem is, your tenant is disturbing other tenants (smoking, filth, noise). 

Is it worth keeping a problematic tenant who will likely cause you to lose other reliable tenants? This will happen sooner or later. Then you’ll find yourself with a vacancy anyway. Obviously, this is what you hoped to avoid in the first place by keeping the troublemaker. So it’s not worth it. 

I’d politely decline to renew once the lease term ends and find someone new.

How long have you owned?  The reason I ask is at that rent point there is no profit on a sustained hold.   this is regardless of furnished or not.

if you do not get rid of the tenant, the situation will degrade.   Easy decision to get rid of these tenants.  

More difficult question that was not asked is do you get rid of these tenants property and I think that is as easy a question.  Managing units is work.  You deserve to be compensated.   Owner RE has work and risk.  These deserve compensation.   Your cap ex will catch up with you.  Sell before it does.  

Good luck