All Forum Posts by: Curtis Bidwell

@Michael Elliott  our state requires that we give an accounting of any deposit we keep within 21 days.  I don’t negotiate if I already have what I want/need to cover my costs to bring it back to “rent ready” condition.  

I send the notice with either a check for the difference or a bill for what they owe in excess of their deposit.  When they contact me I let them know we can make arrangements for payments.  If they won’t do that I let them know they may be subject to additional costs for collections, and that will hurt their future prospects for rentals as well as other credit based opportunities. 

Sometimes we go to small claims court if it’s a worthwhile amount and they have the means to pay it.  If they don’t have means, it’s just not worth the hassle. 

I have 87 doors self manage 1/2 of them, and yes, they have my personal cell #.  It is also printed on a 4x8 corner street sign for our apartments.  I can’t recall any prank calls. A few seasonal leads (we’re close to a college). I got a 3am call when a ceiling collapsed. Had the contractor there at 8 am! 

I tell each incoming tenant that I will usually answer during business hours and often times when you least expect it, but be ready to leave a message and I’ll determine how critical it is and respond accordingly.  

I Do put them in my contacts so I know who is calling (and ignore the complaining lady who always gripes about the kids downstairs!)

Many years ago I added a 1/2 bath to our home.  I got it all finished up pretty and called in the inspector.  I was at work when my wife called.  I had it all finished... not open so he could see my work!  he asked me several questions and then signed off, after explaining thr point of the inspection!   

Point is, the happy homeowner can get away with a lot if he’s honest, gracious, and “dumb”!  Just don’t try to get away with it in a rental!

@Account Closed Yes, it is our intention to sell the mobile, divide the property (into 4 total parcels), and build 3 additional homes. 

We will move into the existing home (lakefront), replace the mobile for mom-in-law, and have 2 lots to develop for profit. 

I am buying a property that includes both a stick-built home as well as a mobile home.  I have to decide whether to keep title on the mobile or eliminate title.  I'm not sure of the advantages or disadvantages.  Any thoughts???

As I understand it, keeping title separate on the mobile (like a vehicle) keeps my purchase price associated strictly with the land and stick-built home.  Could I potentially value the mobile for $100k (current value) and then sell it and have it remove for maybe $10k and claim a loss?  That could be a nice advantage!  

Appreciate your input!

@Jack B.  Our region is unique in its current pricing.  Those out of the area scoff at a 5-6 cap while we're lucky to get one that high! You're closer to Seattle where we are seeing 3-4 caps!  Some of this is foreign money that is being parked here -not for appreciation but merely for safety. 

A 4-plex for $550k in Covington is a pretty good price.  I haven't seen a 4-plex in Olympia for less than $500k and they only last a matter of a few days.  And most of it is older stock built 30+ years ago needing upgrades.  My 2 bed rents are pushing $1100/mo.  I'm assuming you should get a least $1300 on an older unit so your pretty close to a 1% deal.     Do the smart upgrades and increase rent and you'll do fine … for King county! 

@Aaron M. you said, “he stated that a tree branch was hanging low and looked unsafe.” Go cut the limb off and remove the Problem! 

@Sam Leon I draw the line between wear & tear and dirt & damage.  If I can fix it or clean it, it's not wear & tear.  

Wear & Tear are things like: faded or brittle blinds from sun, minor knicks on wall, loose doorknobs, carpet wear, faded paint.  

Dirt & Damage: holes in the wall, doors off hinges, rips in carpet or urine stains-odors, broken-missing mini blinds, grimy bathtub, etc

Your tenant will continue to be rough on your unit until he starts paying for his damages or moves out.  Take a firm stance against their misbehavior by getting actual bills and charging it to him -including late fees if he doesn't pay.  (appliancepartspros.com for appliance parts).  

@Robert Gravelle really is no right or wrong -depends on your comfort level living far from your property and being passive while you leave it to a manager (many dream of this!).  If you have a great management company I’d keep it.  Your making 17% on equity. 

If you sell, your assuming you’ll get $200k.  IF you do, you’ll net about $53k after sales costs and paying off current note.  The question is: Can you reinvest $50k and still get the same return where your headed? 

Longview is a stable market with reasonable appreciation expectation. My guess is prices won’t drop for awhile, and will likely stabilize without decreasing much. When the recession hit I never dropped rents on current residents.  So if/when the market turns I don’t expect to see rental income following.  

@Account Closed is absolutely correct, offering cash means nothing to them.  This tenant is a pro and knows how to use the system.  Your best bet will be to HIRE AN ATTORNEY that specializes in landlord-tenant issues and evictions -get a specialist, not a general practitioner.  It will likely cost about $500 + court costs.  

My recommendation is to not worry about getting reimbursed through a judgment - it’s wasted time and effort.  Just consider it part of the cost of the deal, your main concern is just getting them out as quickly as you can.  Your purchase price should take into consideration the cost of eviction and subsequent renovation. If it’s a good deal it will be worth it.