All Forum Posts by: Daniel Suarez

Arrestee for 1 ounce of Marijuana, that is ridiculous and really bad luck. What state are you in? As long as you have rules in place in your contract that smoking is completely prohibited within the company you should be fine. I would definitely rent to them if everything else checks out

Hello, 

I know this has been brought up a lot, but I wondering if anyone has recommendations for a good REA in the metro area for multi-families that is also an investor. 

Thanks in advance.

Looks like a good deal The rent seems high for a property that value. Don't forget to add vacancy (about 5% of the rent) cap ex(5%) and repairs (5%) into your calculations. 

It sounds to me that the main problem you had was principally with the tenant herself not being a good one. Most of those issues can be improved with the right prior screening, of course she went out of the way to erase bad things about her, but getting the past landlord's info before would've helped. 

I see the inspection of the property as plus. It's a free yearly inspection to help me improve my property. And I don't see why the tenant would not agree to a raise of the rent if a) they are not the ones paying it b) you can not renew their lease if they don't accept it.

Just my 2 cents. 

Well it’s not entirely true that you will be losing money but think about this. Your starting investment is 50000, and your gonna be paying 450 a month so that’s 162000 in 30 years so you’re investing 222000 overall. 

Now if the house apreciats by 3% a year the house will be worth $500000 in 30 years the time you sell. So overall you will make 228000 over 30 years or 110% aprox. Now that May look ok, but it’s only a 3% yearly gain which is ridiculously low for such a big risk (of course if thinks go right)

So it would be better to find a good deal instead or do something else with that money even bonds will give you a better result.

Thanks everyone for your responses. I also talked to a property manager in the area asking for advice. They said they accidentally rented to a sex offender, and got the neighbors harassing him all the time almost getting his lisence revoked. It's sad because because I feel people pay for their mistakes but can be held accountable for life even after living a normal life for more than 15 years. 

Can I just deny him on the sex offender account alone? or would that be discriminating?

@Bjorn Ahlblad Good point, although I'm failing to see what the potential consequences could be, maybe I'm not thinking beyond what i saw. 

@Amy Davidson Rently looks awesome, but seems like it only works well for bigger cities where people are more tech savy, no? I would love to know how your investments do from Europe, I had in mind moving to Europe myself.

@John Thedford You post them yourself as a real state agent, right? I would have to get a REA to do it for me? 

@Rachel H. That's a great point, I had more luck with people applying when I show the property and give them a tour outlining the most important things, and talking to them before applying I get a people feeling as opposed to papers if that makes sense

I am in the process of screening a potential tenant, he told me he had a felony from 15 years, he offered to explain but I didn't wanna push unless necessary. After doing a background check on him I found out he is registered as a sex offender for "lewd conduct with a minor."  

My question is, he's been clean for the past 15 years no criminal record before or after that incident, has now a fiance and has been living with her and her 2 children for the past 5 years, has a good income and good credit. I know it's a very personal question, but would you rent to someone like that?

@Dennis M. I'm not saying that. You're miss-understanding. If something small comes up, it's easy to have a good plumber, electrician, handyman, or HVAC person's number to contact them directly. If anything bigger than that comes up, I have no problem driving to the property. I don't find a good value of having a property manager if you have a good system setup, all of your properties are on the same place and are doing regular check ups. 

I have 4 rentals.