All Forum Posts by: John Rooster

Tape a sign to the front door that Billybob Jackson doesn't lives or rents here anymore, he hasn't lived here in a long time, and you have no idea where he lives now or how to contact him.

S&@T happens. Tell your tenant to stop being a drama queen.

Hole Sailing

Yes, the anti flipping rule from 3-6 months is less strict than the rule from 0-3 months

It is common problem for me. Though I have never had any issues after holding six months. The rules change all the time, and vary by lender, and have everything to do with dysfunctional lenders making feckless attempts to avoid fraud. I have been asked a half dozen times to lower the contract price to satisfy the lender, I will never do that. I would sooner the contract fall through, and the property sit vacant that reduce my asking price. It isn't my fault the buyer can't get funding. I mitigate it by not starting the rehab till I have owed it for two months, and not listing till after three months of ownership.

Unless they are all owned by the same owner, the odds of having three of three properties not be insurable are somewhere around 40,000-1. So, either you are very unlucky, you are looking at properties with easement/boundry issues in very old neighborhoods, or your wife isn't very good at her job.

I am sorry you are unhappy, I will let you out of your lease. No, I am not going to reimburse you for any testing. No, I am not going to be making any repairs while the property is occupied.

eta: I read now that he gave complaints to you earlier. I am not going to read the earlier thread. I would have offered to let him out of the lease earlier.

Normally I DVR also, but this commercial is on CNBC all the time, which I keep on in the back ground while I work on my computer during the day

I don't have hazard insurance on most of the houses I own free and clear. I talked about this in a thread from about three months ago. My logic is simple, half the money I pay the insurance company goes to claims, the other half goes to everything else (sales, overhead, profit, etc...). I don't pay the premiums, I pay the claims out of my own pocket, I profit to the tune of 50% of the claims that would have been paid.

What Bill S. said. Though I am less concerned about condo/apt supply/demand going forward than he is. All my rentals were purchased below market in 2008-2011. I am selling some of those as my tenants leave. Prior to Feb 2012 one could find very cheap condos that cash flowed well in the MLS. Those days are long gone. I see posts on this board about the 2% rule and just chuckle. Most of my purchases in the 2008-2011 didn't even meet the 2% rule, and the low end market is up 25+% since then

I can't be the only person that loves this commercial