All Forum Posts by: Doug Merriott

Don't put the cart before the horse. I can understand the desire to want everything in place before you pick up the phone but software should be tried in your business before you fall in love. Some of the smartest guys I know still scribble rent payments on the manila folder the lease lives in.

Podio is nice, I would like to develop a PM module for it. I think it is powerful enough.

If you search Podio on BP Blogs you will find awesome ways others are using it to automate their business. For example: http://www.biggerpockets.com/renewsblog/2014/10/18/7-intuitive-tech-tools-to-streamline-wholesaling-business/ 

Hi @Jennifer Talcott You just missed our most recent meeting, that was Sunday. Hopefully we see you on the 8th of February.

Tampa REIA is this evening at the Doubletree on Rocky Point. Cocktails at 6:00 and the meeting starts at 7:00.

Start at $25k, find the price that will work for him. Add $2k to the price and wholetail it out.

So, stop being a slacker and come see me on Sunday!

@Robert Curls is correct. The 6 month lease would be subject to a 12% hotel tax. You can generally charge this to the occupant, however the bigger question is; will the association allow the short term rentals. 

Hey Robert!

Welcome to Bigger Pockets.

There is plenty of information here to get you going. Our area is chock full of resources as well.

I hope to see you around.

Doug

KW is a brokerage by agents, for agents. You will come to discover the 20% in the office doing 80% of the transactions and that is where you will find your guidance. The Agent Leadership Council will also be another good resource so that there should always be someone available to help you. With KW's top-notch training you will be off and running before you know it.

THIS IS ONLY MY OPINION. Being in Florida I have never heard of HER.

One area you may really want to consider is the broker's opinion or the impact they will have on your investing. Do they find it favorable or distracting. KW should be supportive, but not every broker is. HER also does property management, if this fits your long-term income strategy just know that very few KW offices do PM.

Train your tenants, do not let them train you.

His portion of the rent is $20. If he does not have that at 5:00 pm tomorrow then what he should have is a 3 Day notice to pay or quit.

@Mark J. that is quite an introduction. I would scarcely call you the George Costanza of investing if you were smart enough to convert your basement to a 2/1 to rent out. That is smart and excellent "house hacking" as @Brandon Turner likes to call it. 

Tampa is an interesting place. Even though I live in Clearwater it still seems like it is so far away. There seem to be a lot of pockets of cool places to invest. 

I hope to meet you at some of the local REIA meetings. I will be hosting one this weekend, pm me for details, it is on Sunday so if ESPN is in your top 3 on your browser you may not be able to attend.

Your systems are defunct, I say that out of love for you and would also say that to a stranger. You have some takeaways here and others can learn from your mistakes.

1. Only you or a professional should allow a prospective tenant access to see a property.

2. Only you or a professional should collect money on your behalf 

3. Document everything, particularly a notice for him to cease and desist alterations to your property 

4. Your potential tenant trespassed

5. Your potential tenant altered your property without permission 

The last two points are red flags in my book. Couple that with the fact that you have been dancing around for about 6 weeks and rent is not paid in full. Please tell me you have not accepted partial rent...

What is occurring is a set up where he runs the show, not you. Considering that this is your house this is not a good set up. You don't have to be a jerk but you can fully explain to him the reasons for your needing him to not alter your property and to pay rent on time. 

Just like with children; you train your tenant or your tenant trains you.