All Forum Posts by: Mike Wallace

just some 79cent vinyl plank from homedepot.

how do I post pics?

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Just bought a new house from a guy i met. Deal was too good to pass up (maybe this is why). Already had a tenant that was living there. I assumed their lease, 11 months left. It was all legally assumed by me with an attorney present.

First day I own it I call her to introduce myself and explain how I want the rent paid. She goes thru a list of things the previous owner promised her the new owner (me) would do. I was like "no...i did not assume anything but the lease. sorry. let me know if something needs fixed that is not working"

I had to go and fix a bunch of little crap. Small holes in wall etc. I did it as a courtesy and to get in the property and meet her. The lease states that the first $50 of any repair tenant pays. I fixed everything for free to be nice and try and get off on a good foot.

2 days later she calls me and says the door handle fell off. I go over. Door had obviously been broken into, more then likely by her...prolly locked her self out. I replaced it ($25 lock set...took 5 min....whatever)

calls me next day and says the lock broke again just like last time. "i say you broke it again" she responds "i had to break it my son was inside alone and i had to break it...i forgot my key and it was a safety issue for my son..blah blah blah"

I tell her to refer to lease and pay me $50 toward fixing it. 

UPDATE:

I now own 3 condos in this complex. Have bought them all for 14-22k each.

have them all rented for $650. Very high demand for rentals in this complex. A few landlords have even bumped their rentals up to $700 per month.

Probably not much room for appreciation, pretty low income area. I have done a ton of research on crime statistics and can not find anything other then a few break ins here and there.

the neighbor of one of my rentals wants to sell. We agreed to $20k. He wants to do a private quit claim deed. I want to protect myself best I can. I talked to my lawyer and he said it cost each of us $600 for him to get title insurance and do a closing at his office.

any cheaper way. How do I go about this?

Thanks.

ended up getting it done for $1550 total. 550 of which was parts, 1000 in labor.

6 duct runs.

Last month my tenant paid half the rent with promises to pay me the remaining half in 3 days. He paid another portion, but was still short $50 on total rent.

This month (november) I told him full payment had to be in by the time the bank closed on the 5th. ( my tenants deposit rent in my bank account). He failed to do so, with no response from my text message.

He has been there for 10 months and never had a problem before.

Whats next?