All Forum Posts by: Rob K.

I've had some excellent tenants as well. Two of the houses that I own were both purchased in 2009 and rented right after the rehab. Those same tenants are still living there and pay on time with no problems. The best part is that they have paid back every dime that I put into those houses (including purchase price, repairs, taxes, insurance, etc.) plus several thousand dollars. I basically got two free houses. I just had to front the money for a few years. I now have zero dollars invested and can continue to collect rent forever or sell the properties.

I have another guy that has lived in a house for over ten years now. He is always a day late and a dollar short, but a super nice guy. He has paid for that house several times over.

James Vermillion Yes. I believe it. I bought a shipment of coffee mugs with my company name on them. Half the cost was for UPS to send them from Miami to Michigan. The other half was to manufacture the mugs in China, ship them to Miami, and then have the lettering done.

I was also suprised when I found out how cheap it is to ship by rail.

I have purchased, sold, and rented houses on CL. Also cars and other merchandise. The biggest problem with that site is that *90% of the users are creeps and weirdos. (*68% of all statistics are made up).

The best way to handle that site is to stay private and keep your guard up.

I have heard of houses having to be gutted to get rid of the drywall. Most insurance companies will not insure if there is any Chiunese drywall and most mortgage companies won't touch it either. It was very commonly used in Florida during the real estate boom.

It baffles me that drywall (which is extremely heavy) could be produced in China, shipped here, and then sold for a profit.

A sidenote - we've all heard of Chinese toys containing lead paint. The biggest thing that people don't pay attention to is food. Do not eat any food from China. Pay close attention on Halloween. Most of the novelty candies (like Spongebob candy or anything related to a cartoon) come from China and should not be eaten under any circumstances. I always check my children's candy for anything from China and throw it in the garbage.

You should have received all of the paperwork that the previous owner had on this tenant, including the move in checklist that shows what damages were there before the current tenant moved in. Without that, your tenant can say that the unit looked just like this when he moved in and you have no way to dispute it. I would make sure you get copies of everything, especially the lease and the application that the tenant filled out. That way you have his SS # in case you need to go after him when he moves out.

I've heard that HUD is sitting on a ton of houses to keep from flooding the market. They want to sell them in an even flow. Not sure if it is true, but I have heard it from several people.

Shannon Xerri If I were you, I would get a part time job at one and learn it from the inside. I would recommend that for anyone looking to open a business, especially a restaurant or bar. That way, you can get paid to learn and see if you like it. Otherwise, you could invest a lot of money and then find out that it's not for you.

In my state, we have a seven day notice for non payment of rent and a 30 day notice to vacate. I would send both in a case like this and let the tenant know that they need to be out in 30 days if they pay or seven days of they don't. That way, both your bases are covered.

What I've done at the end of the lease is offer incentives to stay. The less turnover the better. I offer them free carpet cleaning if they sign another one year lease. If I'm happy with the rent that I'm getting, I will offer to keep it the same if they sign a two year lease. If they want a one year lease, I will raise it a little. If they want a month to month, I raise it some more. This gives them the option to choose which route to go. Most people go for the two year.

Another thing I recently started doing is telling them that if they stay five years, I will buy them a 40 inch flat screen TV. It sounds stupid, but I've had some real interest in this. People love free stuff. I figure that if they're their for five years, they just paid for the house twice. I'm ok with shelling out $400 for a TV.

The bottom line is if you want them to stay, treat them right and make them feel they are getting a good value

I posted in a different forum about a guy I had thrown in jail for stealing gas and electric. Below is the link:

http://www.biggerpockets.com/forums/52/topics/77100