All Forum Posts by: Jack B.

Can't find unauthorized tenants, pets, drug labs, etc. when I have to give 48 hours notice. 

 I used to put "Not Section 8 Approved". The Section 8 people spammed me day and night. Amazing no one ever looked into the 20 felons living in a 3 bedroom Section 8 house selling drugs me and three other neighbors filed complaints about....Yet they hire people to troll for more tax payer funded freebies. 

 I really love the 1- 3 emotional support service dog pitbulls everyone tries to claim with a grin on their face. You should see the look on their face when I tell them this isn't a grocery store, I'm allowed by law to ask for a Dr.'s note specifying that you need a service animal and that this is the one you specifically need. Really love it when people who are so broke they have to room with 3 people try to tell scam me, the landlord with millions in real estate. 

Why say anything at all is my perspective. You're just opening yourself up to possible legal action. 

Wow, had a new breed of idiot today. Three room mates, all of them with pay stubs that look exactly the same and printed in Excel, despite the fact they work for separate companies.

Wanted to put a deposit in right away, without even applying. Suggested they apply first...

The leader emails me saying there was an error trying to fill out the ID verification form from the website and couldn't submit. Then seconds later asks me how her credit looks. I told this special child that the check doesn't run until she filled out the form....(apparently she has an IQ of 2).

Here we are a week later and they all (yes, all 3 of them) claim they can't use the web site. One sent me a screenshot from her phone with all blank fields for required fields and claimed that the site is giving an error. Yes, it's giving an error that you didn't fill out the required fields dummy...

Demands her application fee back. I explained the paperwork she signed said non refundable, and I've already paid it, and that I've used the site for 6+ years and just used it days ago (and ran someone else today). 

Got snooty with me at which point I hung up. Told this special child to go run her scam on someone else because clearly they are all trying to pull a scam and hiding something.

I'm looking at houses in Las Vegas that unless you pay cash, don't cash flow at all, and in most cases are a loss. So how are people making money with rentals in Vegas on 20-25% down financed properties? Appreciation only?

I ask because I've visited the area twice recently and can't seem to find any real estate there that cash flows worth a damn, if at all.

So I had an application from guy A first and application from guy B second. 

Guy A has a much longer rental history and has a spotless record and would likely be a long term tenant as he has lived in the same place for 6 years. He is more easy going.

Guy B is putting deposit down tonight after his references came back good, BG check came back good though one arrest no conviction for a minor crime (DUI). He is a bit more aggressive. 

Both credit scores are equal.

I'd really rather have guy A, but guy B is on his way over because I fat fingered guy A's background check email and it got declined by the wrong person, so I assumed he was out. Turns out he never got the email and that's when I saw that I got his email wrong (which happens to him a lot apparently). But by that time guy B was told to come on by for a holding deposit.

Guy A would be a better tenant IMO but guy B is coming by tonight to put a hold on it. Too late to back out? I could just say I had a previous application and the results just came back in full, and technically to avoid discrimination I should take guy A's application, which is actually true, he applied a day before guy B...

...The one that they have for boats could easily apply to real estate? Except I'd say break out another 20-60K. I get real estate goes up in value, etc. but man, sometimes I look at the money I spend in transaction costs buying and selling, contractors for repairs, tenant maintenance, excise taxes, other taxes, taxes ON the taxes that I'm the governments sucker propping up the economy.

Take my primary residence for instance. I'm going to pay about 60K in transaction costs selling. I paid about 10K buying. That's just normal closing costs, realtor fees (I can cut this down drastically), excise tax on sale, inspectors, appraisers and anyone else I'm forgetting.

I'm walking away with a hefty profit still, but being a frugal kind of guy it pains me to see soooo much of my money go to transaction costs. Then of course there are the contractors. They immediately figure out it's a rental and the price goes up-up-up! 

There are days I just want to stick it in an index fund and pay only a few hundred dollars in fees a year...

 The trend I see with these stories is that someone bought a house in a 100K neighborhood and remodeled it into a 300K flip then had to keep dropping the price to get it to sell in the - 100K neighborhood. I think mine sold quickly and easily despite no remodeling and many years of being a rental because It was a house in a 100K neighborhood going for 100K. In that kind of neighborhood the busy street was no big deal. The area I'm buying this place in (Seatac) is an entry level kind of area too for housing. Yes it may be tougher to sell, I'm sure I'd have more interested buyers on a non busy street, but in this market....

Long story short, QI I had hired conveniently couldn't match the wire I had sent to his apparently commingled account or so he alleged. After I got the FBI involved the QI suddenly became more cooperative and less vague, rejecting the wire since he couldn't match the funds after 9 days of me trying to get receipt confirmation. So money went back to escrow.

Some attorneys say I can switch QI's because they've had other QI's wire them funds from clients. Other attorneys I talked with said I can't change QI's once the house is sold. 

So who is right here? Basically I'm looking at a potentially hefty tax bill after this guy screwed me?