All Forum Posts by: Jack B.

Building a fully diversified stock portfolio is as easy as buying an index fund such as VTSAX. If you want to get creative with this low fee, superior return fund you can also buy their bond and REIT funds.

From what I've read, turnkey providers charge 10-20% above market prices. I would think it would be cheaper to just take a flight or drive and buy on your own, find your own PM. It's not that hard, and you'd come out way ahead. I plan on doing this in a few years when I sell my existing properties to relocate. Trip to Florida where I post up for a month and buy replacement properties.

You can line up PM's, inspectors, etc. based on research, reviews, and email/phone conversations with them then cinch up the deal when you are there in person. 

First place has now been awarded to the three room mates who despite the listing showing clear DQ's, and several emails where I reminded the lady who contacted me about the DQ's, show up anyway and tell me that the one room mate (I had no idea there were going to be room mates, like I said, she never mentioned it even after I brought it up in the emails as a DQ..) has his own house. He was all smug acting like he was a boss. "I have my own house, I have my own house, I'm like you". I asked him why he was selling it and moving into a rental. He then explained that, "well, ummm...I'm crashing on my cousins couch, he's renting a room with a bunch of other people in a house".

What a poser...He was all trying to tell me what to do, the house needs, this, it needs that, etc. I declined to rent to them on the account of him. 

Unbelievable. Besides his vague inquiry about the bg check, he was unwilling to tell me what his exact charges were. Just that they were child abuse. I asked him if it was a felony and he hemmed and hawed but wouldn't directly say it was other than saying it was 10 years ago, etc.

This tops the weirdos I've had this week. 

Second place is the lady who called wanting to run a commercial trucking business out of a residential rental with an entire fleet of 18 wheelers, admitted she pays late on rent because of their trucking business income being inconsistent (I not only put dq's in the add but every email from a prospect I go over it again to avoid the time wasters), and oh, by the way we have a pit bull....

Third place is the lady who sent me emails for the same property several times and was responded to several times and was reminded of the dq's. She never replies she just emails me for the same listing every day. It's like she's unable to tell that it's the same property she emailed before...

I would deny him based on misrepresentation alone. Only an inconsiderate idiot would act like this with their landlord. His little comment about him not caring if she signs the lease are comical. I'd tell him I don't think that's his call to make and that she needs to sign, but the fact that he got the lease and is now dropping this on you after the fact and being this high maintenance up front. Dump him. 

The exception to this would be if you can't afford to let it sit empty. Rent to them month to month then boot them if they prove to be more trouble, while advertising it all the while on postlets.

Yes, I was asking for other things to add to the list. 

I've noticed there are roughly three things that are a common issue when tenants move out. As such today I started sending emails about these items to tenants, starting with the tenant I have moving out now.

Carpet/Wall stains: I advise that they carpet clean or magic eraser any scuffs on walls because little kids inevitably dirty the walls and spill...

Utilities: I advise them to ensure they pay their closing payment for all utilities.

Trash: I advise them to ensure everything they came there with and in the garage, house, yard, shed, etc. is taken with them. I've spent hours cleaning out truck loads of crap people seem to always leave behind thinking I'm doing charity work for them.

I sent this out to a tenant today and got confirmation of a plan of action for all of the above from her. I plan on doing this with all my tenants from now on. I also plan on touching on damage vs. normal wear when people move in, as well as utilities for the same, because inevitably people always are slow to get it transferred and think I'm going to pay the bill for them out of the kindness of my heart....

Tenant elected to move with 30 days notice by end of July. Earlier than I expected but at least I get to charge market rent. Even if it sits empty for a month I will still come out ahead. I do already have 2 tours scheduled for tomorrow though, so doubt it will be available long or sit vacant at all, even at market rent. 

Update: Tenant was told by me that the room mate situation would not get the same discount, etc. She has been very responsive and is now trying to see if she can work it out with the room mate at the full rent price. In reality, she can get easily $500 a month, still bringing her rent $150 a month lower, while also giving the room mate a leg up on cheap living via the room rental.  Since I'm not the government, they tax me to death already to subsidize people already, I'm not giving away free money anymore. Once this rental is resolved, rent at the other well below market rental is going up to near full price and rents will be raised every year even if just by $20 so long as the market is strong. If I wasn't in grad school it would be done at the same time but between other rentals, school, work, etc..

I have a signed lease with the tenant, I keep all my tenants on MTM leases. I still gave her 60+ days notice, far more than I'm required. But yeah, agreed on the rent increases. I plan on reinvesting the money in sprucing the places up a bit, two new roofs, new paint, etc. I've had some work done but leaving so much money on the table is ridiculous while they pocket the savings because it's "convenient" for me to keep the same tenants. My other under market rental will be getting a closer to market increase this year as well.