All Forum Posts by: James W.

 I think that's what I'll do, thank you.

Does anyone have any examples of how to teach someone to use a dishwasher? (This seems silly to me, but I know I need to dumb myself down to solve the problem.)

 Agree 100%. This property is a 3BR 2BA in a very nice area, and I don't have any worries about re-renting it to a good tenant if the current tenant continues to be a PITA and I have to boot.

Anyone have a form letter that I can start with? 

I have a tenant that complained about a dishwasher being not the best, so I had it replaced.

Now they are complaining that the new one doesn't work properly, i.e. the soap isn't dissolving. Received a letter from them stating they will have it replaced if I don't fix by a specific date (yesterday).

I sent my plumber there, he ran it and his official opinion is that the dishwasher is working fine, and the tenant should try a different soap.

The tenant called again, is still not happy with the dishwasher.

Ugh.

My thought is to send an official letter stating that the unit was professionally inspected and the recommendation is to change soap, and also further visits will be billed to tenant at $XX.

How do you handle these matters?

Thanks in advance!

 Thanks Mike!

Do you have a sample LOI?

I'm up in the Appleton area. Dawn, thank you for your helpful posts. I really do appreciate them and I'd be happy to buy you a beverage if you ever end up my way.

FYI everyone, this matter was handled. No need to keep chiming in with worthless judgmental opinions about how great your tenants are and how stupid my decision was. I already acknowledged my mistake. It wasn't my first mistake, and it won't be my last. :)

Thank you to everyone that actually provided value here. You know who you are. And if you have to wonder if you didn't... then you're probably right. :)

 Thanks bud :)

Hehehe :D

I got a couple laughs out of this thread, so I'll contribute.

Story #1: Showed a unit to a couple that was a bit desperate, had a sob story... I made the mistake of empathizing, let them have keys before the full security deposit was paid. Couple days later the security deposit wasn't paid but the woman felt she deserved better and called the building inspector to complain that the apartment wasn't up to her living standards. I realized my mistake and evicted, but before they were out she filed a complaint with the BBB. LOL! Dumb***** are now one less positive reference on their record and won't be getting further rental assistance from one of their only options because they didn't leave the property clean and lost security deposit.

Moral of the story... screw sob stories. This is a business, and my lenders don't care about why or whatnot. Rents need to be paid, and I'm not paying rent for strangers.

Story #2: On a rented property that I purchased, I learned that a tenant had a leaky sink. I scheduled 2 appointments with my plumber to evaluate/fix it, but both times tenant didn't show. A month later, I get an email: "Good news! I found a plumber to fix the problem so I will take it off next month's rent!"

L.O.L. Rent check comes, deducting the "$220 plumbing bill" with an invoice for $220 from "Tony's Plumbing" with no phone number, address, or anything else. We Google the "company" name in our area and no such company seems to exist. 

At this point my wife and I, along with my office manager, are just laughing... this is just silly. Sent a letter to tenant stating that "fake invoice is obviously fake", rent is underpaid, late charges are piling up, etc... no word from the tenant. Eviction process begins.

Just another day :D

**** Welcome to Landlording **** :)

Good luck! Don't be scared, just be smart :)

I'm not sure if this qualifies as a "HML" or something else, but here's my situation.

I have several properties that I'm interested in, I'd like to buy them all but I'm running short on cash.

All of the properties cash flow nicely. I'd be looking at borrowing between 50-100k from some friends and family. I do all of the property management, so all they need to know is what they are getting in return for their money.

Is 10% reasonable? As in, they give me 50k and in 1 year I return 55k? Or should it be lower or higher? 

Also, how do I do this so they have collateral, but I don't have to refinance to take them off my title once I repay the loan?

Help me out here BP! Thanks :)