All Forum Posts by: Jane S.

How is it possible for a full time employed person not to have a credit score? Are credit cards necessary for this?

Underbed storage boxes walmart

The latest waste of time

Woman submitted rental app with NO FINANCIAL INFORMATION on it including has no bank account and she only saved pay stubs when she found out she has to move —2 months worth. Insists she is “overqualified” but didn't provide owner’s name or contact since they live in CA. Says I should call the broker who is selling the house who probably doesn't know if she pays rent (of course the broker wants her out so will praise her to the skies). Didn't provide her credit score. Says I didn't point out that her monthly earnings are an issue (so it’s my fault) she has no provable hard copy income. Her uncle lives with her gets $870 a month SS. This is typical of the freaks out there so watch your step.

A new company called NOMAD is gonna solve all my stress. Ha the guy even said if I had vacancy they would still pay rent. Minus 3%. Reminds me of when Bezos started out and was losing $millions.

The mortgage payoff must be part of the 1031 total? In other words, 1031 requires 100% of sale minus closing costs?

DID YOU EVEN LOOK AT THE RENT ROLL BEFORE GOING UNDER CONTRACT? See anything weird there? Ask sellers any questions about it? Tour any of the units? Read the current leases in force and when they expire? 

Apparently this property is the answer to some dream or fantasy you had and thought you should find and buy.

This old lady could live to 110 years of age! Suck suck suck you dry! Are there any others like her in these units?

When I had a retail shop, every day that was a zero day (and they do happen) was a total loss and could never be made right. At lease my tenants pay every day they occupy. And i have to hope and pray they dont wreck the place.

In making a decision about whether to keep looking for a good tenant or sell the property, I researched whether I really made enough money to justify having to deal with liars, cheats, thieves, scumbags, druggies, filth, and squatters.

Wait for it!

Fixed costs (debt, insurance, county tax for 2021) = $11730.00 looks pretty good, doesn't it? I have owned it since 2012 and it has nice equity.

Rent collected in 2021 = 4 months @ $1800=$7200, 7 months @ $1875= $13,125. late rent 4 times and didnt pay penalties, daughter bought drugs instead, $425 owed, new total=$19,900. Less plumbing costs for causing drain clogs, lease violations, smoking, drug use, approx. $1500, new total $18,400. Unpaid rent court ordered $1875 * 2=$3750.00, new total $14,650.

Havens even started on the out of pocket costs in 2022 after I finally evicted, which included $1,900 for the eviction lawyer.

I have $11,000 in remodeling costs, labor, Home Depot, etc. The scumbags really did some horrific damage.

Why would I keep this property? I must be WET if I do. Right?

But I need to know what my cap gains are if I sell.

Long story short, who do I contact on this site that can help me calculate my cap gains?

You're right I never expected the Spanish inquisition! (The nasty tenant crooks are Latinx BTW)

Python had a joke for every bad day.

Anyhoo I am gonna find out about a Delaware trust in a few minutes, just to see if I can rely on it to deliver around 5% I would be happy to shelter cap gains at that rate.

I’m long past the emotions but looking forward to suing them in Small Claims. I know I wont get a cent unless I get their paychecks garnished. Hoping for that.

Pretend you're a renter and go look at similar rentals to see how they did it and what they are renting for. You'll never get to a decision unless you know what your competition is doing!!!!!!! BESIDES, LANDLORDS will ***** about bad tenants but never praise good ones. You might get an early warning about professional sleazebags. Nothing works as well as shoe leather.

ITS NOT MY FAULT !!!!!!! I HAVE SEVERAL OTHER SFR'S WITH REALLY GOOD TENANTS!!!!! THIS WAS MY FIRST AND LAST EVICTION AFTER 20 YEARS OF INVESTING.

I HATE IT WHEN PEEPS PLAY THE BLAME GAME, THESE TENANTS WERE RAT SCUM AND THERE WAS NO WAY I COULD HAVE FIGURED THAT OUT UNTIL THEY STOPPED PAYING. They were extremely clever in the way they hid all their ugliness. Experienced professional renters. Sucked up to me and meanwhile were plotting to screw me. They knew exactly how to do it, too. And the municipal court let them stay in the property without paying. They owe everybody.

THE UNPAID RENT IS STILL A COST TO ME, THE COURT ORDERED THEM TO PAY IT. 

Also I have not included all the money I paid carpenters, drywallers, handymen, painters, yard cleaners, junk haulers, assorted helpers, property manager, so I doubt if the $555 is realistic.

All day today the phone was ringing off the hook and I have 3 parties “very interested” who said they gross 3x the rent or more and no animals, they agreed to complete the rental app TODAY or TONITE and submit it. More lies and foolery. Doubt i will get their apps. Why should I do the hard work of showing the property to people who cant even DO what they agreed to do? I need them to have skin in the game before I will allow them to see the property. That’s just smart managing. No tire kickers they have to pre-qualify. Just like when you buy a house, you need a prequal letter. That should be a requirement for renters, too. Multifamily sellers are not showing until they get a buyer’s offer in writing.

Thanks for the response, It is helpful but ends on a sour note.

In making a decision about whether to keep looking for a an “acceptable” tenant or sell the property, I researched whether I really made enough money to justify having to deal with liars, cheats, thieves, scumbags, druggies, filth, and squatters, otherwise known as tenants. Yes, bloom is off the rose. 

Wait for it!

Fixed costs (debt, insurance, county tax for 2021) = $11730.00 looks pretty good, doesn't it? I have owned it since 2012 and it has nice equity.

Rent collected in 2021 = 4 months @ $1800=$7200, 7 months @ $1875= $13,125. late rent 4 times and didnt pay penalties, tenant bought drugs instead, $425 owed, new total=$19,900. 

Less plumbing costs for causing drain clogs, lease violations, smoking, drug use, approx. $1500, new total $18,400. Unpaid rent court ordered $1875 * 2=$3750.00, new total $14,650.

Haven't even started on the out of pocket costs in 2022 after I finally evicted, which included $1,900 for the eviction lawyer. It took 3 months during which they did as much damage as they could while still occupying. 

I have $11,000 in remodeling costs, labor, Home Depot, etc. I did get some help from homeowners insurance but no coverage for “cleaning” even though I had to replace the stove, parts of the fridge, carpet, etc etc

So I cleared $243.33 per month over the period. If I subtract the insurance claim payments I am in negative territory. 

Why would I keep this property? I must be WET if I do. Right?

But I need to know what my cap gains are if I sell.

If I find a qualified applicant the rent will be $2000 plus animal fee $600 (only one allowed) and tenant pays utilities.

Long story short, who do I contact on this site that can help me calculate my cap gains? Advise me about Delaware statutory trusts?

There is nothing to buy here in my town that will cash flow. MLS has overpriced houses that look like bankruptcies if BRRR'd. Same for flips. And I cant invest OOS.

Thanks for any referrals or solid suggestions.