All Forum Posts by: Janier Larcheveaux

Thanks Seth. That's really reassuring.

@JayHinrichs Baltimore City is like a whole other planet.  I once had a tenant file an escrow case about a repair she'd never reported.  I sprung for a hotel room for the night so my contractors could work. She spent the night in the hotel then came back first thing in the morning and wouldn't let the contractors in.  Despite the effort on my part I still ended up losing $1,000.

Unfortunately I was out of the country for a few weeks since my dad wasn't doing well.  He passed on father's day. That's primarily why I took on a property manager in the first place.

Thanks everyone for your feedback and well wishes!   I'm pretty sure I'm well past the 45 day period for informing her why I'm withholding the deposit despite having spoken and texted numerous times.  I had another tenant contact a shady attorney about a failure to pay notice and the tenant was advised to wait until I sue her.  I love BNI...that is when I can finally get them on the phone.  I recently enlisted the help of a property manager who is also in contact with the tenant.  Should I just forward my documentation to her? 

I read about this strategy a few months ago in a book titled, Own Your Home Sooner and Retire Debt Free by Harj Gill. It's actually how many mortgages are structured in Australia. There are many programs and variations on the concept but I figured out how to implement it in a spreadsheet model. I'm on track to paying off a $38k mortgage balance in 6 months. Focusing on the interest rate of the HELOC alone is the mistake people make. You have to calculate the full cost of the money.

I have a tenant whom I found through a program which pays their security deposit and the first two months of rent.  She had at times complained about squirrels and mice and I sent the exterminator out anytime she contacted me.  She was short on rent a few months and requested rental assistance for which I had to write a letter though I have yet to see a check.  She moved a few months ago without giving proper notice and without making the last month's payment on top of what was already owed.  She's now threatening to sue me for for not returning her deposit and for damage to furniture which she claims she incurred as a result of the squirrels and mice.  I also have a number of text messages in which she stated that everything was "great" with the apartment.  Does she have a leg to stand on?  I'm concerned since this is in Baltimore City and I've seen and had tenants get away with the most egregious of claims.

I currently live in the Metro Washington DC area and was just home (St. Thomas) for over a month.  I was considering a similar route but condo fees are super high in the more desirable developments ($800-900/month).  Prices and fees were much more reasonable on St. Croix and I also had a brief talk with someone who has been successful with a one bedroom on Air BnB on St. John.  I think the bigger issues would be finding someone to finance deals locally and building a buyer's list. I have rentals in Baltimore but I have yet to come across any lenders stateside who would be willing to fund the deals in the VI.  I also have spoken with a number of contractors and I have yet to find any willing to sign a contract and be bound to a specific time frame.  One contractor told me that it would take 2 years to finish a structure that was already 60% complete. There are a lot of cultural nuances that would come into play as well.  Not to discourage you (if I haven't already) but this would not be the ideal place from which to manage a first project remotely.  If you have any resources please let me know too.  As far as I know there's not an established investor community although a lot of people build apartments on the lower level of their private homes.