All Forum Posts by: Jason Burr

Start investing in property yesterday.  If you wait until you have enough information to feel comfortable you will never make a move.  Brandon Turner mention on one of his podcasts that a majority of the members on this site will never invest in real estate.  Don't be one of those.  

I'm located in South Carolina and will typically allow the tenant to prepay rent in cases where they are in job transitions or they are retired and do not have a regular salary coming in but may have substantial cash in reserves.  As @Michael Roy mentioned I have a provision in my applications stating that if my list of pre-qualifications are not met I may choose to offer approval based on increased security deposits, prepayment, etc.

What type of property are you getting $500/month cash flow on in Charleston?  That's awesome.

I like how you think.  Let's spend time being a good landlord, making timely repairs, and being clear about consequences upfront.  You have a long road ahead if you help to make excuses for your tenants.  We all face challenges in life and they are not fair. Some of us are prepared....others are not.  I'm doing my family a disservice to let others live for free.

When my mortgage company decides to extend their generosity to me, I will gladly pass it along. 

Don't pay for what you can get here for free. Spend your money on the deal!

I learned of this method a little over a year ago.  I have a couple of properties that I plan to do this with as well.  

@Mike McKinzie  Agree completely. I am not smart enough to determine which excuse is real or what deal might motivate a tenant to turn the corner and live up to their financial responsibilities.  There are too many good folks out there willing to rent to waste time on the bad apples. 

There are plenty of resources out there to help good folks get back on there feet.  I make sure up front that tenants understand I am not one of those.  I evict.  I make this clear to the point that it is expected.  The cable company, the credit card, the power and water can all be late.  I'll be glad to listen to your excuses, heck you can cry on my shoulder, but you can count on the eviction ball rolling on the 5th. 

Require automatic draft for rent payment. 

I have a very clear set of written criteria that all applicants must meet for the application to be processed.  These criteria are included on each application I hand out.   In my market, Greenville and Greer South Carolina, there are a lot of tenants competing for properties. I process the application from the first applicate to meet these criteria, fully complete the application and pay the fee.  I include a date and time with signatures which is my record for which order to follow.  I explain this process up front and have never had a complaint. 

Law or no law, for me this seems the most fair way to operate.  Determining "the best" tenant seems like a gray area that we choose to avoid. Hopefully, if we are ever hit with a discrimination suit, a judge would agree.