All Forum Posts by: Jim Shepard

I learned the hard way that when you are buying a unit with existing tenants you want to send the tenant(s) an estoppel letter. This way everyone is on the same page on the terms of the lease. My inherited tenant disputed having to pay the water bill. The previous owner had been doing it even though the lease stated it was the tenant's responsibility. Talked to my attorney (Illinois) and he said unfortunately the previous owner had set a precedent. I was screwed! You may have the same problem since the previous owner mowed the lawn. Check with your attorney. Is there any common sense left in the law?

I have a friend that this happened to 3 years ago. He just retired and his wife wanted to move closer to the grandkids. The closing on their existing house went well with no problems. They got the money and wired it to their title company for their new home. Went to closing the next day and found out the title company never received any funds. $350,000 gone! Three years later after getting an attorney involved they received a settlement from the bank & title company for $280,000. They were happy to get it! Wish I could carry cash to closings - it would be safer accompanied by Mr. Smith & Mr. Wesson.

Chase Southwest card for me. I spend enough on it in a year (110k) and the wife flys for free (other than the $5.60 security fee). My points allow me to fly for free as well once a month to our second house in Florida. It cost more for the taxi ride than the security fees! AND it's all tax free! I love this country!!!

I would strongly suggest not allowing your tenants to paint. Most people don't know how to paint and will leave you a mess to clean up. I would paint it a "rental beige" and use the same color for all of your rentals. Then when you have a turnover you just get out your paint to do a touch up. Saves a lot of time and vacancy expense. I bought a duplex from a couple that then rented one of the units from me. A year into the lease and he wanted to paint the walls. I broke my rule and let him paint. I thought to myself "he was a landlord and knows how to paint". Wrong! He painted a quarter inch onto all of my fake wood trim. When he left a year later I had to fix all of his painting and replaced all of the trim in the unit.

No problem David. Hope it helps. Btw I solved the problem by putting a gallon of bleach down the well head. No drinking or washing clothes for 3 days. Maybe that's why I went bald!👴🏻

David Dachtera We had this same problem 25 years ago when we lived in Michigan. Your water probably has a high content of iron in it. Bacteria are eating the iron and the by product is a rotten sulfur smell. I just googled "what causes my water to smell like sulfur" and had a "water heater odor killer" pop up. Might try googling it. I think the recommendation 25 years ago was to put a soft water system in.

Jay Hinrichs I haven't had to deal with asbestos for 30 years so I don't know if they are still doing this or not. Back then if you had more 30 trash bags of asbestos it was put an enclosed tomb that then placed in a landfill. Worst part was the government then kept track of how much you put into the tomb. If they ever figure out how to destroy it, they then come back to you with a bill. Strange part is it's a naturally occurring element that comes from the ground!

Gail Kaitschuck A "Pez dispenser"! LMAO!!! Thanks I needed a good laugh today.

You could also have a pressure test done by a plumber. They pump air into the system to see if it holds. Doesn't always work with the faucets installed. (If they dripped, it will also leak air). Better than flooding the place!

No way they are getting a copy of my driver's license. Here's how you need to think of it. Instead of thinking of yourself as a landlord, think of yourself as a loan officer. You are "loaning" them the house and you are making sure they can pay you back (rent) for a year. Have you ever asked your loan officer if you could see their driver's license, financial statement, tax returns etc? They can check with the county to see if you really own the house.