All Forum Posts by: Jim Shepard

I agree. The only thing that I have found is to use the box in the upper right to send myself an email. Then I can open my email to follow the discussion.

It really surprised that flipping was increasing given the tight inventory that exist. One of the small markets that I invest in normally will have 30 houses that meet my criteria. Today there are only 7...all junk. I think part of the reason that flipping is at an all time high is all of TV shows. A lot of people watch the shows and think to themselves "I can do that too"! How many first time flippers flip a second house? Attention newbies, flipping a house is a hard JOB with plenty of risk!

Michelle Black I would suggest that you get a different attorney to proceed forward with an eviction. Yes, they are family but it sounds like they have been taking advantage of you for sometime. To the point that you had to move into a family member's house to make the payment on the house she lives in! It's only going to get worse and you can't let her problems become yours.

Satya Patil As others have said check your state's landlord / tenant laws. I would vote to charge them $400 for a break the lease fee (I charge $500). For me this is to pay for my time. I now have to patch the walls, clean the unit, show prospective tenants the house, etc. I would tell them in writing that they are responsible for paying the rent until you re-rent the unit or the end of the lease, which ever occurs first. Once again if your state's laws allow. You need to take charge of the situation and not let you tenant tell you what they are going to do. Remember THEY are the ones wanting to break the lease and not you.

This is why I don't write leases for anything over a year. Too many things can happen...divorce, loss of job, job transfer, etc. It never works in the favor of the landlord. Eventually the husband and co-signer will get tired of paying the wife's rent. Then you will have to evict her if you can't talk the wife into moving. If there are kids involved the eviction it will take longer. When you finally get possession of the property you will have to sue to get your unpaid rent, repairs and attorney fees. Hopefully you can get your money from the husband and co-signer then. Have you talked to the wife yourself? Might save all parties some grief if she would just move out.

Cassidy Burns I still paint my properties "rental beige" with white trim. It pops. Utilize a good grade of paint. Use the same colors for all of your rentals so when you need to touch up it's an easy process. I know grays are in but I worry about them being a fad. I don't want to have to paint my units every couple of years. I install the cheap mini blinds from the big box stores at $5 each. I don't let tenants install drapes as you will have 100's of holes to fill. The blinds are easy to install and replace when they get damaged. I'd use vinyl planks in the living room and hallway. Depending on the preference in your area either vinyl planks or carpet in the bedrooms. Our area likes carpet. The planks in the hallway separate the rooms so if carpeting gets destroyed in one room I only have replace it. I'd suggest installing fans. My tenants can then save money by leaving off the a/c and using the fans. Hopefully they will have money to pay the rent this way. By kitchen fixtures I'm assuming you meant appliances? If they look decent, I'd go ahead and use them. This can also depend on what type of properties you have. A or B grade properties you might want to replace. C or less keep them. Hope this helps you grow your RE empire!

Jerry Ellis The elderly couple probably not only had a homestead exemption but also a senior freeze that had probably been in effect for sometime. When you bought it, you weren't able to get a homestead exemption plus the value was brought up to present market value. A double whammy! I've had many properties that the taxes doubled after I had bought a house from seniors. Welcome to the highest property taxes (percentage) in our great country. Some of my properties are pushing 3% of current market value!

Anton Watt I think looking in about 3 months makes sense. You'll just about have the first unit ready to resell. I'd keep in touch with her so another agent doesn't get her business. Check in on the progress of the rehab and give her ideas. Also get her involved with BP!

Anton Watt I think you should be commended for thinking of your client and not just your commissions! That seems to be rare in the business world. I would suggest that you sit down with the investor and tell her you are trying to look out for her best interest. Let's get the first one rehabbed / rented and THEN consider the next investment. You want her to grow her business profitably with as few hassles as possible. Problems are going to occur so let's not compound them with multiple properties until you have the processes in place. Then tell her it is ultimately her decision and you will find her additional properties if that is what she decides.

@Mitchell J.Yes, I take 15 year loans or less in some cases just to get the loans paid off sooner.  I don't need the cash flow that the RE business is throwing off but would rather have another source of income once I retire.  If I was starting out, I would utilize 30 year loans to get the payments down. Its also a safety buffer in case a problem occurs.   If I were to take a 30 year loan out now, I would be 89 when they got paid off - great for my kids but not so much for me!