All Forum Posts by: Jon Magnusson

Not yet, but no payment is not acceptable.  We will see. 

Thanks guys.  As of right now he's 15 hrs late.  I've emailed him to see what he says.  @Rick S. I'll reach out to you if nothing by tomorrow.  I'm a long distance landlord, so moving forward with eviction isn't ideal.  I accepted this particular tenant based on his rental history (10 years @ the same address w/ good credit).  So I'm hoping this is just something that slipped his mind.  I'll keep you guys posted. 

Hi all,

Here's a quick one:  I have had a tenant in for about 5 months now (on a 1 yr lease) and they have always been early with the rents.  This month they have not paid (was due yesterday).  Late fee kicks in in 5 days.  I use a service to email and collect rents (erentpayment.com) so I'm sure that they received the notice to pay (it goes out to them on the 1st).  Also, erentpayment sends them a reminder on the due date.  At what point should I contact them or should I wait until the 12th when the late fee is in effect?  Just curious what everyone else would do.  

Thanks, Jon  

I think in a recent BP Podcast someone said about HOA's, (and I'm paraphrasing), "Why would you put your financial decisions in the hands of other people?" In other words, unless you are on the board, you have little say in what the board does. They could take a $200 cash flow to $0 in an afternoon. Also watch out for rules that would impact your tenancy i.e. no rentals with short term leases or leases less than 2 years, or no renting out individual rooms, or no rentals to individuals with different last names. Condo HOA's can be really inventive and creative in how they keep college kids out of renting in the property. Get a hold of the HOA's CC&R's and talk to neighbors and possibly the board before you buy to get a feel for the property. It might be college friendly, or it might be impossible to rent. You could get lucky, buy up 1/2 the condos in the complex and turn the whole thing into a giant frat party!

Good Luck!

Congrats on buying your own house and house hacking!  Great way to get in!  My wife thinks I'm crazy too for starting to invest in real estate.  And, I agree with Ali, every time you have a win, tell them!  Be excited.  But then, surround yourself with positive people who buy into your vision (not yes men but yes you can men)!  Get your room mates on board.  I'm guessing that if you wanted to be anything other then a clock puncher, your parents would double guess your decision.  I guarantee that everyone on here has had a similar experience with few exceptions.  It's the ones who listen to the nay-sayers that will never make it.  

Remember these quotes from Michael Jordan :

If you accept the expectations of others, especially negative ones, then you never will change the outcome.

and my favorite:

I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed.

Don't forget that you're going to fail, you're going to fall down, you're going to have bad deals, and you're going to make mistakes.  But if you continue to learn and develop your skills, all these things will lead to your success.  Success doesn't happen overnight; like real estate, sports, and life, it's a long slow process.  

It sucks your parents don't support you now, but when you are successful, they'll remind you that they did and how much they were always behind you.  Love them anyways, they're the reason you're breathing! 

Congrats again!

Hi all, 

I've got 2 trees in a tenants backyard that appear to be dead.  Anyone know of a simple and economic way to get rid of them?  They are both well over 30 ft tall.  Should I get a professional arborist?  Or does anyone know of a tree service in Orange County CA that will take them out for cheap. 

Thanks!

Start with a hammer

What about US Territories? Like Puerto Rico, Guam, Virgin Island?  They tend to be tourist destinations and still protected under similar laws as the US

I think you answered your own question in your question! ... You don't cash flow if you're out of pocket is the same as your income.  Nice thing here is you have a tenant paying down your mortgage.