All Forum Posts by: Karl B.

I would love a webinar on the subject of How to Find Off-Market Deals (covering mailers, lead generation websites, how and where to buy lists, distressed sellers, etc.)

Have a lawyer local to your rental property send the PM company a letter (I'm sure there are BP members local to the property who can recommend a good attorney - if not, use Google and Yelp and do some research). I bet the PM will reply then. 

If they don't, sue the hell out of them. If they do reply, work with your lawyer to find a solution that works for you. 

In my market I go for the 2% rule. I've gotten close to 4%. 

The 1% rule, 2% rule, etc is market, condition  and property class dependent.  

I think it'll go like this... just a hunch:

• September 19-20*                .25%
• October 31-/November 1.    no increase  
• December 12-13*                 .25%

     After December it'll be a wait and see approach but with the economy showing signs of weakness I can see a hold with no further increase. 

   Hopefully our clown politicians will stop adding to the deficit (= money printing) so we can get a handle on inflation.

Matthew, we're cut from the same cloth. 

Like you, when I'm showing a property, I'm typically dressed between the range of working guy and looks like a vagrant who fell into a pile of paint.

I typically hold showings when I plan on doing work at a property, that way if someone is a no-show - which is roughly 40% of the time - I'm not out any time as I'm there being productive.

One time a couple showed up late (from what I remember it was roughly 20 minutes - I typically give them 7-10 minutes) and I was busy doing yardwork. Since I was annoyed they were so late when the couple approached me and stated they were there for a showing I told them the guy who shows the apartments left already and that he was angry about no-shows. 

I keep a list of the no-shows (my idiot list) as I've had the same people inquire about viewing a different apartment (often a year or two after their no-show) and I tell them about the time and date they failed to show up (at that point they typically don't respond). 

Hi, Bradley. I've had a few Section 8 tenants. One died O.D.ing on fentanyl.

Prior to her death, the local housing authority claimed they couldn't pay (their share and the tenants' share) a penny more than $450 a month for a one bedroom in my neighborhood.

Guess what?

I had the unit rented BEFORE I was done with the rehab (to non-Section 8 renters). I put new flooring in, painted the unit and fixed some damage, and got $590 a month. So when some people say things like Section 8 pays 10% more than market realize that may be true in their market, but not in all markets (certainly not my current market). 

Another thing people like to talk about is 'guaranteed money'. Despite the fact Section 8 pays the majority of the rental payment, I had another Section 8 tenant who couldn't even pay her share on time. Also, at one point her voucher was FROZEN because she kept skipping her Section 8 appointment which resulted in The Housing Authority not sending me their share of the rent (which was the majority of the rent). I ended up evicting her when she owned me her share of the rent for too long a time.

Granted, I received late fees from the tenant but dealing with her was a pain. The yard was full of toys and garbage (when I mowed the lawn I had to pick it up) and there was a damn bunk bed frame sitting on the front porch despite me telling her to move the thing. 

I realize there are good and bad Section 8 tenants and offices. Speaking of offices, some local housing authorities are a pain to deal with. For anyone who hasn't yet done so, make certain you grab a copy of the Section 8 checklist from the local housing authority to read about the requirements and rules. They can be picky on some things, such as working sash cords on all windows.

It's best to know what nullifies a property for Section 8 as well (such as a duplex that has a finished attic - only one set of steps to the attic bedroom = not Section 8 eligible.

Regarding your apartment building - if you have mostly 1 bedroom units then you'll likely have less issues with Section 8 tenants as your tenants will tend to be older and the older tenants tend to not trash the place (the worst thing about my older Section 8 tenants over the years is most tend to smoke in the unit). 

I've had this happen to me - I touch up an apartment with the very same color/gloss and it doesn't match the old paint. 

Frustrating - very much so - and then I have to paint the entire *bleeping* wall thanks to Sherwin Williams. 

But it's what needs to be done as a tenant should be given a quality rental. 

I would never do cash for keys.

Evicting a tenant isn't brain surgery; after all, I do it from time to time!

I don't hire a lawyer, either (though when I lived out of town my lawyer friend did assist since I wasn't there).

You show up with the lease and any other relevant proof. I've never had an evicted tenant have much of a defense aside from, "I was going to pay him" which won't fly in the court of law. 

Evict, get a judgement, and then go to the prothonotary to file a lien against the tenant.

I had this happen to me. I evicted, got a judgement, and let the local Housing Authority know about the judgement. 

The Housing Authority will make a Section 8 tenant pay you the judgement otherwise they will lose their voucher when it's time for recertification. 

I'm assuming they were good tenants. If both earn similar income I would aim toward which is willing to sign a longer lease.