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All Forum Posts by: Kar Sun

Kar Sun has started 20 posts and replied 364 times.

Originally posted by @Jared Sawyer:

Interesting thread!!!
I'm sure there are plenty of attorneys that would find something about the prospective tattooed tenant that is being violated under fair housing laws and take you to court in hopes of settling because it would be more expensive for you to go through a trial even if you do win!

 oh, please...too many lawsuit happy people. enough of the attorney threats already.

well, this is an old thread but I got a tattooed prospective tenant today looking at the property.

She was covered with tattoos, has a small child, came with mom who will be paying for her.

The place is too big for her and her child, so not a match.

I also like responsible people.

If you got tattooed and like to project the "fierce" attitude but your mom has to pay for you then you need to look elsewhere. We are not a good fit together as a tenant and a landlord.

It was a NO because she is simply not a fit for the property and I do not allow subleasing, hosting and limit how long the non paying guests can stay on the property.

I do not have problem with pets. I do have problem with irresponsible, woke tenants. They move in then they create drama and start throwing their rights around.

Originally posted by @Michael Bell:

@Kar Sun thank you for your feedback. I really appreciate it. To your point, being hesitant about any investment class is a good trait to have.

May I ask why your hesitant with commercial grade assets?

Of course. There has been a significant erosion of private property rights for the small business as well as more and higher taxes despite the recent dive the economy took. I have been concerned about "essential business" vs "non essential" business designation that was unheard of prior to 2020. It looks like the small and some medium business has been designated as "non essential" where are large mega corporations have been given green light and have reported significant gains. There has also been a significant downward push to reduce consumption. These seem like significant factors to me. Now waiting to hear about some climate pandemic. Then expect more mandates and even laws to reduce driving or have the taxes to pay for driving "in excess" of what would be allowed. We have to wait 5-7 years to ensure that the "great reset" fails completely before the small business can continue on.

An interesting perspective. So thank you for that. I had never thought of parking lots but I am personally a bit hesitant about parking now. Or anything commercial at this point.

when people sign a contract they agree to the conditions. if the conditions are bad they can be reported. why reinvent the wheel? governemnt overreach has been unprecedented. landlords should not pay for these crazy initiatives. most properties are mortgaged and lender also is the technical owner. there needs to be a pushback. unfortunately no national association of landlords. are these busy bodies going to visit large corporate apartments as well or just private landlords. goverment clearly wants to have the singular ownership of the private property.

Post: How much is your security deposit?

Kar SunPosted
  • Posts 374
  • Votes 273

I am in southeast USA. my rent is $1895 (I try to stay competitive) and my security deposit is $3500. No pet deposit as I do not want to be limited by that amount. Security deposit will be used for any pet damages. People are more incentivised to keep the place in a better shape when they know they can get their deposit back. I write my ad in such a way that I get minimum tire kickers or unqualified potential tenants. I honestly do not care to receive 100 messages. I have class A  property and anyone who does not meet my criteria is out. My properties are within 1 mile radius, they are cash flowing and have tremendous appreciation. I would rather not rent and wait it out. Quality over quantity.

Originally posted by @Thomas S.:

Contrary to the belief that everyone has rights it often overlooks what is best for the owner and other tenants. I only select tenants that I believe will be a good fit for my property, other tenants and the applicant them selves. Accepting a applicant that is a bad fit, regardless of the issue, is a recipe for failure.

I reject any applicant I do not want, I do not care what the reason, but do so by finding more qualified applicants. I always tell applicants I am still taking applications and simply do not respond to any applicant I do not want till I find the one I do want. When I reject I do not give any reason beyond "I have accepted a more qualified applicant" which is the truth. Many applicants I do not want find other accommodations before I finish my application screening process. Do I discriminate. Yes, but I do it legally by bending the rules.

It is your property to do as you please to protect your investment, if you are accepting  applicants you do not want out of fear of the "regulations" you are in the wrong business and will fail.

Your business, your decision. Set high screening standards, credit score, employment, income, etc. and you should be able to eliminate any applicant you choose without discriminating. In your case someone with 7 kids probably has credit or income issues.

Excellent points. 
there are too many wanna be attorneys here giving not such good advice. 
People need yo have heads on shoulders instead of cabbages. I have beautiful and well kept properties and not about letting somebody ruin them. I have high barrier to enter and I intend to keep it this way. Government is not exactly a business partner. 

Originally posted by @James Wise:

Well first off, I think it's best to side step all the masks work / don't work discussion and focus on real estate strategy.

I think your biggest mistake as a landlord is doing repairs yourself on an occupied property. Your tenant is clearly thinking that you work for them with the way you've set up this relationship. This is not how you want to go about things. This dynamic is why your tenant is telling you what they will and won't do in THEIR own home. 

it's not their home. It's your home. You need to set proper boundaries, rules and respect. A big part of getting that done is making sure the tenant understands the true dynamic here. What you say matters. There are rules they need to follow or they will not be allowed to continue renting from you.

Hire a contractor to fix the repairs and set your landlord tenant relationships up in a way where you treat your tenant more like your employee than your customer. In doing that the frequency of situations like this will be greatly reduced.

 There is nothing wrong with doing a work on your own property. We have set boundaries and expectations. We respect our tenants and that is why they rent from us. I am in  business for myself. 

We do not require anyone to wear any masks. They do not work. Viruses do not stop at some magic distance of 6 ft. We are sick on the paranoia. If someone wants to wear a mask they can do so. Having a disease is not criminal and it is not possible to trace where a person got sick. Additionally there is no such thing as asymptomatic people transferring diseases. When people are ill they normally self isolate. Mask obsessed can pass on to the next property. We do not need drama.