All Forum Posts by: Kar Sun

My tenant signed a contact that clearly states that when he moves out the property must be in the same or better condition as at the time he moved in normal wear and tear excepted. 

He mounted a TV and when the mount was removed he repatched, however he expects me to paint it. The whole wall will have to be painted professionally because I cannot just paint a patch and it is fairly large area. It is not a run down low end property.

He additionally scratched a new stove ceramic top with cast iron and my home warranty did not want to pay for it because they considered that a "vandalism".

He seems to think the is ordinary wear and tear and even threatens to take me to court. I do not think he will be able to win anything. I am in Tennessee. 

I told him it will be more expensive for him to take me to court and that he will lose. 

He was my tenant for 4 years.

Thoughts?

 They do not exist. Property manager has conflict of interests. They will put anyone who "qualifies" to get paid. They do not consider potential tenant's character as a qualification. If you have just a few properties manage them yourself. It is really easy. 

 If it is that consistent it might have something to do with how he gets paid by his employer. If you would be interested to continue his tenancy otherwise I would look at his paycheck schedule try to work something out. $100 is a lot to pay for people in lower income brackets. 

My late fee is $100 and I never had to charge that fee. It starts on day 6th. My state allows 10% late fee. I am way below 10%

I became an investor at once. I knew I wanted to buy in the state and a city where I live and preferably within a couple of mile radius of my place. I knew I wanted property to be in a good condition because I do not have too much bandwidth to fix things. I knew I wanted to be in an HOA because the exterior is taken cared of and HOA rules give me more power to eliminate certain tenants I do not want without justifications or explanations. I knew I would finance the purchase. The properties had to cash flow and appreciate. I negotiated purchase price and I am pretty well versed in real estate contracts. And I must manage my own properties. That was it. Thinking fast and not getting into analysis paralysis are my trademarks. I never plan to have 200 properties. Too much headache for me. I own a few properties and I am happy that way.

My properties must cash flow (even if it is just $200) and appreciate. I did buy at retail but I negotiated deeply pre 2019. Yours is a no. 

I am not an Airbnb investor and I am skeptical about this business model. I am also very cautious about Seattle. I would try to rent this long term or sell it and be done with it. At this time, as a small investor, I would not take out HELOC. Too much uncertainty and my sanity is priceless.

I do not have all the numbers but it is high. 

Oakland, California is a sell yesterday, today, tomorrow and in a future. Unless you have a great cash flow and willing to endure this. 

I am probably not helpful but as a small investor I would not consider California. Too many risks vs benefits. Especially now.