All Forum Posts by: Kevin Fletcher

This Topic came up on another forum post and It got me to wondering,

As a tenant/Landlord, What is the minimum amount of money you would go to Small claims court for in a monetary dispute? I never really think to handle disputes this way and It seems to me like under a certain amount it is waste of time and resources.

@Rick Fowler Welcome to BP and I think you are on the right path. If you have any questions just feel free to ask, people here will do their best to lend you their insight. I'm a buy and hold investor in Denver and I'm working on doing a little flipping if the market supports it. hope to see you around!

@Michelle Maul Welcome to Biggerpockets and if you need any help just ask!

Bienvenidos!
@Jonny Lambert

@Jonny Lambert I have some of the same goals as you and I am also looking to invest in my home city of Denver, while living (short term in Russia). As @Bill S. said, Its hard to make the numbers in Denver Currently. There is a lot of competition and It has been a nightmare trying to get offers accepted. I put 2 above asking price offers in last week and both were rejected. Both properties had over 20 offers the first day on the MLS. So its crucial to have another way to acquire properties to make your numbers work. And, I know you are familiar with the Denver area which helps, but It seems like if you are going to be investing from abroad anyway, it may be advantageous to familiarize yourself with another market in the US that gets the cap rates that you are looking for.

@Brad Starling Welcome to BP!!! You have come to the right place, You will find everything you need to know here. If you don't know just ask.

I started out the same way with rental units. I thought it would be a good idea in theory and jumped in. Now that I have done the research, I am realizing that I was lucky to make money on my first deals. There were so many things I didn't account for that I could have easily lost a lot of money. Just knowing some of the simple "rule of thumb's" about all types of REI, have made it so much easier to recognize good deals when I see them and how to take more calculated risks then taking ignorant chances. Good Luck and Look forward to seeing you around the forums.

@Sara Cunningham On One hand I would avoid this person because them having to sign over the motorcycle means that they have no extra cash. And if they don't have extra money now, then it may be you who feels the burden when they have any future financial setbacks.

On the other hand, its a judgement call, by offering the title to the motorcycle they are showing a fair amount of good faith, and this may be enough to give them a chance.

That being said, I would try to find another tenant to rent to.

@Chris Pastrana Like everyone else said, red flags are there for a reason, So I would be opposed to renting to anyone who gives me slightest sign that they think taking me to court will be the resolution for their problems. That being said, I like to go above and beyond to keep my tenants satisfied with the condition that the property. After almost every tenant I learn something more that I should probably put in the lease to protect myself. Your rules on pets (and everything else) need to be clearly stated, this is section 17 from my lease in which I allowed 2 dogs in my unit but was clear about the rules:

17.NO PETS. No animals shall be kept on the Premises without the express prior consent of the Landlord.Landlord reserves the right to require an additional sum to be deposited with the Landlord as security for any harm or damage occasioned by housing such pets upon the Premises.

Damage to premises by a pet include, but are not limited to, scratches, odor, staining, warping or other damage to floor or walls from urine, spilled food/water, or other causes.

Dog feces (“Poop”) shall be cleaned up a minimum of 1 time per week in outdoor areas around the premises.

The following two (2) pet dogs of the tenant, named _____________________ and____________________ shall be allowed.

I have never been to small claims court, but his brings up a question that i was hoping the other posters could answer. :

Question?

As a tenant/Landlord, What is the minimum amount of money you would go to Small claims court for in a monetary dispute? I never really think to handle disputes this way and It seems to me like under a certain amount it is waste of time and resources.

I agree with @Brian L. wood paneling is the worst. I'd remove it

@Kristin Holmes It seems like you're gonna need to save a little more money to invest in that market. I bought a 3-plex with my first investment which was great cash flow for the first 6 months until the furnace went out ($4,000). The lesson being, you may have enough to secure a place (maybe not in CA right now with 25k) but you need to have extra money in the bank when for unexpected repairs. You don't wanna be living and dying every month to get those rent checks. But being an owner occupant investor in a multi-family is a great way to get your foot in the door. Its a great way to learn the business (numbers) and tenant side of landlording before you buy more properties.

Wow! That was a good read lol... Great forum post