All Forum Posts by: Kevin Perk

You should be OK.

There are still plenty of deals to be had in my part of the world (Memphis, TN). However I do think there is a little bit more competition for them these days and the good ones go quick (as they always have). I am not sure that prices have completely bottomed out here and there is still inventory that has not yet made it to the market.

I agree with Jon.

Look at any real estate investing book or blog that explains the numbers and you can build your own spreadsheet pretty quickly.

I'm in and would be glad to help.

My blog is listed below in my profile.

See you in court Doc!

Brian K

"I also got a call from a woman that spoke broken English and I could hear a little kid hollering in the background. I guess I should not judge people, but this sure seemed like something I would want to stay away from. "

Treat everyone the same on the phone. Have a set list of pre-screening questions like Ed O talked about that you ask everyone who calls. You do not want to be accused of discrimination.

Also, I have found that a professional "For Rent" sign with my company name, etc cuts down on the calls as opposed to the red an white generic for rent signs. If you look professional, as opposed to a mom and pop operation, some of the less desirable applicants will not bother as a professional company will check backgrounds and credit histories. Saves on calls you really do not want anyways.

Good luck,

Kevin

Kevin,

We have a set of clear cut policies written out and signed by them when they move into the unit. (My favorite is: We do not do tenant drama.)

We use our phones to take a video of the property with the tenant when they move in to document the condition of the unit along with a written report that the tenant signs and gets a copy of.

We automatically withdraw the rent from their checking accounts on the 25th of the month rather than the 1st. This allows us time to pay the bank on the 1st and gives us a head start at the courthouse if we need to go that route.

We respond to and handle maintenance requests as quickly as is possible.

When a tenant notifies us that they are moving, we send out a packet that describes how we want our unit returned to us (same condition as it was provided to them upon move in as described on the written report above). The packet also contains a list of costs that will be charged to the tenant if the stove is not clean, if a light bulb is not changed, if a fork is left in a drawer, etc. We usually get our units back very clean.

Hope the above helps you,

Kevin

I completely missed that you were coming to Memphis. We have a good reia group here also. Feel free to contact me as well.

Most likely they can be evicted but it is expensive and time consuming to go to court. If they are having money problems you may just want them to go because it may not be too long before they are not paying you. I would talk to them. Perhaps they need to find a more affordable location. If so, let them go (maybe even pay them a little to go because its cheaper than going to court) and get someone a little more stable in your unit. If you go this way, be sure to get a release of possession in writing from them.

Chattanooga has a decent reia group. Perhaps you can make a meeting.