All Forum Posts by: Kristopher Hanks

@Kyle Burrows

My lease has a hefty, daily pet violation fee. I would include one in your leases. Enforce the no pet policy. Some male cats have a tendency to spray the walls. A close friend of mine had to replace Sheetrock to get rid of the odor. The male cat was over 12 years-old and it went on most of that time. I can still smell it when I walk into the house, even though the Sheetrock was replaced. It probably soaked into the studs behind the Sheetrock.  

@James Wise 

1) Yes.

2) I owned 3, just recently went down to 1.

3) Property manager, because I invest out of state.

4) In the past we have worked with tenants to catch up. I am just too nice, sometimes. 

5) Enlightening, because I invest in Cleveland. It was good to see how they are done. 

6) I was indifferent to the video. I feel bad for the landlord. Tenants not paying rent is the same as them going into a store, packing a grocery cart full of food, and then running out of the store without paying for anything. The tenant then repeats the process month after month because he/she/they got away with it. 

7) Yes we are vilified. Most people think we are wealthy and can stand to lose a few months of rent. But it is not just the rent. We lose even more because holding costs are not covered. Taxes, utilities, repairs, maintenance, mortgage. The rental becomes a money pit for the investor. I think this video will make it worse. The people that look at landlords that way will never change their minds. They see the rich beating up on the poor. That's all they see. Even when she drives off in her ESCALADE! My wife and I share a car. We are not rich. 

8) Yes. Need to teach more people that landlords in general are not wealthy or rich. Most are paying mortgages on their properties and work two jobs just make the investments in the first place. Plus people need to understand that not paying rent is the same as stealing from a business or maybe an elderly retired couple that barely make ends meet with Social Security and a little cash flow from a rental property. 

9) @Christopher Blanco   @Patsy Waldron   @Alex D.   

10) My first rental had an inherited tenant who, coincidentally, did not pay rent for 7 months. The Sheriff's Office had to physically remove her from the house. I had to liquidate this property because of the financial hole it created for me. That is why I don't feel bad for ESCALADE tenant. 

Yes I voted for this post. It is a tough topic but one that new investors need to understand. The nicer they are to their tenants, especially when they get behind, the more likely they will be taken advantage of financially. That may cause you to lose a lot of money and possibly your rentals.  

@James Wise

Just saw this. I’m down. I will work on it tomorrow. Spent most of the day at the vinyard, socializing with rich people, 😀. So 1) need to be sober, and 2) drink coffee and recover from the hangover before I will be of any use. 

@Will Armstrong

I am not from the area but I have learned a lot about it in a short amount of time. If you plan on moving soon I would settle in so you can focus on managing a new project especially a rehab. If you have 6 months or more before you move, you can get your first project done before the move. If you hold and rent hire a property manager so you can focus on moving and the pm can place the tenant. 

@Will Armstrong

Welcome Will. Even though you plan on moving, Cuyahoga County area would still be a good place to start investing. 

"Account Closed"

And poof! He's gone.....

@Account Closed Wrong date brother. April 1st is the correct date to post this. 

Nice!

@Mindy Jensen

I did a google search for information on investing in rental properties. BiggerPockects was in the top three in the list. 

@Jordan Santiago

$4,000 is nothing to scoff at. That is a great gain on your first wholesale flip.