All Forum Posts by: Larry Watson

You need to request the refund of the deposit in writing. Send it certified and give them 10 days. Then I would take the landlord to small claims court. You can sue for court cost too.

Way to go Jack. Tenants and prospective tenants are really like sharks that smell one drop of blood in the water. In other words if you hesitate or give 1 millimeter they will take advantage of you every time. I run a tight ship and it has done me well. With 21 doors to manage it only takes me about an hour every month. Good luck!

Never give the keys without getting all of the funds required in guaranteed funds that is. Always have a deadline that any deposit to hold a property will be forfeited by a certain date. All of my deposits to hold a property are non refundable period. Do this and your life will be a lot better.

Get a cell phone and a google voice number. Two for the price of one.

Its been over 8 years now since we have had a correction. That has only happened twice in the last 50 years. Wall Street forecasters have lowered earnings expectations instead of looking at year over year profit to get you to buy into the stock market to keep it afloat. Unemployment is down only because more people are having to take on part time jobs and they are not making more money either, only less than they were ten years ago. Go on youtube and search for Carl Icahn "Danger Ahead" video. I would also check out video buy Bert Dohmen too. Keep renting and when the market takes a dive you will have plenty of bargins to choose from.

Send me the deal

Welcome to BP. This is the best place to start. The best advice I can give you is to take your time. Read Read Read all the books you can, join a local investment group in your area. I would suggest to look at least 100 properties before I would buy my first property. Get good at evaluating a property fast and the only way to do so is to look look and look.

I would go for the possession dont worry about ever getting repaid, it almost never happens. The sooner you get the property back the faster you can replace them with better tenants. As far as judgments in NC, the sheriff has to personally hand the summons to the tenant to get a monetary judgement but most of the time they dont come to the door so all you get is possession anyway.

It all comes down to two aspects. Buy the property for the right price and picking the right tenants. You are young with no debt and now is the best time for you to venture out and try it. Just believe in yourself and read all you can and especially take your time. Do not ever get emotionally involved. Fall in love with the deal not the property.

I wouldn't put much weight into credit scores. Student loans, medical payments are items I could care less about. The best credit check is to call the previous two landlords they had. I say that because the current landlord might lie to you just to get them out of their property. Look for the good signs such as they ask you if you can hold the property for another month because they have to fulfill their current lease. If they say that and its true do you really think you have anything to worry about. If you think about it most tenants dont have the best scores. I tell my prospective tenants that I am mainly checking to see how truthful about their current debts to make sure they can pay the rent. I would be more concerned about criminal history.