All Forum Posts by: Levi T.

@Jon Q. I was expecting you to pitch crypto currency at the end of that post 😂

BP does not permit self permotion even on threads where people are asking.. thus people have to recommend someone they use, but after a while it gets old as it’s not their business to promote someone else’s business each and every time someone ask on BP...

American Tracers is good, I’ve used them plenty, and it’s founder Corey Crane, is on the forum.

 A few things come to mind;

Space is space, as long as the number of occupants is within code, the amount charged should stay the same. If your charging a single person vs a couple another price, that can been seen as discrimination, so tread carefully.

We allow 2 ppl per br maximum, however, if after lease signing they add more occupants, thus modifying the lease, we charge $100 more in rent per month per person, and application fees, and we have the finally approval. This keeps people from adding unqualified tenants/guest, and the price forces them not to ignore the rule as it would get really expensive if they moved to many friends into the property. 

A lot of good points here. Only thing I could add is; Sometimes markets swings due to seasons or other factors. We roll rents down by $100 if we want to move them faster. If a unit is vacant for 1 month, what’s the lost rents for that month average out to over 12 months? That’s your discount to insure you don’t lose 2 months rent..  sometimes odd things happen in 3’s. Bad season, weather, and a flood of units on the market, your only choice is to wait, or keep discounting till it moves.

Your going to need to start consolidating properties under entities, otherwise welcome to entirely hell.

We keep accounts for each entirely as needed, but run everything through the management company accounts.

It’s about right, couple items are telling. Best you can do is 1% over residential.. but good luck getting that. 6% becoming the norm again. 20 years with 5 arms are standard, and 35% down is norm, little less or more depending factors. Prepayment is a little odd, but not unheard off. Your deal, experance, and finances can dictate that.

Mmmm, my bread and butter. In my niche, I buy them up all day long, HOWEVER, as mentioned above, your going commercial lending, and you better be ready for a hard punch to the gut, because it's coming. Landlords who have those numbers are in one position and one position only.. They have been slumming, they are hitting rock bottom financially and repairs are reaching the point of being a real liability, or the reaper is calling and they need to exit asap in their old age.. normally all the above!

I picked up about 20 units the other winter back, and burned through $200,000 in repairs quicker than you could write a check, and I have my own rehab crews that work full-time at this game. You better be ready for non-pays up to 100% of the portfolio, evictions for months on end, all units being stripped clean and made new, and as always getting them rented. If your numbers are awesome, and your good at turning portfolios around, the end game is big money, but if your not ready for it, you will end yourself. If you can withstand 20k into each unit, and 100% vacancy over 12 months roll up, knock yourself out, otherwise I'd tread carefully. Good luck!

Let your attorney handle it. The tenant is not likely to lay a solid case. I’d personally have zero worries as the tenant clearly stored her belongings in a public place that’s not part of her lease, and it vanished.. The 2nd issue is rents or monies pass due, if she signed it and did not pay it, then she is in breach of her lease.

Personally I would move unalaterlly, file for unlawful detainer for the monies owed with late fees, and deal with her case, maybe see if the attorney can open a counter lawsuit for that case to try and force her to folder her cards. 

I’ve done that once, an x-tenant sued for deposit, we counter sued for property damages, she dropped her case and signed a hold harmless to avoid us collecting on her for damages not covered by the deposit. The counterlawsuit allowed us to take control of the conversation vs just defending ourselves in court.

Not worth the time. It’s common as people adding pets without permission. Tenant on the lease is responsible for any damages done by the 3rd party, so it’s really pointless. If your lease supports fining them, or raising rents in such an event, then that’s within your right, if not.. update your lease for the next time

Your trying to get a grasp of an idea, down to the blocks level in some cases. That can be hard things to do.

1. Google maps at street level just to get a visual.

2. Ask locals, BP is a good spot for that.

3. Use a service or app that gives you detailed data on a property, area, schools, etc.

4. Buy a plain ticket. Never buy property without going by. A few hundred for a flight is a lot better than losing tens of thousands.