All Forum Posts by: Linda S.

@Kerry Baird,

The good thing when the worst happens, is you get experience.   The most important thing-- no one was hurt.  We had 2 small fires last year.   It sucks,  but it is part of the game.   Now is the perfect time for you to double check all your other houses-- are all the smoke detectors working, do you provide fire extinguishers?   We provide 2 fire extinguishers if there are 2 levels of a house, just because when you are in crisis, you need it fast.   Use this as a productive measure to try and figure out how it happened,  and what you can do to prevent it, or prepare for it in the future!   

Get that insurance check, and get it fixed ASAP, it's a bump in the road.

@Henry Lipscomb,

You should definitely be networking at the meetup groups,   and make sure to state specifically what you're trying to get into.   Flips are different than rentals than wholesaling, etc-- tons of different ways to make money.   You'll be happiest by far, and it will give you the most value-- if YOU determine what you're truly interested in.        

Figure out whose shoes you want to trade with, and take them to dinner, or offer to run errands for them or anything along those lines.   If you want flips, find the best flipper!    Real estate is 100x easier when you have someone to call that's when there before.    Without a doubt,  I wouldn't be where I am without my mentor, and he's really tough.

@Maranda Tucker,

If you're kicking someone out, they will need the deposit and the first month of rent at the next place.    Giving them cash to leave helps push them along.

I say ask them-- most of the time their number will be smaller than yours.       If I were to start, I would suggest $500, and then they'll say $1500, and then you meet in the middle around $1,000.     Time is money, it's not a pretty process, and it burns a lot paying a bad tenant, but it's an option.    

@David L.Of course, I take pictures of every single room-- and then a 3-5 minute walk-through video.    

You need to show every single thing you could possibly take off for, such as broken blinds/windows/missing smoke detectors, holes in the walls, etc.   Without a doubt-- every single time I tell a tenant I am removing $$$ for them removing a blind as an example, they say "no, there was never a blind there" and I say "here is a picture of when you moved in"-- -case closed.     Anything I tell them "I'm taking off for this" they debate it, and the only way you win is with proof.

Pictures and proof are your best friend.   Words on a paper are subjective, but pictures are clear-- I tell tenants, I'm taking pics/video, you should too!

@Nick Coons,

As someone who has done credit  cards many times over to finance real estate, let me just say-- your plan won't work.   Do you think banks (especially now, hitting  a recession) will want to take ANY risk to help you fund stuff? Absolutely NOT.   At any time, your $10K limit could drop to $5K,  without notice-- it's all within their rights, and you think a bank will be okay being on the hook? Nope... sorry, but absolutely not.  I say this as a I had a card for $36K drop to $21K when the pandemic hit, no reason, they just started expecting defaults.

That being said, if you want to use your credit card-- do a BALANCE TRANSFER and write yourself a check for $10K, it's normally a 3-5% fee, and then 0% interest for the first year.  Banks don't want anything to do with your creative financing, but credit card companies--- if you play by their rules (always pay on time,  pay at least min) will, they don't care if you're buying a house or a new TV.

@AaronFaith Riddering,

You have to think-- why would someone pick to go there for a STR? How many hotels are within 5-10 miles-- this will tell you the demand right off. You aren't the first person or company that wants to make money. Is there a military base nearby, or a concert venue, wedding venues, hospitals/universities (graduations/football games/etc) or some type attractions? If someone wants a lake property, they will likely pick closer than 20-mins, unless it's really nice and rural/scenic itself. Just think logically-- why does someone to go there short term? Why does someone need short term housing and why would they pick your location?

@Aram Y.,

This is a fine line, I stay away from as much as possible.     If they have an ESA letter, even if it's sketchy as heck-- if they are your tenant you need to allow that animal.   Do I think it's fake? I'd bet a lot of money it's fake!  You can easily get a ESA letter for like $100 online!    It sucks, but proving it's fake, and then asking the tenant for proof-- that's just a lawsuit waiting to happen, and oh there are lawyers happy to take down a big rich landlord like you!   Do NOT EVER REJECT AN ESA, that's just asking for trouble.  

Take the pet, and don't renew next year.  

@Mike Shahi,

From my experience, high maintenance/stressed out/worry about everything tenants are very consistent-- they will ALWAYS be like that.    

I would have a very firm, NO BS talk with her.    You have done everything within your power to provide a safe, nice, clean place to live.   You can't change the area outside, if she feels unsafe she needs to move ASAP.     Calling at 1:30AM is unacceptable, I'm sorry, squirrels and raccoons are out there, I'm sure that what she heard.  If you're in the city, maybe someone was cutting through your yard, I don't know.   If she feels unsafe, she needs to find a new place.   Not to say I grill people, but I'm straight with them-- if you call me at 4AM, what do you expect me to do?  Most companies won't' open until 8/9AM, so it's useless, I can't make a person appear magically.   Call me when I can do something rationally.  

Personally, if she's paying, I wouldn't kick her out, but I would show her the door is always open and you won't tolerate that kind of behavior.

Paranoid or mentally whatever?  I don't care-- you aren't a health professional and this isn't your job, your job is to be a landlord, not a door mat.  Be firm-- and fair.

@Joseph Beilke,

You really need to focus on your ideal tenant, and what they are looking for.  If it's new construction, I'm guessing it will look nice and likely a B/C type of tenant, so you need to match your competition.   People are smart-- they will compare/contrast.

Now, if you're doing a "D" type property, which is what we focus on-- it's all about cheap rent.   People look at the rent, they don't really focus on what's included-- they want something they can afford.  I look at every appliance as a potential call, and cut back where we can--- also I explain to people, a microwave is cheap ($20-100 used), by buying it themselves, they actually save a lot of money long term!

Know who your target tenant is, and give them what they want!

@Atul Mohlajee,

Check with your insurance, and ask if they allow them?  I know ours doesn't.    They have a set list of breeds, included GSDs that aren't accepted.  I'd guess they won't, as it's on the aggressive breed list. This should solve your problem.   

If they do allow them, I'd check the apartment thoroughly, and then decide.   If they crate the dog when they leave, there is likely minimal damage, and will probably continue to be that way.   If you see scratch marks on the doors/windows/messed up blinds, it's only going to get worse.