All Forum Posts by: Marc Winter

Refer back to your agreement for sale (contract).  Does it specify the type of mortgage the buyer is applying for?  Keep it simple and stick to the contract.

If the market is that hot, the buyer will adhere to the contract, or turn him loose.  Next!

There is no easy fix.  Either you pay for all the heat, or you somehow separate the heating.  

There are several options; you could go w mini-split, install a separate boiler or go to all electric heat.  I think your mini-split is the best option, depending on the property, of course.

Good luck!

@Kaybreh Mathis, Fridays have nothing to do with it.  15th and 30th days of the month.  Hang in there!

We are firm advocates of NOT accepting direct deposits into our rent account.  

Why?  Good question.

If (and that's a big unknown) evictions are ever made 'legal' again, look at this picture:  you file for eviction for overdue rent.  On the day before court, your tenant makes a direct deposit into your rental account for $10.00.

The savvy tenant lets the Magistrate know that you accepted partial payment, and voila! YOU get to start all over again.

It's almost impossible to reverse or stop payment on a money order.  Not so with a credit card or check.

I would go on a bi-weekly setup for the foreseeable future.  In 2 weeks, about 9/15, 1/2 the rent is due.  9/30 again, and so on.

Added benefit--you'll pick up 1 extra month's rent over the course of the year.  If they don't like your system, you can always give proper notice and try for better tenants at a higher price.

@Michael J Hartnett Jr, quick question:  do you make more money and have more fun working with your tools or doing paperwork?

Assuming you'd choose the tools, why put yourself through that--you are actually losing money by handling it all yourself. Hire a part-time bookkeeper locally, or investigate online VA (virtual assistant) that already have the skills and organizational abilities you lack or don't what to develop.

They will put everything in a digital format which can be backed up in many different ways, and sent to your CPA at tax time.

I speak from experience--life is short, and nobody is getting any younger.  Make the most of the time you have and delegate to competent others the things you can't or don't want to do.

Best of luck!

@David Wurzel, that's a snarky question, so here's a snarky response:  Look to your politicians, not the mom & pop landlords.  

There have always been an assortment of economic problems affecting our country--it's a cyclical occurrence, like the seasons.  Boom/bust.  But that does not excuse the blatant power grab of a landlord's right to due process foisted on us by elitist politicians. 

Want to take away our constitutional rights?  Fine--declare a national state of martial law.  Then at least we all know where we stand.  

The jury is still out as to the appropriateness of the government's response, but IMHO, to quarantine an entire population of young, old, middle age, healthy and sickly and effectively shut down our economy has been and continues to be a mistake of judgment.

But, what is done is done, and we must buckle up and ride it out.  It will get a lot messier before it gets cleaned up.  And oh boy, will it make for great sound-bites for both sides of the aisle.

Those of us that feel badly for tenants that are directly affected by the pandemic, as well as those tenants that are simply taking advantage and gaming the system based on  Gubnitorial decrees of halting any eviction suits may aways work out a payment plan with the tenant, or write a nice large check to the Treasury Department to help bail out the affected people.

Federal legislative policy (meddling) with a free market and the Federal Reserve Bank (which isn't Federal nor a real 'bank') with their interest rate manipulations are the two biggest factors affecting housing.

The Fed cannot decrease interest rates any time soon to further stimulate the virus-stricken economy, (unless we go to negative interest) so their only weapon left is creating money out of thin air.  

That course will effectively monetize the national debt and further drive investors into real assets.  Expect further rising prices in real estate, stocks, and other items of real value, because the US $ will buy less and less.

Just remember (and be prepared): kicking a can down a road works...  until you run out of road.

Hold on tight--it's gonna get bumpy.

It's amazing how the Covid/Chinese virus has miraculously imparted legal expertise to many tenants.

I have heard of no special 'must give a reason' pandemic clause being mandated by our governor, nor does the PA l/t law reference that point.

If you are on a month-to-month, simply serve proper notice with proper time period that the tenancy is being terminated.  

Do not make any monetary claims for rent in your notice or court filing.  And hope your local MDJ will not take it upon themselves to refuse to hear ANY l/t cases, rent-related or not, as I have been hearing from some other PA investors.

You can always check with your trusted real estate attorney for legal guidance--Philly can have some 'unusual' local ordinances.

Yes, it does make sense.  It happens more often than one would think.

I once bought a single-family 3/2 in Ft Lauderdale for a bit below asking, based on the written listing only (brave me, eh?).  When I inspected the property, I found a really cute 1 bedroom accessory detached home behind it, on the same lot.  

That unit brought in about half as much income as the main house's rent (yeah, it was really cute and secluded).  

Listing agents and sellers make mistakes all the time.  Just a fact, Jack.  So yes, it is possible to bunt a home run.