All Forum Posts by: George P.

 I self manage and use quicken property manager.  I also have a crew that I use to work on our houses as well as other investors 

 The tenant is paying $700 for the time they are staying in the house. They are planning on moving in about 2 months.

It's funded through the portfolio loans and cash. I have never used hard money and do not plan on using it.

Yes, the day after i closed, my assistant went to sign the lease agreement with the tenants

I do not refinance the rentals, do not plan on doing it until the CPA says i need the protection of the loans. Pulling cash out at this point is not my goal. 

All good questions, btw.

a tenant applied for a house last week.

first sentence in the inquiry is "I have a PhD"... later on we find it's in Animal Psychology. decent income, credit card debt. we approved her and she goes..." I'll look at some more houses and will let you know. "

Funny thing is that her credit is 530. Lol

another tenant got locked out on 12/27. we told him as always thereis a $25 lockout fee. he said "ok".

he never paid it, ignoring our texts..so, we called him and first thing he says is "well, i can pay but it STILL takes 4-5 days for you to receive the money".

lol....lol

current tenant couple have been late a few times now. always pay + the late fee, but i've noticed a pattern...

Nov Message:

Hello  just a head up but out rent will be late this month we had an emergency come up

Dec rent message:

Good morning, we have not forgotten I was moved to a different division at my job which push my pay back a week because that department is not on the same case schedule as my last one very short notice it will be paid including the $50 on the about sorry about the two back to back late payments but it was beyond our control

Jan rent message:

Yes rest was due yesterday but the bank was closed Saturday and Sunday so I'm really not understanding the late fee but sure

Me: we gave you an ATM card so that you are not dependent on bank hours. 

Tenant: Yes we understand that but it's pretty hard or should I say impossible for us to withdraw $1,300 from an ATM I will have my spouse call you. We will be paying our rent i'm dealing with my car being stolen out of the driveway this morning

the spouse texted and mentioned NOTHING about a car being stolen...

lol... you can't make this stuff up..

 no, it is not that simple... you have to know your market and update accordingly. you wont do granite or bust walls on a 30k house (midwest). you will not find many contractors that want to work on a 30k house either.

you are asking for trouble if you are leaving the design ideas to your contractor. you should pick whatever you want the final product to look like. look at magazines, pics, design ideas and pick whatever you like. 

look on my site and you'll see the tiles are the same, the counters are the same, the floors look the same. same paint, lights, door knobs, appliances. same staging supplies too.

once you find what works for you, just repeat it over and over.

 "This December my boiler need some work & I couldn't get anyone there for 3days" - not an excuse. dec is cold and it needs to be fixed within a few hrs.

"This summer I was doing work so no one had access" - really? what were you doing? a 3 month long swimming pool project?

you want the rent on time and non complaints? give them what you promised - a comfortable environment that they like and will not want to leave.

 depends. if you are talking multi million house, most people get a designer/architect to suggest chages.

if you are talking about a 100k, you just replace what's there and people fall i love with it cause it's "NEW"!

i agree with @Joshua B. . too much hassle when you can buy a 120k in livonia and rent for $1300 (is that's what you want).

you can get better deals elsewhere too..

 I can't remember but it was listed for either 60 or 62k.

Normally I spend around 20k before the first tenant moves in.  The way we make our houses, we'd get around 1250 for this one. But we give them all the amenities besides granite.  I never do granite unless it comescwith it. 

How can u add value to my operation?  What do u have in mind and what can u do? I am always open to new ventures