All Forum Posts by: Mike Haro

As you mentioned, the tenant will never admit to breaking or knowing how the window broke.  If you are going to make the tenant cover the damage you should make the repair and then invoice them rightaway . The mistake I made in the past was not making the repair right away. At the time I told the tenant that I would just deduct it from the security deposit.  The tenant agreed to this but in the end I ended up paying for the window because the tenant skipped out a  few months later and the SD was applied to rent balance.

Explain to me the 2% rule or the 50% rule..

I have a two part answer:

My "why" is to be financially stable so I'm able to spend more time with my children. I don't need nor desire to be a real estate mogul, I only desire to be wealthy enough that my family is not in need of anything.  

My "want" is to be able to replace my current income with my rental income. Although I make a decent living from my contracting business the truth is that I'm at the mercy of my job.  Being self-employed I have the ability to provide a comfortable living  however the price I pay is time with my kids.  I "want" to be in a position where I don't have to trade my work time for theirs.

I use a steam cleaner to remove paint off of trim. It's also a great tool to have if you have to clean tile grout.   I think I paid around $100~ for the machine a few years ago and it is worth every penny.   

I agree with Ian Walsh, if a tenant cannot afford the move-in cost then they will most likely have issues paying the rent. We recently increased our move-in to 1.5 month security plus first months rent. We did this because one moth security was not enough to cover even minor damages .

Usually if the property is removed it is because the owner was able to get it struck of the sale list. This most likely means that the owner is still in procession of the property. However, the county can still add the property to the following sale if the taxes are still delinquent.  

When I was 25 I accidentally stumbled across my 1st property. It was a mixed-use property with (2) storefronts and apartments on 2nd floor.  The property was distressed to say the least and the previous owner wanted/needed out. During those years Banks were lending money to anyone with a pulse and I was able to secure a commercial loan at a decent rate.   I spent the following years rehabbing the property as the units became vacant.  While my friends were out parting on Friday nights , I was teaching myself how to lay down ceramic tile and install cabinets. There were countless times when I became frustrated and questioned my decision, but luckily  my Father was there to stop my head from spinning. I consider this property my Alma Mater and  still own it to this day. Now I'm happy to say that she is my best performer. 

You can try Costar or LoopNet.

I would leave the due date as is and let them pay the late fees. As John mentioned, what has changed that the rent is no longer affordable? I had a tenant buy a new car and had asked me if they could pay on the 15th because the car note was due on the 1st. I told them absolutely not and to call the finance company to have them change their due date. In a polite way I told her she can live in a nice a apartment or she could live in her car.

I had a similar situation on a duplex I purchased last year. I initially tried to work with the tenant because at the time I was going through a high vacancy cycle. This proved to be a big mistake. The tenant gave us the run around for a few months and I finally filed for eviction. My advice is to file for eviction and get them out. It is much better to

deal with the vacancy and loss of rent. I have since adopted a new policy. I do not let anyone stay who is past a month behind. My reasoning is if they can't pay for 1 month then there is no way they will be able to catch up with 2 months of back rent either.