All Forum Posts by: Minna Reid

Sounds like a slumlord...there are some out there. Always do a thorough check to make sure the property is in acceptable condition prior to handing over any cash.
But I would venture to say deadbeat tenants greatly outnumber deadbeat landlords still. I could see how some ll's just go bad after being screwed over a few times. Not to say it's right, but it does happen.
That's really too bad...but what I'd like to know is where I can buy new cabinets for $600, and a whole formica countertop for $75 - sweet.

Also - I would stay away from making statements and ask the right questions instead. Get the other party to do the talking, and they will tell you how to sell them. Forget about trying to educate them.
regardless of product - sales is sales is sales.
For example my last gig was selling marketing solutions to car dealers. Now if I told the dealer "business sucks, you need to do something and I have the answer" - I'd get hustled out the door.
But when I asked the right questions to get the dealer to say "my god, business sucks, I need to do something" thats when they started listening and became buyers.
Either way business sucked and they needed to do something. That was always true. It's all in the approach.
Ask the right questions.

I'll second that...but if you haven't been inside the home, how could you possibly have an idea of an accurate budget? You can't determine it needs 20k, by doing the drive by. Get in and see whats up.

Maybe the guy is pushing the 40 yr loan because your debt to income ratio requires a smaller mortgage payment to meet their criteria?
I would shop it around some, and see what other lenders say.

yeah - I'm doing it on one property just in time for my open house sunday. If that works out, I'll stage the other too. And i worked a decent deal with the stagers...sooo...sounds good...lets hope it plays out that way.

Yes - don't forget about the little things....carrying costs - which is not just the mortgage, but also heat and electric...closing costs (always more than you expect them to be)...minor things that add up...ie - mulch in the yard,new smoke detectors, light fixtures, dump runs, whatever. Even a small thing that got me was doors - you think $30 for a new door slab - no problem!...but then its times 10 and 3 more dont fit right so you throw em away and buy new ones, another 200 for new hardware for those doors, and oops they all still need to be 1/8th inch less wide, and guess what you dont own that tool - another $200...stuff like that...You make one thing look brand new, everything else in the room now looks like crap. So much little bs will eat away at your budget...do your best to try to prepare for that before. Maybe doors wont get you but some other little thing you never thought about will.
You'll never be thoroughly prepared - but make that budget as comfortable as possible as you can. Good luck.

They didn't pay me for awhile, I evicted. We had it out!
They then left peacefully, didn't trash my place. Took all the light bulbs and the tp, but left a gorgeous pricey light fixture.
They are now calling me incessantly, because THEY WANT TO PAY THEIR BALANCE!!
Fine by me. But weird stuff, man. Weird.

My realtor is pushing for feedback on every showing, but I do have an open house on one of the properties this weekend.
But no I'm not at 10% under market. I'm not sure if I'm willing to go that far at this point and part ways with that much dough...yet.
And Charles - yeah you're right. It's the condo that has me more concerned. It's just not as new/shiny/loved as the house. And that's been a real sore spot for me ever since my tenants stopped paying me in Jan and I just got them out. I've been carrying that way too long. It hurts. Thats where the open house is. I think I'll have to do something there.
How's that rehab of yours going anyway?

Congrats! Nothing like getting over your fears and just doing it...keep it up!

Thanks - I just need to shake it now...fast!