All Forum Posts by: Account Closed

I always assumed most people who say "investor friendly" are newbies who mean "cheap" or "willing to do a lot of running around for free before I've established myself as a closer to them".  Maybe not in this instance, but a lot of time that's the impression I am left with reading their inquiries.

To me, investor friendly means they do a lot of work with investors, as much or more so than with owner occupants / retail, and so there's an understanding of what the parameters are, and the risk tolerance, but also an understanding that if they bring me that, I will close it if I say I will.  A level of mutual respect and trust.  I'm not sure you can get that without building it.

I've got a guy who I've now done a good number of deals with and our short hand is pretty good now.  I just closed an off-market deal he brought me because he had done so many things with me, knew the area and type of property I was working with, and he had just done business with the seller, and knew he had this other property.  I ended up with a 6-unit building with 4.5% owner financing because I built up a nice track record with my guy closing deals.

Right about now in central Ohio we are seeing some black ants, which I usually fix by putting some blobs of Combat Max Gel Ant Bait, or something like that, at the access points where their ant trails enter the house.  They love it and it and take it back to the nest and they all die.

We're also seeing a lot of June bugs (early this year) which can get in the house as they are attracted to light at night, so opening a door or window can let them in.  And some lady bugs and aphids are out.

All that said, I would do what has been suggested.  Buy a "universal" insect treatment jug from home depot with a sprayer, and spray the perimeter of the house.  Extra around doors and windows.  That will probably help a lot.  You should have some left to leave in the garage for the tenant as a courtesy.

But the tenant is never going to get rid of bugs and spiders completely.  They are a part of life.

I would not consider putting my personal money into a rental property to pay it off.

I would consider putting my own money into my own home to pay it off

I would consider putting extra money from monthly cash flow (from the renters) towards paying off rental properties.

I'm not saying I actually do those last 2 things, but they are things that would at least be on the table to consider.

OK, that is definitely a crazy deal then if it works out.  Wow!

I'm not familiar with that area but I do have some stuff not far south of it.  38K all-in seems crazy good unless that's a low-end C area.  What kind of rents do you expect?

Congrats!

Thank you!

@James Wise - Thanks!  We are very excited about it.  Seller finance, too!  :)

@James Wise - This is a really informative and good video.  Thanks for making it.

I did laugh when you said someone was being "literally" killed.  I was like damn, this really IS explicit content!!

1. Was this the 1st eviction you have ever seen live?

Yes.

1. How many rental properties do you own?

20 units.

1. Do you self manage or hire a property manager? Why?

Property Management.  I did self-manage before, and it was a great learning experience for starting out, but I have a full time job already and don't want another.  :)

1. Do you or your property manager evict tenants immediately or do you try to work with them like the original property management company in this case did? Why?

No pay, no stay.

1. Do you feel like posting this video was in poor taste or enlightening? Why?

Enlightening, and a fact of rental real estate.

1. How did watching this video make you feel? Do you feel bad for the tenant or the landlord?

I felt bad for the property owner who got the most screwed in this deal.  I had about 1% sympathy for the tenant until I saw the fancy vehicle she drove off in.

1. Do you feel landlords & real estate investors are vilified by the general public when we evict tenants? Why / Why not? If yes do you feel like this video will make that better or worse? Why / Why not?

Yes generally.  Not sure why, entitlement mentality maybe.  I think people will take away from this video what they want.  Landlord haters will see evil landlords putting stuff on the curb.  I thought it was a fair video though.

1. Will you share this video on your Facebook feed? Why/Why not?

I only use FB feed for family stuff so no, but not due to the content of the video.

1. Do you have any of your own tenants from hell stories? If so post them in the comments.

I had a tenant move out of a rental and sub-let to a family of illegal immigrants, and then pocketed their rent while also stopping making payments to me.  Then the sub-let people complained to me.  And I have no idea who these people are.  They were evicted though quickly.  Another wasn't my property but my grandmother's who had a tenant when her health failed and she had to move away to be near us.  Her tenants decided it was a great time to stop paying rent and got a year or two of free living because my parents were too busy with my grandmother to deal with the tenants.  Once they did start on evictions, the tenants produced a forged letter "from grandmother" saying they are allowed to live rent free for life.  Judge happened to be an amateur handwriting expert and pointed out the forgery immediately, but parents still had to pay for an actual handwriting expert.  

BONUS QUESTION - Did you vote for this post? Why / Why not?

Yep, it's an informative one!