All Forum Posts by: Cheryl C.

I realize that this is probably a waste of time but I want my pound of flesh. I've read some posts about turning things over to a debt collector. I really don't care if I ever see a cent but I'm going forward with the eviction, judgment and docketing etc. I know that "pro's" don't let this type of thing get to them. This is my first time in landlord-tenant court in 15yrs. It's been so long that I hired an attorney to make sure the i's were dotted and the t's crossed.

Here is my question: can I go after a tax refund?

I've really bent over backwards for this tenant (my mistake!). No good deed goes unpunished. The place is a pig-pen and was newly renovated at her occupancy. Who lives like this? I turned it over to a lawyer 9/8 and it wasn't filed until last week. I can't believe she's still in there. I checked today. In the past, tenants have agreed to leave when they got behind. Should I just let it go? Damage is probably 6K, plus 4K rent and costs. I doubt I'll collect anything but I want to warn future LL's.

John Stevenson, I'll definitely run a background and credit check. I'm thinking that a part-time agent may or may not bring anything to the table. I'm also meeting with some college students who have an interest in learning about rei.

How many small-timers have an assistant? What duties do you assign them?

I'm getting a ton of replies.

I have had a few of part-time assistants in the past few years. All moved on to full-time jobs. My current asssitant obtained a full-time job and can only work 1 day a week. This is fine for bill-paying, filing, ect., but leaves no time for other things and offers me no flexibility in having someone available to meet contractors, tenants, etc. I'm advertising for an additional assistant. I've been contacted by an individual who is a part-time re agent. I'm thinking that this could work well (depending on the individual) due to mls access and sentri-lock as well as commision aspects. All things being equal - what do you guys think about having an agent onboard?

Also, what checks would you/do you run on your assitants? Mine has access to financials, etc. and it is a cause for concern. Do any of you have your assistant handle personal errands as well?

Back when I used to go to auctions at the court house there was always the same HML at every sale. He passed out his card to every buyer. All the investors knew him. I never needed HM but that guy was at every sale. Also, the Attorney that owns the title company I use has a list of people/companies that do hard money - one is his brother! Also, agents that work with investors could add you to their list.

I've been waiting on 3 shorts. 2 of them should have closed last month. I plan to flip 2 and hold 1. I'm also in the process of evicting a tenant (ugh). And we finally filed 2011 tax returns!

I'm getting $1,300 for a 1/1 in a class B development. $1,500 for a 2/1. I paid 112K for the 2/1 3.5yrs ago (now worth 175K) and 115K for the 1/1 2yrs ago (now worth 150K). Not terrific numbers, but nice, decent long-term renter places 2 miles from my house. Plus, the subway is opening 1 mile away next year. I have bought 7 more in the past 3 yrs - all about the same numbers.

I thought it a good time to re-visit this topic. It's been almost a year. I didn't see any thread more recent and I apologize if it's out there. I have seen some decent/strong price increases in my market - particularly on the lower-end (under 250K). How was your 2012 and what do you see for the next few years?

I agree that much depends on your tenant pool. I like my places to be "nice", on a relative basis. I don't own any "C" properties but I do own some "bread and butter" B or B-. I'm not putting in granite but I will do a nicer formica, upgraded light fixtures, 2 tone paint, decent vanities and window blinds (2" faux wood). If need be I'll do cabinets and appliances. I'll get a better applicant pool to choose from and I do find, generally, that people will take better care of a "nicer" place.

I was in an reo a couple of weeks ago with the lister. I really didn't need him there but he wanted to get my em check. My contract was already in and accepted and I was meeting my contractor (the place was a mess) so we could hit the ground running upon closing. As I was walking around and discussing renovations with my guy, the lister was saying "you don't need to do that or this, the tenants will just tear the place up anyway". I responded "not my tenants".

This have been by mo for many years. I have been burned a few times but not often.

Isn't it quite a coincidence that when you have a rent increase or a late fee you often get some maintenance complaints shortly thereafter? I agree with those that have as little contact with the tenant as possible. I've told all mine that e-mail is preferred. If I see on the callerID that it's a tenant, I do what I always do with unrecognized numbers or people I don't want to talk to - let the machine get it. This way you have time to digest the tenant problem/request and think about how to handle it before you get back to them. Don't get boxed into making off the cuff decisions. If they do get you face to face or on the phone: "I'll have to think about it/ consult my partners/ contact the "owner", etc.

btw - I've never in 30 yrs picked-up a rent payment.

I agree that it cuts both ways. I know my numbers and often don't need to see a property. This is especially true if it is newer and has some pics. I've bought a lot at the courthouse and go hard on my emd. As a seller, I wouldn't deal with anyone who hasn't seen the property. There are too many fakes/flakes running around. As a buyer I have a reputation that is important to me. I usually deal with the lister and can convey my experience. Around here anything "good" goes so fast that it's a choice, sometimes, between viewing and getting an offer in immediately. I just had an reo offer accepted this morning. I saw the pics, I already own 3 in the complex and it was a no-lose situation. I talked to the lister Friday when the property came on. I don't know him but after a few minutes it became apparent that we know many of the same people in the industry. It was a matter of gaining his confidence in me. Sometimes I am out of town and can't view the property.

I will admit to bailing on one that I had a relative view for me. The lender did come back at the last minute wanting more $$$ and the seller had made not one effort to vacate when I saw it the day before closing; but the place was a freaking disaster. I doubt that agent will deal with me again.