All Forum Posts by: Thomas S.

Actually being able to use the security deposit without a fight from the tenant is the most difficult part. Normal ware and tear is very broad. In addition justifying actual repair costs will warrant bills from contractors.

All to say that the best system is ongoing inspections. This forces tenants to pay for their repairs as they go along and avoids a security deposit fight when they leave.. 

In my area we are not permitted to collect security/damage deposits so diligent property management is mandatory. 

Defiantly take the time to contact all authorities involved to confirm the process. Non renewal on month to month is best course likely. Getting out of section 8 is good plan if area warrants better quality tenants.

After you need to set screening standards such that section 8s will not qualify without discriminating.

I do it by setting a reasonably solid minimum credit score requirement. I have never meet a section 8 that would pass that test.

In all honesty your other applicants are not potential tenants at all. Don't even waste your time reading their application.

You can not seriously consider the chapter 7 until you have more applicants to compare with. Put his application on hold for the time being.

An empty unit is far preferred over a bad tenant.

Are the rental rates commencerent with the property values. Do they cash flow?

Being experienced in both buy and hold as well as buy and flip I will attest to the fact that regardless of your level of experience the risks associated with flipping, although lower with experience, are still higher than buy and hold or wholesaling. 

That should be obvious based on the old adage   "the higher the risk the greater the reward".  House flipping by definition is higher risk/higher reward.

Do a search under Massachusetts landlord rights and you will find that it is allowed and expected that landlords do routine inspections. Your interpretation of the code is incorrect in that it specifically states landlords may do routine inspections and the parts (i) (ii) and (iii) are in addition to the right to do routine inspections. Interpretation of law can be confusing.

You will  find that all state legislators expect landlords to do routine inspections not only to protect their significant investments but also to insure the living standards within rental properties are maintained.

Landlords that do not do routine inspections are not only irresponsible landlords they are irresponsible investors.

I would start with long term buy and hold multi plex investments, minimum 3 plex, in solid blue/white collar rental areas. Ease of management and appreciation growth far better than renting to welfare and transient low income.

There is no such thing as get rich quick. Long and slow is the path to success.

It's not the worst scenario assuming your information is accurate.

I would continue to investigate including contacting his previous landlord (present landlords are not reliable) then make my decision based on reviewing all additional applicants. 

I see no direct relationship between being a nice guy, being compassionate etc.  and making business decisions.  

If your decisions are based on anything other than what is best for you personally or your  business's best interest you have a problem. I guess that is the purpose of this thread to identify the fact that you have a problem.

The mind set you need to develop to say no and be successful in business is....me first.

If you can not put you and your business ahead of all others in making decisions, saying no, you will not survive in business. You do not "get better at telling people no" you just do it. Start today.

15B (1) (a) says you may not have a provision in the lease to enter except to inspect, make repairs etc. You may enter to inspect with notice.

If a landlord is not doing regular inspections they are negligent in their business practices. Certainly not the type of landlord a responsible tenant would want and I would venture to guess boarding on a absentee slum type landlord.. You have a legal obligation, as a bare minimum, to enter to inspect fire/smoke alarms are operational, furnace filters are changed, plumbing is functioning properly etc.