All Forum Posts by: Thomas S.

Renovationg/flipping "special" properties like a meth house is viable but shound never be attempted by a beginner. Leave them to specialists that have experience with this type or reno/remediation.

Never allow a tenant to run/operate any business out of your property. Regardless of whether it is in your lease on not the likely hood is that your tenant does not have approval from the municipality. Give your tennat notice to cease operations and allow him to terminate his lease if he wishes to leave. He must immediately remove the address from his catering company business. 

Take your business to a broker. If you do not have a established strong relationship with a particular bank you are wasting your time doing your own shopping. Get a good mortgage broker on your team.

I agree with @Anthony Wick serve notice and get rid of them. Allowing your tenants 3 days to pay rent when they are already 2 weeks late is setting a very bad precedent. You are heading down the same kindly, easy going hobby landlord path as the last landlord.

If they on M2M terminate them with notice.

It's past time you sat down and learned your state landlord tenant regulations. Dealing with any tenant without first studying and understanding the law is going to have you in court very quickly. Do not communicate with your tennats until you know your rights and theirs.

I agree that there is too much encouragement promoting no money down but it's not "out there" it is right here on BP.

Read through the posts and you will find that the vast majority of responses come from BP members advising on options on how to do it.

If you don't have the cash you very likely are financially illiterate and have no business even considering investing. They are looking for a fast easy way to riches that simply does not exist beyond buying lottery tickets.

We do them a very serious disservice by not sending them away to get their financial house in order.

You first build window replacement into your purchase price. I keep existing windows if they are vinyl and in good condition. Anything else I plan to replace. I often get good used vinyl windows from Habitat or recyclers.

I usually buy and stock pile good used (standard size) vinyl windows when I find them for sale on the inter net.

The most practical method to achieve financing is to have the seller finance.

Based on the info you have provided this park is not be worth investing in .  If the park is not active has no paying tenants and no cash flow it is worth nothing more than the land value.  Without income and existing homes it will take extremely deep pockets to make it profitable and a very long time.

If you are interested in investing in a park invest in one that has positive cash flow from day one. You will never be able to afford to go from zero to profit.

@Joe McClenney

Professional landlords solve this problem by not allowing tenants to pay late. When a tenant pays late it is always the landlords fault for not enforcing their lease. Tenants know when rent is due based on their landlords actions. Landlords train their tenants to pay late by allowing it. Tenant problems come from lazy landlords that do not take their responsibilities seriously.

I begin my training during screening making it crystal clear that late payment is never tolerated. The first time a tenant pays late they receive a notice the next day. The cost to them is $190. The second time they get a written notice with a notification (tenant cost $190) that one more late and they will be evicted for consistent late payment. Any tenant that  has paid late twice would not have their lease renewed.

I do not have tenants paying late.

Send a cure or quit notification. If they are not prepared to comply with the lease you ultimatly have only one option, get rid of them.

Learn your state landlord tenant codes and if possible get rid of your tenants. Once tenants begin to become demanding it is time for them to go. 

Having rent below market is a very poor business practice. You are supplementing your tennats rent out of pocket. Not logical. Get your rent up to market or sell. Business is not about losing money it is about maxamising profits.