All Forum Posts by: Perry Ivy

I personally would consult an attorney, because this could be a very litigious situation. You mention that one child is already experiencing problems and that knowledge alone loses the hypothetical landlord neglect case against you. The odds of it just needing replacement windows is slim to none and therefore could be an expensive fix.

Adam Smith I would challenge you to reexamine your perception of rich people and their activities. You state that you don't want to hang out with them at country clubs ect... I too have means and what I've discovered is that the truly wealthy are very different and early flaunt their wealth, nor do they get wrapped up in foolishness. Some of my closest friends are very wealthy and yet you wouldn't know it by their lifestyle. I've discovered that quality is found in the quiet and non boisterous group. Dave Ramsey has interesting things to say about wealth and has helped me deal with some of the issues surrounding it. Good luck sir.

Warning: not a politically correct comment and not meant to be harsh. There's a reason why landlords that rent to section 8 are called slum lords. You mention new this and new that, that is the wrong term to use on a section 8 house. I made the mistake of overbuilding in the hood and had the same results. People that don't pay their own bills are not responsible and won't take care of anything. Now to be fair there are some people on section 8 that are good and responsible, but their few and far between. What I personally do is not only screen then using standard methods, but look at their online presence, Facebook,Instagram, ect... If they talk like a gangster, look like a gangster, walk like a gangster, then they must be and you don't want them in your house. I realize you probably know all of this, but it's my thoughts. The last thing I'll say is in the future focus44 on preventive maintenance, ex. You know their going to slam your doors open, so put door stops behind each doorknob, not at the top, or bottom as it will split the door. Good luck to you!!

I remove all the gas water heaters in my units, regardless of my intentions with the property. There's a zillion things that could and will go wrong with a gas unit. If it's a cheaper property I'll change the cook stove to electric, if not I'll see what the market is doing. I usually leave the gas hvac system alone, unless I have to change it and then I try to go with a heat pump system. I've discovered that it takes a tenant with an average iq to, to handle a gas serviced house :)

Yes ma'am I'm glad you enjoyed it :)

Jack B. Your on the right track. I practice and prefer the paid off properties. I sleep at night, have very little stress, I'm able to travel, my belly is full, have plenty of time. The question is how much is enough? I personally have enough, so now I travel slow and deliberate. No rat race for me and I'm not worried about pleasing others. Life is good

The best way to handle most of the pressures is to become a property manager. For example: I formed a corporation and I work as a property manager for that corporation. Through this approach I can buffet most problems. If I have to bring up an issue, it's the company policy, if I have to raise the rent, it's the companies fault. I blame the company for everything and in the end I'm only doing my "job". It takes the load off of me because I'm a nice guy, plus it gives me courage to be firm and in the end I don't have to worry about them finding out where I live, after all I'm just a hard working employee.

In this business it's important to build relationships. I had a tenant to call me yesterday and told me that the fan on the ac/heat wasn't working. I called my ac guy and he fit me in and upon examination said that the fan was bad. This is a special multi speed fan and a new one cost $600. Long story short he worked out a warranty deal with his supplier and only charged me a service fee of $75. He could have easily charged me full price, but since we've built a relationship and I take care of him, he took care of me. Win win :)

Welcome to BP, I am from northeast arkansas(Jonesboro). Arkansas is a good place to invest in real estate. Good luck on your venture and I can be of service let me know.

I would say this article is outdated, or misleading. Yes it is a good place to buy and hold and yes the rules are in favor of the landlord, but not to the extreme that this article depicts. In the end it's still a long judicial process.