All Forum Posts by: Richard C.

Sort of along these lines, here is an iInteresting article by urbanist Richard Florida about the creative class and divided cities. The maps in the study categorize parts of major metropolitan areas by the type of worker who predominantly lives there (creative, service, working). Looks like cities with high creative class ratios act as a magnet for young tech/artist demographic.

http://community-wealth.org/sites/clone.community-wealth.org/files/downloads/report-florida-et-al_0.pdf

Except that even Florida himself has backed off his claims. The cities that have massively invested in attempting to intentionally attract "creative class" people (often paying Florida massive sums to consult) have failed to see return on that investment.

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Originally posted by @Lacy Goldman:

I'm about to take a look at a property that is being sold as a short sale. Is it possible to wholesale this property? Would I have to do a double close ? All suggestions welcome.

The bank will prohibit assignments.

The bank will require that you demonstrate that you, personally, have the ability to purchase before they will even look at your offer.

The bank will require that the property not be re-sold for some period of time, probably at least 90 days.

The bank, and I say this with all due respect, almost certainly has a better idea of the market value of the property than you do.

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Beautiful work. Congratulations.

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Originally posted by @Maggie Tasseron:

Originally posted by @Randy E.:

Originally posted by @Maggie Tasseron:

It doesn't even need to be a real attorney; just the threat of one is often enough.

WOW! Really?

My reply was for Richard, not you Randy. Not all of us have attained your superior manipulating skills.

I'll reply then.

WOW! Really?

2 Votes

Originally posted by @Davon Lowery:

Thank you for the overwhelming support and feedback.

We do have a renters addendum in effect, (signed by the tenant and the manager and notarized) which specifically states, EMPHATICALLY, that the rent is due on the 1st and can be paid anytime prior to the 1st.

What we don't have in the renters addendum is what happens when the 1st falls on the weekend, especially on a Sunday. My property manager, softened once we read the California's renters right and landlords responsibilities manual, that I got as a gift from my RE agent years back.

We are leaning more towards taking this as a learning lesson and redefining our expectations of the tenant through the renters addendum and addressing this issue when the lease expires.

Yes, the Rental is in Southern California

comments???

So, here is my comment. It may sound harsh, but I just don't want you to get in trouble. So I am going to phrase this very, um, directly:

You're not getting it. Your renter's addendum is meaningless. Meaningless. If it said, "When the 1st falls on a weekend, we still expect to be paid on the first, mmm'kay?" It would still be meaningless. The statutes, case law and administrative regulations of the State of California control.

The tenant WAS NOT LATE WITH HER RENT! I'm glad your property manager "softened" on the matter, but what you should have done, and your PM should have done, is looked at each other with mortification as you realized that you were ENTIRELY in the wrong.

Your tenant gave you an attitude? Well, I would too. YOU were WRONG, she was RIGHT, and your PM doesn't know what they are doing.

Excuse the harsh language. It is really important that you understand this, and wrap your head around it.

Now I'm not going to tell you to immediately fire your PM. Take it as a teachable moment for them. Everyone deserves the chance to learn and improve.

But please, please understand this:

The person who needs to be "trained" here is the PM, not the tenant. The person whose expectations need to be reset is you, not the tenant.

Good Luck.

4 Votes

Originally posted by @John Hixon:

@Ryan Dossey

I had a person call me at 11:15pm the other night. He was rather upset that I sent them a letter. He thought it was ridiculous that I would send something like that and wanted me to know it. But, he did complement me on that fact that it looked personal. I guess that's a bonus.

He said that way the letter looked in the envelope it was like I was personally writing them and it was from someone they hadn't seen in a long time. I guess they were just upset that no one writes them.

I actually LOVE this, and cannot believe I never thought of it before!

If I am being sent a personal communication, I can certainly respond with a personal communication!

My next few "I wanna pretend to buy your house" letters are going to be answered with personal phone calls after I finish my nightly workout, around midnight.

1 Vote

If you decline them, try to sell them on the joys of living in New Hampshire, and I'll happily take them.

One thing to bear in mind about bankruptcy is that you cannot immediately do it again. In that sense, a recent bankruptcy is actually better than an older one.

Just mentioning that because it is counter-intuitive to many landlords.

2 Votes

Originally posted by @Account Closed:

Originally posted by @Richard C.:

Originally posted by @Ryan Dossey:

That doesn't mean his rental is.... Just his profile. ;)

Mine says Indiana but I own rentals in Mo. No biggie. :)

Yes, that is true enough.

But my general point, which I realize I have made before and may be being a bit of a broken record about, is that state laws vary and a whole lot of advice on BP is not good, simply because it assumes that the law in the advisee 's state is the same as in the adviser's state.

And Randy is quite right that many landlords appear to believe that their lease language is magic, and always controls, when that is not true at all.

No better evidence of this than on BP. Everyday we see examples here of lease clauses that are totally unlawful in every state. Clauses that supposedly prohibit home child care that can't per federal law. LLs attempting to charge pet deposits or pet rent to tenants with service or support animals. LLs charging late fees without regard to the max. amount in their state code or the rules for applying them. Landlords entering with no notice in non-emergency situations.

The internet is a two-way street. The tenant can get just as informed as the landlord. But the landlord is the real estate professional and will be the one that is penalized for failing to know the law. Pay attention everyone and don't let it happen to you. :)

Amen.

1 Vote

Oh, FFS:

California Civil Code, Section 11:

"Whenever any act of a secular nature, other than a work of necessity or mercy, is appointed by law or contract to be performed upon a particular day, which day falls upon a holiday, it may be performed upon the next business day, with the same effect as if it had been performed upon the day appointed."

California Code of Civil Procedure, Section 12a:

"12a. (a) If the last day for the performance of any act provided or required by law to be performed within a specified period of time is a holiday, then that period is hereby extended to and including the next day that is not a holiday. For purposes of this section, "holiday" means all day on Saturdays, all holidays specified in Section 135 and, to the extent provided in Section 12b, all days that by terms of Section 12b are required to be considered as holidays. (b) This section applies to Sections 659, 659a, and 921, and to all other provisions of law providing or requiring an act to be performed on a particular day or within a specified period of time, whether expressed in this or any other code or statute, ordinance, rule, or regulation."

Unless this rental is out of state, no late fee is due. People need to stop giving the OP advice to take the late fee out of the rent and count the rent as late. It is p1ss-poor advice.

2 Votes

Visio is expanding its offerings on the financing side, while Econohomes, which in the past often had multiple hundred properties for sale at one time, is down to a few dozen.

There might be a lesson there about where the money is in real estate!

0 Votes

All Forum Posts by: Richard C.

Richard C. has started 19 posts and replied 1919 times.

Post: Where the American Population is moving

Post: Wholesaling a short sale

Post: My first flip at 26, a woman, ZERO construction skills.

Post: I AIN'T PAY'N!! Ahhh the joys of landlording

Post: I AIN'T PAY'N!! Ahhh the joys of landlording

Post: Direct Mail = Police Report

Post: Chapter 13 in 2012, credit score 780, rent or pass

Post: I AIN'T PAY'N!! Ahhh the joys of landlording

Post: I AIN'T PAY'N!! Ahhh the joys of landlording

Post: Econohomes