All Forum Posts by: Randy E.

 Sorry.  Can't help there.  Good luck.

The only instance I can think of where a building's presence would lower the value of the land to an investor is if the building was in such bad shape it had to be demolished.  If that's the case, the purchase price might be LandValue - DemolitionCost. 

Otherwise, I would think the presence of a structure always increases the value of the land.

The energy company in my area has a "benefit" landlord feature -- if a tenant moves out and shuts off the electricity, the energy company will immediately switch it back on in my name so that the property is never without electricity.  That helps with lighting, alarms, and having power so the property can be cleaned up to rent again.  

I asked if this automatic switch occurred every time the property's electricity was shut off.  For instance, if service was suspended because a tenant didn't pay their bill.  The representative said the power would be shut off, and automatically switched on in my name.  I declined the "benefit" service.  If I need electricity between tenants, I'll just call the electric company myself and request service in my name.

I never leave electricity on in my name when a tenant moves in.  If you do, and the tenant gets behind on the bill, it can be a legal nightmare if you decide on your own to cancel the service.  Not to mention the fact that you might lose a lot of money from unpaid bills.

But you know that now.  Twelve hundred dollars is a painful way to learn a lesson, but at least you'll never have to go through it again.

Okay, I'm convinced.  The consensus is they really don't break down often.  Ceiling fans for every house!

@Shequann Burrwell, which city?  Not trying to steal your lead.  Just seeing if I can provide better information on the area.

Personally, I love ceiling fans for my home, but I'm generally against adding ceiling fans to my rental  properties.  As stated, it's just one more thing to break, one more reason for a problem call from a tenant.

BUT, I'm finishing a rehab now, and I put ceiling fans in four rooms.  D'oh!  

I can't follow my own instincts.  I don't know, it just seems like sort of a necessity in the south.  I have a feeling I'll break this "rule" a lot over the next few years as I acquire and rehab more properties.

GREAT work @Cliff Harrison.  You've been very active lately.  

 Great idea!

@Karen Hurd, very rarely will anyone help you to the degree which you're seeking.  YOU have to find the distressed homeowners.  YOU have to convince the distressed homeowners to agree to sign with you.  YOU have to build a database of investors who will be able to close quickly on any deals YOU discover.  

YOU are the only person responsible for your ultimate success or failure in the real estate world.  

BTW, it might be unethical for a Real Estate agent to sign a contract with a homeowner, learn about the homeowners personal situation, then alert you that the homeowner is a distressed seller who would be willing to sell for much less than the asking price.  The RE agent is contractually obligated to represent the homeowner, and not obligated in any way to helping you make a profit.

Good luck in your efforts.

If you received Security Deposits for the tenants at closing, I wouldn't assume the just-moved-out tenant has forfeited his deposit.  I don't think landlords should view security deposits as free money.  If the tenant left the unit in great shape, I would return the entire security deposit to him.  That's if he asks for it today, next week, or over the summer.  It's his money, not the landlord's.

*NOT legal advice.