All Forum Posts by: James R.

@Lisa Casey Thank you for sharing this story!  I will admit that I was angry with you, as I read all of your posts, because of your naiveté.  In the end, you got there!  Those people are GONE! 

As a previous poster mentioned, it makes sense to say, "I will never rent to anyone again."  However, you are now so much more educated!  Make a go of it again and next time when you're having your tenant screening interview and the prospective tenant says, "Well, we lived 'off of the grid' in Maine".  In your head your response is:  "NEXT"!!  That was your first clue to steer clear of these people!

Live and learn.  

Best wishes to you!

@Marcin Chojnacki

Beautiful and modern choice of finishes!  Charcoal greys are in style for colors!  Choice of finishes can make all the difference in getting TOP DOLLAR!

I buy in top-notch school districts where elderly people have now gone to assisted-living.  The house is generally well taken care of and just needs the "modernization" and move-in-ready appeal to busy couples with kids.  Profits are big on these kinds of deals. 

Great job and thanks for the before and after photos!

Hello Fellow BPers!

I have mostly pedestal sinks in my rentals.   Because there is a medicine cabinet above the sink, it happens over and over again that something will accidentally fall out of the cabinet and into the sink resulting in a spider web crack.  Often it is cologne, perfume or something in a chunky, small and heavy bottle.  

Luckily, I have tenants who stay on average 5 years, so I only have to replace the sink about every 5 years, but I would like to never have to do it at all, if possible. 

Is there a nice looking pedestal sink on the market that is not made of ceramic, china or some other fragile material?

My shout out goes to @Marcia Maynard and anyone who can help! 

Thanks in advance!  

@Marcia Maynard

"We do not require tenants to pay the first $xxx of a repair as that would be counterproductive, as they may be hesitant to report problems as they occur. We need tenants to report problems in a timely manner."  

I agree with the above 100%.

"However, if the tenancy is near an end and/or the tenant is not taking care of our property, we may want to defer doing the repair/replacement until after they are gone."

I'm a little confused with your above statement, because the tenant is paying rent for a fully functioning appliance.  Do you let them take some money off the rent, if you choose not to repair an appliance? My own clothes washer broke after 2 years, so it is entirely possible that it is not "abuse" by the tenant.  It seems odd to me that landlords would ask tenants to pay for repairs that are due to their use when they do not own the appliance.  

My units have a clothes washer and dryer, microwave, dishwasher, refrigerator and stove and they run for 10 - 15 years without issues.  Maybe I am just lucky? 

The biggest incentive for my tenants to take care of my property and appliances is that they like living there, the rent is fair and they do not want me to ask them to leave when their lease is up. 

This reminds me of a tenant who complained that she could hear "squeaking noises" when the tenant upstairs walked around.  Her other frequent and multiple complaints made it sound like she was absolutely miserable living there. 

My letter to her:

Dear Tenant: 

Thank you for your tenancy over the last X months.  After careful consideration, I have decided to not renew your rental agreement.  This is your 30 day notice to vacate the unit.  I will begin advertising and showing the apartment immediately. 

Regards,

She called a lawyer, citing that she paid her rent on time.  I replied, by citing WI law that I do not need to give a tenant any reason to vacate and I can simply choose not to renew.  Done!  Never heard from the lawyer again.  The tenant cleaned the apartment spotless and moved on!  She received her security deposit in full within 21 days.  

This is how tenant-landlord relations are supposed to work.

Judge Judy would have simply yelled at the defendant in court "MOVE, IF YOU DON'T LIKE LIVING THERE!"  

@William S.  Not talking about necessarily paying cash.  I have done it with conventional loans and through my strategy of creating what I call "synergies".  I have cash flowed $750 - 1000/mo. on these properties.  I turned one property from marginal cash flow to $750/mo. by refinancing and creating additional cash flowing opportunities, etc.  Also, excellent property management can add value, resulting in the maximum cash flow per property.  

All I know is it's working for me, has been for the last 16 years and is still working with today's prices. 

I saved a down payment of 25% to purchase my first rental, qualified for a HELOC of $100,000 and continued to invest from there. BRRR principle, buy and hold.

I admire and respect those who invest in what I call "dodgy" zip codes and areas, because they are improving neighborhoods (hopefully) and providing decent housing in areas, where it may be hard to find.  I just don't think that this is where a new RE investor should start. 

I usually spend at least 4 hours a day analyzing deals.  I walk several properties a month and drive-for-dollars twice a week.  

@William S.  $260/mo?  That could be easily eaten up by vacancies, theft, vandalism etc. etc.  Just one eviction and your cash flow and then some disappears fast.  

I always scratch my head and wonder why green investors go after these dodgy areas.  Save your money and buy right in a B class neighborhood.

Why not buy one property in a B class neighborhood that cash flows $750 - 1,000/mo. with no headache tenants, vacancies or evictions, plus you will get 2-5% appreciation per year?  

This is my business plan and it is working well for me.  Quality over quantity is my rule of thumb.  Just my 2 cents. 

Best wishes!

@John Thedford  I try to contact the current landlord AND at least one previous landlord.  If a prospective tenant tries to create a barrier to keep me from getting in contact with these people, i.e. wrong phone number, etc. etc.  I move on to the next applicant.  

Talking to current and previous landlords has always been worth my time!

If a tenant of mine has been bad, I try to avoid 'trashing him/her' to a prospective landlord by simply pausing after being asked a question.  This queues the prospective landlord to "read between the lines" without me having to say much.  A less than enthusiastic response can speak volumes.  This is after I have verified that they are indeed a REAL landlord and not a friend of the tenant calling to see what I will say about him/her.  

I think most landlords don't call other landlords, because they cannot be trusted.  It's too bad, because this is one of the best ways to screen tenants.  Past behavior is indicative of future behavior. 

I don't think you should worry about your tenant finding another place.  You have given them notice, so follow your process.  Honesty is the best policy!  

@Karen F.  I hate to break it to you, but your lovely tenants found a place much earlier than their 6 day notice.  They waited until the last minute to be difficult.  In WI, giving a landlord 30 days notice is a courtesy and not law.  It's probably the same in CT.  

Like others have commented, the security deposit is for damages to the apartment, so focus on keeping as much as you can, document it in a letter and mail it to the tenants certified within the legal requirement.  In WI, it is 21 days.  Don't mess this up!  If CT is like WI and you miss the date, the former tenants can take you to court and sue for 3 times the damages.  Something tells me that they would be more than happy to do that!  

Take this as a learning experience.   If it had been me, I would have moved forward with finding a tenant.  Once I found one, I would have let the current tenants know that and if they stayed beyond the last day of the month, you would take them to court to sue for damages. 

The good news is that they are GONE!  

I count my blessings that I don't have anything to contribute to this thread, but I do want to thank everyone for the "comic relief".

Whenever I am bored, I come to this thread for laughs.  As much as I would like to think that these stories are hyperbole by the author, I know that they are not.  There really are applicants like this out there.  I'm just glad that my applicant pool does not include them.  

@Melissa W you had me laughing out loud throughout your post!!!