All Forum Posts by: Richard Weinberg

@Joe Villeneuve

If your young and if you do your homework and buy smartly, Joes plan is tremendous.

I can not steer enough that you must do the homework and buy smartly.

Just buying retail deals at market pricing will not accomplish the goals of Joes plan.

Good luck!

@Junior Correa

I have not heard about the fee and not sure what it covers but if they spend the $9.99 tweaking/ improving their site, features and visibility, it’s a value.

I would estimate I spend more than a hundred dollars per property on initial set up time and it pays dividends when they deliver clicks, views, interested party’s and I can simply freshen the listing after each tenant.

You could easily spend much more creating visibility elsewhere or on your own.

Good luck.

@Tarcizio Goncalves

That’s still not enough data points.

Did you get an application, run a credit report, background and records check, eviction report, check with past landlord, proof of income, discuss payment history and on time policy? How up to date and thorough is your lease and documentation?

I do this and much more and have a few more rentals than you and still have one tenant always on the bubble...evictable and or just late.

If there isn’t enough rigor in the sales, marketing and screening of prospective tenants, and in the selection process, it could be the process is failing.... or yes maybe the property manager as well.

Good luck!

@Katrina Cabral

You’re in the customer service business. Does this list you shared look customer friendly or inviting to you?

I recommend you visit some of your biggest competitors websites like American Homes For Rent and others.

Notice they present 3 or 4 minimum criteria and then sell the sizzle of their properties and the benefits of renting with them. They can cover all the tougher retailers later with truly interesting and interested prospects.

You said everything you needed to say “go away”. It’s a tight rental market but they do have other rental options.

Always remember we are in the customer service business. Those who think the renters work for them, will soon be wondering where their profits have gone.

Good luck!

@Michael York

We have rental several properties in North Carolina and I am quite familiar with the North Carolina and my local county’s laws related to rental late fees for 1 year and longer leases. I say it like that because there are other rules for shorter term or month to month leases.

You are both wrong.

The rent is due on the first. It is late on the second and yet no late fee can be charged until it is 5 days or more late and it becomes additional rent. If the rent remains unpaid after 5 days you can be charged a late fee not to exceed 5%, not even by a penny, issued a 10 Day Demand For Payment that if unaddressed becomes grounds for eviction.

Our leases state that it is a lease violation, default of the lease, to need to “demand “ rent and that itself needing to be issued, is a grounds for a lease violation and eviction.

As for your landlord.... a few years back when I was a newbie landlord I had a small infraction stated in my late fee sentences in my lease and when I went to evict my tenant, the magistrate found in favor of the tenant because of the misapplication of the late fee language. I immediately wrote an addendum and correction to the lease and when the same tenant was again behind on rent, an eviction order was so issued.

I learned my lesson about careful communication and compliance to state and county laws. I am not an attorney just a landlord but I hope this clarifies things for you.

Your rent if stated as due on the first, in writing, is due on the first. Think of the five days are your emergency time reserve but it is still late, could be reported as late and future references could share, your rent is typically “late”.

Good luck.

@Tiffany Williams

Why these two markets? Do you have other rentals in these markets?

@Kerrick Long

There are a couple low cost training courses you can check out and they are supported with access to experienced buy and hold landlords and flippers. Recommend you check out Michael Zubers, One Rental At A Time and Meet Kevin. They are both big on YouTube. On Bigger Pockets check out David Greens book on BRRR and his podcast with Brandon.

I would be very apprehensive to do the deal you laid out where 80% of the cash was in rehab without really knowing what I was doing.

Good luck!

@Ryan Fehr

The biggest challenge or disappointment is .....That I am no longer 29 years old and can only enjoy the benefits of buy and hold real estate in the last few chapters of my life and I can’t benefit from holding and leveraging a portfolio over 30 years... but... I think my children and grandchildren will thank me... inabsentia...

Good luck!

@Horacio Gutierrez

We have a rental with a storage unit in the backyard that I did put in the lease would be excluded from the tenants lease of the house and the yard and I use it for tools and storage. I further stipulated I would pay a small fee every single month toward the electric bill and set it up on auto pay and do so. Realistically, I’ve only been there three or four times for five minutes a time over the last year and at normal business hours but it has been convenient. I just acquired another property that we have to finish rehabbing but it has a separate 3 bay double depth garage and I will move all of my tools, vehicles and storage to that garage and it will not be part of the rental of the rehabbed house. it’s important to make sure it’s excluded from the lease and detailed in writing and that you make some contractually stated contribution back to the tenant for any utilities if you have a single meter utilities. That’s my suggestion. Good luck!

@Frank Wong

An entrepreneur can learn, grow and take control of their opportunities. Partners influence scale and options but tend to want to share in decisions and profits.

There are times for both but I think buy and hold is best for an engaged entrepreneur. ... and for creating legacy family wealth. Bigger isn’t better... better is better.

Good luck!