All Forum Posts by: Royce Talbo

I read several of your stories on this property and I feel bad for you man.  I honestly dont know what I would do.  His name is on the lease so you can keep the security deposit at least.  Maybe the wife will complain and try to get him out because she wants her half of the deposit back.  

As far as the utilities I never had to deal with an eviction, but I always hated that rule about having to leave those on because as a homeowner if you don't pay then they would shut them off on you, so why cant you do the same for tenants.  As a landlord you are just a middle man for this, doesn't make sense to me but it is what it is.

If you cut those things there is more of a chance that he will intentionally damage your property.  He has nothing to lose no money no where to go so even if you cut those amenities he still has no place to go and will just squat there.  In the event that you do try to sue him for damages and win, what money will he have to pay you?  

These are great ideas!  Especially the gift card one, I think I will start using that or the movie tickets idea and the welcome basket.  Thanks guys.

@Linda Weygant Good to know I figured there was something with confidentiality, what you said about patching them through is what I was thinking, but wasn't sure if you had to go that far.  If they ask who is calling just say their brother ;)

@William C.

 I am not a hard a** landlord like some on here, but I think you should call the hospital and see if they are actually in there.  If they are, it must be bad for them to not be discharged and paying rent would be the last thing on their mind.  They already agreed to pay the late fees, so I would just wait for it for a little while.  This is also why you have reserves for unforeseen events, if you don't have reserves you are doing it wrong.  I dont know how your mortgage works but I have a leeway till the 15th of the month to pay, so a late payment wont affect me till the 15th.  If you keep pursuing them it might make you look like a greedy landlord that only cares about money and ruin the relationship you have with them.  Showing compassion goes a long way and they might see you in a new light and do extra things to take care of the property or not bother you with issues with the property anymore.  Not sure what your situation is with them, but those are just some examples of what could happen.  Again this is just what I would do, others might suggest differently.  

@Tarah Kawal

Welcome to BP! I am usually against out of state investing because most people who ask about it dont know the area they want to invest in, they just see numbers. Knowing the area is a big chunk in REI and since you are from there you shouldnt have a problem. The other reason I am against it for people living in Hawaii is because here in Hawaii or parts of Cali you will make more money than midwest and other places that cashflow because of appreciation. For most newbies though starting in Hawaii is a huge entry barrier so investing out of state for you in an area you know is an opportunity not a lot of other people have. Take advantage of that and after you have enough capital to enter the Hawaii market I suggest you do so.

@Johann Kleisch 

@Michael Borger

@Matt Devincenzo

Im sorry if I came across sounding mean I guess I could have worded it better, like I said I just dont want you to lose money.  This just blew me away and it gets to me when I see people that has more money than me just throw it away.  I see now that yes he did not say he was going to buy this property just that he saw it so these leads to my last statement saying that I would retract everything I said.

Seriously? Not trying to be rude or anything, but if you are asking this question to a forum you shouldn't be looking at that property.  If it were for a single unit then that is fine, but this is a multi-million dollar listing.  A 7-8 unit building in Hawaii cost over a million already. Honestly I just dont like to see people with money just throw it away because of poor judgement.  If you have that kind of money to be buying a multi-million listing then you should know what you are doing or ask your financial adviser about this kind of thing not a forum.    Again if this is just a single unit and they listing agent worded it wrong, then I retract everything I said.

@Jeremy Tillotson

 Ah man where is the music in the video just kidding.  Good job man and congrats on the brokers licence.  

@Ariq Sharif

Ok its good to ask questions as a newbie, but your thinking is all wrong. You are in the dreaming stage where REI seems like all fun and games. Its not! It is hard work and you can loose your a** in this business, thats why you dont quit your day job until you have enough cashflow to support yourself. Its not like a commissioned job because you can lose money and you can get sued and lose everything. You also dont have all the health benefits, 401k etc that a company provides. There are some people here that have had success and thought they knew what they were doing and then lost it all in the crash and had to start over because they were over leveraged. It takes more than a couple months or even couple years to be a real investor. You need to go through at least one cycle to know the ups and downs and how it affects your properties. If you are flipping properties you are not investing you are working. Its just another job, sure it has a much better payout if you know what you are doing, but you also have high risk. Keep reading and dont jump the gun and always have an exit strategy.

@Kurt F.

 sorry didnt read all the pages but from what I read in the original post thats what it sounded like.  I went back and read through the 2nd page and you are correct as the OP gave additional info.