All Forum Posts by: Russ B.

This. 

If you've got more than a couple units using the machines, you end up picking up big sacks of quarters every month or so, and then you need to do something with them.. And of course there's the problem of people breaking into them (it's amazing how hard some people will work, to steal a few bucks). 

Ones that don't handle cash make things a lot simpler 🙂

The risk here is that you'll get into next month, they'll still be there, and still no rent. Then, it'll take at least another month to get rid of em. Most leases specify that the deposit can't be used as the last month for this reason, and because you'd be left with nothing to cover any damages. 

I'd tell em that you need to do it by the book. You'll have their deposit ready to go on move out day (assuming they haven't destroyed anything), but if they don't pay, you'll have to initiate eviction proceedings.. which will make it much harder to get in anywhere else. 

This thread is a shining example of why I would never want to rent out a unit that's unpermitted... It's perfectly fine, right up until you get into it with a tenant. 

In response to the original question, I'd maybe try to talk em up as much as I could, but at the end of the day, I'd take the offer. Once it turns into a big problem (ie, you call the city on them), they no longer have any reason to offer anything. 

Reminds me of the guy in Trailer Park Boys.. 

That sounds like a professional tenant. I'd find an eviction lawyer immediately to advise on next steps. 

He'll be like 105 when he gets out.. then someone will come here and post a "would you rent to this person" thread.. 

Edit - to be fair, he STILL might be a better pick than some of the folks described in those threads 😂

I'd come back with the issue and see if they will remedy.. If not, no deal.

Maybe let the seller know that their own insurance coverage probably has a big hole in it right now too.

THAT, you actually could sue for.. although you'd probably have to get in line behind all the other people that are currently "victimizing" him.. 

It depends on the crack, and the type / amount of movement that caused it. It also depends on the age of the building and of the crack. You can usually tell from the location and direction of a crack, what caused it. 

For example, a crack of 1/8 inch in a 50 year old basement wall, near where the house meets an attached garage, would almost certainly not be bad - especially if you can see that the last couple coats of paint got inside it. On the other hand, a 1/2-inch crack in a brand new building would indicate a major problem...

The above sounds like good advice. 

I've never had a mentor for anything myself. The "catalyst" for me has only ever been the realization that I'm standing in front of a deal. 

I'd say don't even limit yourself to just real estate, even if that's what you know. If you do, you're limited to a handful of possible investments out of thousands - and many other businesses involve real estate as one of the biggest hurdles to get open. If you can make it possible for a business to open (and succeed) by handling the finance and real estate side, you might cash flow 10x what the building would rent for. 

Many beginners especially want to plan their next deal in detail before even seeing it, and that's just not feasible. This, IMO, is how people spend a ton of money taking classes from gurus, but then never do a deal - they never find the one they imagined.