All Forum Posts by: Scott P.

86 posts and counting on this one!

I wouldn't include it (or any utility if I can avoid it).  

I suppose if i was in a market were EVERYBODY included internet, then I'd consider it.

Maybe I don't understand you question but I see no problem not having a mortgage. Like you said, no payment gave you room to breath when you had CapEx.

I'm happy and casually looking for more when I have properties paid for...

Construction management is good.  Civil Engineering might be better.  See if you can work for an earthwork type company or an civil engineering or surveying type company.  An interest in local government and real estate would help.

The developments of empty land into subdivisions that I've worked on have involved those area the most.  

The technical knowledge of how to move earth, install sewers, etc., mesh with the laws and regulations related to what type of street to install for a local government to accept it and maintain it along with the business decision to perhaps have an HOA maintain it instead. That's just one example of how the technical aspects mesh with government aspects.

Even marketing, being able to sell lots, is useful as is being able to get along with others and assess their abilities and motivate them to be part of your team either as employees, vendors, financial supporters, etc., all come into play.  Being able to persuade neighbors that  your development is good for them is another skill.

All in all, working for a developer in any capacity is probably the best way to start.

Developing a list of experiences on which cities are "landlord friendly" (or "tenant friendly" for that matter) sounds like a lot of work - fun work - and maybe will one day be part of the BP site.

I always have anyone over 18 to be required to be on the lease.  With that said, if someone had a "guest" stay over for 2-3 months it is possible I wouldn't even know.

So, my first reaction is different in your situation than the several other folks.  (Note: I certainly wouldn't knowingly break any laws. That could go both ways in your case though.  Could you get into trouble by scheming related to their Visa or could you get into trouble by denying them based on familial status?  Those are opposite sides of the coin in your case.) 

If these applicants are actually "great" in every other way and qualify to rent on their own, and have been up front about their parents staying w/them a while, I think I would let it go.  I haven't had this situation before.  So I might get advice from others before deciding for sure but my first reaction is that all I would be missing by not putting the parents on the lease is the potential to collect from them if the lease is broken or there is damage, etc., and I think the sort of person who would break the lease or cause damage in this case could simply leave the country in which case I'm pretty sure I'd never collect.  I think the "Professional Tenant" would not have bothered to mention the parent situation.

A prospective tenant who is "great" and has connections with family or friends feels stable to me.  Knowing only what you've told us, I'd rent to them if it was one of my properties.

Yes but historically I haven't enforced the requirement.  I'm thinking about enforcing it in the future....

In my area, I'm not responsible for the tenant's personal property.  For example, if lightening strikes and the air conditioner gets destroyed as well as the tenant's flat screen TV, my insurance company will replace the AC less the deductible but not their TV, and I'm not responsible in my area for the TV.  (This actually happened to me about 8 years ago.)

Is it possible you misunderstood what the CPA meant or said?

For several years I ran credit checks.  Then, for several years I did not.  I even ran them back in the day when you could ask for social security numbers and walk right into a local credit bureau and walk out with the hard copy report in hand

I didn't really see an advantage either way.  For example, a bankruptcy lowered the credit rating but also meant the prospective tenant had their debts relieved and could not file again for a while.  A person whose score was still high may have moved into my property at the beginning of a separation in marriage and a score that was about to plummet.

Furthermore, I've rented what I think may be termed a "C" class property to tenants who surely had super low scores but I had no problem with the tenants paying.

Although I don't have any hard evidence that credit reports and background checks are helpful, I would still recommend that you pay the cost and run them if you're in any doubt.  They will serve at a minimum as one more date point for you to make your decisions by.

@Jeremy Torres, here I go talking about the car on a real estate site....Congrats on the choice of a Honda Civic!  I admit I'm not 100% sure I would have bought a new car if I was in your shoes but I don't know all your circumstances.  So i'm not going to 2nd guess you.  Now that you have it, I'd say, along w/my previous comments, to keep it if you like it - but keep it a LONG time.  A Honda Civic should prove to be a great choice over time.  Why take a loss and buy someone else's "good used car" when you have this car and one day it will be YOUR "good used car."

Take it from a guy who's had the good fortune (or bad judgement) to buy many new cars and trucks that aren't nearly as wise of a choice as a Civic: you're decision to pick that model is an indicator that your judgement is sound and will enable you to successful in the long run.