All Forum Posts by: Sean Autry

John Anderson - ugh.... that gives me heartburn to think of how expensive this could be (3-4 mos lost rent, legal fees, etc). But that's the risk we take I guess...

Julie Thevenow - yes, we're very clear about how we were going to do things, but I don't think they took us seriously (and not posting 3-day notices in the prior 2 months certainly didn't help)... hopefully the 3-day notice this month will send the message that we are serious. I guess we will see.

Greg S. Both units are on MTM. We chose not to put one of the units on an annual because of their history with the prior LL... the other unit's late payments came as a surprise because they had good history with the prior LL. They must be testing us. Anyway, we tried to get them on an annual but now I'm glad they're on MTM.

Scott Weaner - we are charging late fees, but they only pay a piece of the late fee each month. When I first got into this I thought "Heck, they can pay late every month and I'll just enjoy the extra cash flow on late fees", but reality hit me the day I took over that property that this was a bad road to go down... But, yes, once the cash is in hand it is some consolation.

I have owned my first rental property (triplex) for 3 months, and two of the units have been late every month- like a couple of weeks late each month. The previous landlord was VERY lax. Every month we call and it's one excuse after another. So tomorrow we will serve our first 3-day notices to both units, and likely will have to fight the eviction battle... both units have families (children). What kind of person puts their children in a position to lose their home???? I just don't get it. Clearly the lesson learned here is if rent isn't received on the 1st, we need to post the 3-day on the 2nd. No question here, just venting I guess...

Kevin Byrne , thank you for sharing your experience and your numbers. Best of luck with your investment! Sounds like a solid ?first? deal!

I've used Third Federal Savings and Loan. Currently they have HELOCs for $100k at prime -0.25% (last I checked) Also, Bankrate.com is a great resource to shop lenders without having to give up your own info right away. You can browse lenders and rates without signing up for anything.

Kevin Byrne , Hi Kevin- I might be looking at this TK company in the coming months. Has it still been a positive experience after another month has gone by? Are you comfortable sharing the numbers on the property you bought? (Particularly post reserves cap rate and cash on cash return) Thanks!

Anyone? Anyone at all?

Very, very, through. I like your approach. Some might say overkill, but I'm the data driven type myself, so I can appreciate the time you spent on it. Best of luck; I hope your thoroughness pays off.