All Forum Posts by: Amy A.

I always do my own inspections, but I have a lot of experience.  With foreclosures, I always assume that at least one major system will need replacement.  It's almost worse with a remodeled home if you are paying full price.  Keep in mind that an inspector can't look behind walls, and that's where pretty new sheetrock can hide a mess.

Here's a story. CEO and developer were arguing at a job site. CEO got in his truck to leave and his truck brushed against the developer. Assault! Injury! I'm suing!  The developer never was bothered again, even though his product was junk.

My husband is an engineer, and I worked a bit in genetic engineering, does that count?  I've met many investors who don't seem to have a grasp on basic math, so I think it has given us an advantage.

It's not just the economic occupancy, but the tenants who destroy the apartment on their way out after being evicted. Stable tenants who have a choice about where to live willI not choose downtown.  Also, public housing steals the well-behaved low income tenants from private landlords, so we are left with criminals, etc.  We can't compete with taxpayer-funded new construction.

  If you can find something on the outskirts of downtown it might be okay. 

I would just deposit the check. I've had this happen to me with several commercial business tenants! Some people don't trust online banking. It's not worth the fight, so let her win.  You'll know if future tenants will be comfortable with online payments because you can have them pay the deposit online. It's aggravating to go to the Post office every day, I understand.

I've noticed over the years that the first time I hire someone they do a great job, timely, fair price, etc.  As time goes on and I hire them more often, they stop showing up, quality goes down, prices go up.  They take me for granted even though I always pay quickly.  From reading these comments, it looks like I'm not alone.

I guess it's like how I don't do my hair and make-up for my husband during quarantine, taking people for granted is human nature!

Thank you for the responses.  I'm at the point in my investing career that I'm looking to buy something large enough to have on-site management and maintenance, but thank you for the turn-key information.

Many cities have good neighborhoods and bad.  Unlike certain cities that I won't name,  Memphis is not known for its crime, although I'm sure there is some.  However, none of the cities that are known for high crime have anywhere near the number of cheap multifamily properties for sale on Loopnet that Memphis has.  Something is amiss.  

I did not give an increase this year even though I had planned to before the shutdown. However, if you are in an area with rent control and have below market rents, you probably should give the small allowed increase or you'll never catch up.

I've had this problem as well.  I noticed it more in areas where I hired a certain kid to install it.  He didn't take the time to make sure it was clicked together.  It can look okay at first, but if you don't take your time, it will come apart.

I've switched to thick floating sheet vinyl that looks like planks.  It goes in much faster and is more water resistant.  Lowes used to have some nice material, but then they cheapened it and it looks more like plastic again (it used to have a faux wood grain).

Yes, you can go to jail.  Use this example for the book, and send me a free copy :-) 

https://www.pressherald.com/2018/08/25/portland-landlord-reports-to-jail-for-conviction-in-fire-that-killed-6/#

This landlord was known as a "cool" landlord who let his tenants do what they wanted.  Some of them decided to sublet rooms in the house and put locks on the doors, contributing to the deaths of a bunch of young people in a fire on Halloween.

Within the state of Maine, I've seen all the extremes, which shows how it varies depending on town.  I once had a flip with an illegal unit. The code enforcement officer made me remove the stove.  I moved it into the next room and put a tarp over it, like he told me to.  By removing the "cooking area" it was no longer a "dwelling unit".  I made sure the buyer knew about this.

In the town I live in they allow accessory units restricted to family member use in some zones.  I know a family who built two units for the grandmothers, but now that they've passed, they rent them to whoever they want to.  Is code enforcement really going to check to see of they're related?  I guess in Maine most of us are related, so they can check Ancestry.com or whatever.

In another town, I know of a house that was foreclosed during the recession because it stopped cash flowing when  the city shut down an illegal 3rd unit in a huge house.  Now the city is moving to "form-based" code, so the unit will be allowed, but too late for the previous owner.

It's usually not a problem until the neighbors get mad about something and report it, or there's a fire and people die.  Probably not worth the risk.

 By the way, please send Ryan back.  We have snow, in April, and I'm sure he misses it.