All Forum Posts by: Loc R.

Screen the husband and screen the wife. Make sure they have the deposit and 1st month's rent, in full, up front. If they need to pay it in installments then they'll probably have problems down the road.

Sounds like you want to buy yourself a job...it will probably be more work than you want. There's a lot involved in getting ready for a shift of preparing and selling food.

Never bank on appreciation that you can't force (through increasing income and/or decreasing expenses).

Go by strictly the cash flow and you'll be OK.

Where is it? I might be interested.

Generally speaking, I am against month-to-month leases. IMO, if a tenant is unstable enough where they can't commit to a 1-year lease at the minimum, then that's someone I don't want to deal with.

In addition, I try to start/end my 1-year leases in the summer (July/August), when it is easier to find new tenants.

That is such a stupid move by the kid, it is upsetting.

Your family is on public assistance, and their housing is contingent on you not doing any stupid like GETTING BUSTED FOR DRUGS.

So don't get busted for drugs. Jeebuz.

Probably not.

Why would anyone want to put their money out on those terms?

Try not to take it personally - you have to think and to paraphrase all the old mobster movies - "it's business, not personal." You are there to provide a product/service and they are there to consume that product service.

My tenants do not know that I am married other than the fact that I wear a wedding ring.

My wife is not involved with the interactions with tenants - that is my job.

IMO, it is a rather quick process to determine whether you (and your husband) have the disposition to be active landlords or whether a property management company would be in your best interest.

Best of luck.

Your on the "Get Wealthy, Slowly" path. I don't have a problem with it. You are minimizing your exposure to debt, and will soon get to a point where you'll have a bunch of a free-and-clear properties.

Stay the course.

In my old office building, there was a tenant who bought (discharged) credit card debt. Not sure if he was one of those harassing debt collectors you read about, but it sounded like he did OK for himself.