All Forum Posts by: Steve Milford

If someone told me that they were wary of advertising due to potential litigation, I would ask them what is wrong with the property. No different than when I list a property for sale, I ask the Seller to fill out a disclosure form - if they know of any defects because they are liable if they know of a defect and do not disclose.

#1) Wherever you live, read the landlord-tenant code in your area, and follow those rules. Also, check the state level and follow those rules. #2) Make sure every single applicant goes through the SAME steps. #3) Advertise with "your eyes closed" without emotion. What I mean by this is, fair housing requires landlords to adhere to a set of standards. I.e. When (not if) I advertise my rental and I state that 3x income and proof of income is required, I cannot judge the income source as long as it is legal and there is documentation. Same with credit, or other criteria. For help, go onto Craigslist, and look at posts by PMs, and copy the same format. Then set up a system for the process - PMs do the same. I.e. I used cozy.co (now apartments.com) for screening. Everyone that wants one gets an application and pays to apply. Without an application filled out, then no consideration. If they meet the initial criteria, then applicants move forward to reference checking and documentation proof. There is no emotion in the process. That is where "slip-ups" happen. Do the same thing during the tenancy. If it is time to raise the rent, then raise the rent. If conditions warrant eviction then evict. If something needs fixing then fix it. It's a business. People get into trouble when they judge by emotion or "feeling". If you end up in court, the judge will ask for documentation, not how you "felt". Likewise, for the landlord's responsibility, the landlord-tenant act in your area may also state when or how quickly you need to make repairs of items that fail or break, so be aware of that.

If you are looking in Vancouver, WA, give me a call. I am open to meeting with folks and explaining how I find properties and such. 

Not today, but always on the lookout for a good provider. I will send you a message.

I prefer not to leave money as "dead money" so invest funds at the very least into index funds, but mostly in swing trading.  

In my area, when I seek comparisons from PMs, I have found their prices are usually low or less than the current rent. I just check the competition platforms for like-kind comparisons. Those platforms are forrent.com, hotpads.com, Zillow rentals, and Craigslist.

@Marcus Sexton What do you want to know?

Some like it, some don't.

@Alicia Marks My wife is supportive in spirit but emphasizes that it is my "passionate hobby". When I tell her I booked us a weekend getaway or I show up with the new appliance she has been eye-balling she just smiles.

Her new thing: When she's ready to go to sleep, she asks me to prattle on about real estate, and is usually asleep in under a few mins lol.

@Marcus Sexton I know to run, lol.

@Marlia Stone I suggest you run the numbers both ways objectively, fix or sell, and see which option you like better.

So many make REI an emotional decision, but it is a business. As Joe said, don't fall in love with it. In the end it has to profit somehow. If not, cut bait and move onto next.

Re disclosures, they are there to showcase what you know that may influence a buyer. It is not just a legal form to fill out, but also the right thing to do. It makes me squeamish when I hear people say, "I will have to disclose..."

In all transactions, I take what people say with a grain of salt. And if you look at the bottom of most MLS listings, there is some version of "Buyer beware".

Re utilities you can also call utility co before owning and ask what is high and low over last 12 months, and avr bill, of each unit. During that call you would have found out about the disconnected meter.

@Ralph Pombo Or you might choose to NOT payoff loan to invest your money elsewhere, yet still increase rent lol. 🤔