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All Forum Posts by: Stone Teran

Stone Teran has started 53 posts and replied 369 times.

Post: Controlling Trash on Property

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120
Originally posted by @Kyle J.:

Two ideas come to mind.  

Idea #1 -  Make contact with the neighbor across the street who is calling in the complaints and let her know that you're on the same team because you also don't like to see trash on your property.  Try to befriend her and ask her to call you directly next time she sees the trash, instead of calling code enforcement.  That way, you (or the person you pay to do it) can respond directly to the issue and not involve code enforcement (and avoid the fine).

 Yes, this neighbor and other tenants need to tell you who is doing it.  It's been my experience that 1 or 2 tenants out of 30 are always responsible for 90% of the trash in the yard.  Once you figure out who is doing it, come down hard on this person and/or evict and the problem will be solved.

Post: Vacuum cleaner suggestion?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

Thanks for the suggestions.  Shop Vac it is!

Post: Vacuum cleaner suggestion?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

I've been using vacuum cleaner hand-me-downs and I keep breaking them.  I need a vacuum cleaner that will suck up all kinds of gunk including small drywall debris and drywall dust from carpet.  Should I go cheapo because it will probably break anyway, commercial vacuum or shop vac or something else?  Thanks.

Post: tenants always late--do we renew lease or not

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120
Originally posted by @Federico Gutierrez:

Personally I would move on. You are probably (like myself) stressed, loosing time chasing them up, losing money filing papers. Take this into account. 

 I agree.  I've been evicting people lately that I might have chased around in the past.

"But you know I always pay!" they say.

But there is a cost to me having to chase them down every month.  Enough is enough.

Post: Cincinnati Monthly Meetup

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120
Originally posted by @Theo Hicks:

Meet-up tonight is at Mason Grand next to Kroger correct? Last time I tried attending, I plugged that address into my GPS and it took me to someones house LOL

 Yeah, same here.  That guy is probably wondering why there are so many visitors turning around in his driveway at 6pm once a month.

Post: I started with 1 and now have 32

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120
Originally posted by @Account Closed:

It has been a process and I will say right out of the gate, if you think this industry is a get rich quick place to be, Your Wrong! Real estate takes time and patience if you are staring from nothing like I did. I read a lot of blogs and forums and many people keep talking about doing, reading, studying. My advice is take the first step and just buy a property. My first property was not a good choice but at least I had something to work with and compare to on my next purchase. Actions are so much louder than words, just get your feet wet and do it!

 I wish I could give you 2 votes for this post.

I absolutely agree.  So many people pay good money for seminars which fill their heads with fantasy.  I started small because, like you, that's all I could afford.  I made mistakes, just like you, and over time the business will grow if you work hard.  I'll keep making mistakes but that's ok because learning never stops.

Post: Domestic violence

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

I always try to maintain the philosophy that my tenants deserve privacy unless they are damaging the premises and hurting other tenants.

I also have regretted whenever I've stuck my nose past that line and tried to give them advice.

Domestic violence is a tricky one though because they aren't damaging the premises or (usually) disturbing other tenants.  In the past month, I've seen:

1. She ran out and told me to call 911.  He ran out and grabbed the phone out of her hand.  I called 911 and let the police handle it.

2. Different tenants:  My employee saw him pull her inside while grabbing her arm and her hair.  She said help and he didn't call 911.  He didn't hear anything after they went inside.  I think they left by the time I heard about it.  I don't think I want to talk to him about it.

What's your general philosophy on how to handle this type of stuff?? 

Post: Best and final offers?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120

It varies.  I've seen banks negotiate back and forth with gusto and I've seen them sit back, take in all the offers and pick the top one available at the time.  It's a tough game to play if you don't have insight on the specific individual negotiating on the bank's behalf.

Post: Paint your master key?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120
Originally posted by @Al Williamson:

Why is everyone still using keys?

Horse and buggy!

Move on to digital locks and put an end to the antiquated key-thing.

 Cost.  What kind of digital lock do you use?  I have some on my front doors but, at $120 each, it's limited.

Post: What to ask the seller BEFORE the offer on a Multifamily?

Stone TeranPosted
  • Investor
  • Cincinnati, OH
  • Posts 374
  • Votes 120
Originally posted by @William Hochstedler:

I agree with @Sarnen Steinbarth.  Most of the details will be part of the due diligence.  We rarely see good documentation from sellers even then.  When we make offers we use our own numbers.

 Yup, I've seen enough fantasy P&L's from sellers to know that I need to calculate my own numbers.