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All Forum Posts by: Stone Teran

Stone Teran has started 53 posts and replied 369 times.

Post: Criminal Charges for Vandalism

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

Try to get a conviction for the tire slashing because of the witness but I'd give the rest of it up unless she has a steady job you can garnish from.

Post: Become your own bank

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

That has benefits but most people never get through the loading phase.  You grow faster when you borrow and use other people's money.

Post: Options? tenant legally cultivating marijuana

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

Wendy, you need to make a few decisions and then ask a more concise question.

That said, you don't have to disclose to a new renter it was a grow-op. 

Post: So close to 25%...how do I get the last 5-10K?

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

Using the last dollar to purchase real estate is often a bad idea because running real estate without money is a bad idea.

Originally posted by @Thomas S.:

I personally do not see being a landlord as some special business. When a store is stiffed for a couple of hundred dollars the customer will get a letter from their lawyer and they will most assuredly take that customer to small claims court if they do not pay. The reason why most landlords advise against, and do not peruse tenants owing money, is because they are not operating a business. They consider being a landlord as a hobby. Lose some money who cares, not worth chasing crooks cause it's only extra money I can live without. 

 I completely disagree!

For the higher end tenants, it can be worthwhile to pursue in court but for most tenants it is not.  I'd be a rich man if I would have pursued all the debts owed to me and collected.  The "and collected" part is the key issue here.  You can't squeeze blood from a turnip.

Post: Tenant Cutting Grass in 4-Fam a Liability??

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

I have a tenant cut the grass.  This guy lived there 2 years already so I knew he was responsible when we agreed for him to cut in exchange for a little off the rent.  I left my mower and he does a great job.  He pays for the gas and I do any mower maintenance.

Post: Does a tenant legally have to sign a lease in person?

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

It's binding.

Post: Terrible Renters, can we get last months rent

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

Unpaid rent comes out of security deposit.  You don't file an eviction for it.

Originally posted by @Account Closed:

Chris M. Who said I'm putting 25% down? I clearly stated 80% LTV

 Which is <25%.

Post: which landlord do I trust?

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

The new landlord probably has an incentive to lie and MIGHT be willing to lie.  But that part is irrelevant.  If both are telling the truth, do you really want that tenant?  There's at least a 50% chance he will be horrible.