All Forum Posts by: Tom C

Just thought I would ask everyone's opinion on this tactic.. After listening to a recent conference, I have decided to offer my tenants new appliances on a payment plan. Something like 6 months @ 10%. We don't make much and if you look the time I will spend on getting it and setting it up, we won't make anything. There are a couple of reasons I like this idea. First, it keeps them out of the rip off Rent a Center stores and second, it's just another service that will make our company stand out above the grumpy landlords in town.

I am going to try it with my new tenants. They are going to need an electric dryer, since I ripped out all the gas lines. They want a new one, so I am going to allow them to purchase it from me for a extra $39.50 per month tacked on to their rent for 6 months. The total cost to them is only around $7.00 more then what I have to pay for it, but they seem to like the question on the application. I am also considering doing this for other stuff they may want in the future. The contract has been written to ensure that until it's completely paid in full, my company owns it.

Tony,

Have you given them the required notice yet and let them know that you are not renewing their lease.

Please try to be more clear on what you what do know.

Blasius,

http://forums.biggerpockets.com/

Spend some time researching then come back and ask specific questions

The bank changes the locks. The bank has all the utilities in it's name and the auditor will have the bank as the owner of the home, which means the bank owns everything in the house. I haven't seen a bank owned home yet that still has all of the former owners belongings in it, unless it was in probate due to a death and the courts were handling the sale. Your agent will then handle the cleanup arrangements.

I would simply not respond if you don't want to rent to them. There is nothing stating that you have to give a reason or even respond to someone. Just like when someone applies for a job. Let them come back and ask you for a status, if they do, then you can either tell them that your company is still reviewing all of the applicants or tell them that a more qualified applicant was choosen and you will keep their application on file. Chances are they will never come and ask for a status anyway. I certainly would not provide them with any ammo..

As far as the unsupervised minor. I am not sure what you mean there. Are you saying that your tenants cannot hire a baby sitter for the night who is under 18? You have no control over that.

Don't make this more difficult then it has to be.

Bro,

You need to change your signature..

How does 15K purchase price, 4K in rehab and 55K ARV sound? Pretty good hu? Market Rents $450 to $600.

Very easy to find.

BTW: The one I am just finishing up, will be rented Jan 11th. I am $800.00 under budget on this one, but 2 weeks behind schedule.

How would you creatively fund these deals?

Micheal,

It sounds like you have a wealth of knowledge that we all could learn from. Other then the same old styles such as private money, wholesale and sub 2's..

How else can wantabee small time investors find funding that doesn't require seasoning 20% dp and a credit score of 700+ in this market?

I just finished listening to his book on CD, I came away with the feeling of wanting to know much more and not very satisfied. He wasted a lot of time telling me who his teacher was and not enough about the details of how to get it done. I expected to learn something that I didn't already know, it didn't happen.

Don't tell me that I should purchase luxury item's through my business, tell me how!! Details Details Details.. If anyone has any recommendations on a good book that really explains the insider secrets to running a business, please recommend it here. I really don't want to have to go back for my MBA.

I have purchased 3 personal homes, rehabbed and flip the first two for a profit after living in them for a couple of years. Does this mean that I can count those years as being an investor? That used to be called moving up, not investing.