All Forum Posts by: Curtis Mears

@Matt J. I have done this in the past and it worked out ok. I think it may depend on the tenant. what is their back story about not having a job? are they looking for a job? how many months rent do they have banked? if you do the deal, I recommend getting a higher security deposit. in my case, I did 2 months, which is the largest by law in my state.

@Shannon McEwan those requirements are similar to mine. some of the verbiage is wordy. I simply list requirements. when looking for a tenant, I do not answer phone/emails, but simply reply by texting or emailing a copy of my requirements. this eliminates most of the non qualified renters. it is much easier than taking too potential rent and trying to remember all the requirements. I do not list on FB though so no experience there.

@Ethan Schneider I had a similar issue many years ago when a guy I worked with was having his utilities turned off due to nonpayment. I thought of landing him Monday but decided to wait over the weekend. Monday morning he came up to me very excited. he had just received his new mountain bike frame which he purchased for $1,500. I learned in that moment, people have money for things they prioritize. just like the poor person who can afford cigarettes and booze.

@Steve Sun if you are strictly looking at returns, you will most likely be in a d class area. Just be ready for what that means.

@Sam T. all my leases state the tenant is moving in "as is". this means the stove had stains when they moved in so it was as is. that being said, I may consider getting a new one if the tenant was excellent. but, not if they just moved in. maybe in a year If they resign

@Paige Roberts I have had several tenants move out and break the lease early. I inform them they are responsible for the term of the lease, but state law requires me to find another qualified tenant. the current tenant always helps as they are still responsible for lease. once the new tenant signs a lease, old tenant gets deposit back less any damage.

You should not use the 1% rule to justify or not a deal. It is a rule of thumb and nothing else. I have properties that are not 1% in Raleigh. Actually, in Raleigh, I would say it is difficult to get to the 1%, unless you go into less attractive areas. If you are investing in c or d neighborhoods, you will probably want better than 1%. But if you are in Raleigh and in good neighborhoods, I would think you will be hard pressed to get to 1%.

As a cash buyer, I pay the attorney $500, about $350 for title, $450 for house inspection, plus HOA and taxes. Unless the majority of your costs are for taxes and HOA fees, seems really high.

I sent an email and text as well as posted a notice on the door. I had sent certified letters for previous issues, but they were returned so I did not do it this time. 

As a follow-up, I got a call and they seem oblivious to my being annoyed by their attempt to profit from my asset, and have said they will take down the ad. 

Originally posted by @Joshua Diaz:

Looks like the proper first step to me. Hopefully this should be the end of it. If not, I would think getting that person out due to violation of the lease would be the next step.

When you told them to stop, was it verbal or written. I just remembered a three day cure or quit notice might be appropriate here.