All Forum Posts by: Tony Savage

Hey Allende,

Let them out of their lease, they're a pain in the butt! They're complaining about having to take the trash bins out for pickup knowing that their neighbor is a single mom with a baby! They haven't put the utilities into their names yet, unacceptable!

In my leases, my tenants are responsible for the cost of the trash pick up and making sure the grass is cut. I have a property similar to yours; A SFR in the front with a studio in the back and they are on the same water meter. I give my tenants in the house a slight break on their rent because of the water meter.

Get them out, they're not going to stop complaining! 

Hey Paul,

Tell your tenants that they need to remove the unsafe ramp A.S.A.P! Once the ramp is removed you will contribute to the cost for your handyman to build a safe ramp.  Give them 300 to 400 bucks to go towards the cost of the new ramp and the handrail. Regardless, that unsafe ramp needs to be removed immediately!

Hey Max,

When I first read your post I was thinking you should pick up some traditional rental properties but that 300K HELOC concerns me.

I just closed on my mothers 250k HELOC at 8.5%. Since we just closed, I'm not sure what the payment will be. The HELOC is with UWM, they wired 186K directly into my moms account so we will be paying interest just on this amount for now. I have a mortgage with UWM as well on one of my rentals.

I would want to get that 300K paid back as soon as I could. The way to do that in your case would be flips or STR. If you're not in a rush to pay it back then you have more options provided you have enough cash flow coming in to cover the payment plus keep some for yourself. Is that 300K using up a lot of equity in the property your planning use for the loan?

Good Luck!

Yes, I working on building my business line of credit.

Hey Virgil,

I'm currently flipping a home in Chattanooga, TN. This is our second flip there and my partners and I fund are own flips.  

I can tell you that should you use hard or private money. You need to be very accurate with your rehab budget as well as the time it's going to take to complete the rehab.  If you are over budget (I'm talking like 30 to 40%) or late on the completion of the rehab that would be very costly and may eat away all of your profit after paying off your lenders.

It's good to see some fellow San Diego investors on BP!

If your tenants can't make their rent payment; there is no way they will abide to a payment plan.  They will agree to a payment but they won't make the payments. 

Depending upon how much they owe you.  File the eviction if they are in rears for thousands of dollars.  If it's hundreds, just let them walk and tell them you won't file if you're out by the end of the month.

They are just giving you excuses because the do not have the money to pay their rent.  Move forward with eviction proceedings.  Tell your tenants to provide you with an ADD diagnosis from their doctor.  Anyone can say they have ADD.  

Zelle & Venmo, then record on my spreadsheet.  This also gives tenant proof the their rent has been paid.

Remember this Acronym:

T- Taxes

I- Insurance

M- Management

M- Maintenance

U- Utilities

R-Reserves