All Forum Posts by: George Smith

When they made the first half months payment, I would have returned it(in my state), gave them one week for full payment and then filed a 3 day pay or quit notice if I didn't get it. I'd let them know politely that the bank still requires that the mortgage be paid in time.

I think Matt has a great point. I would network at your local rei and try to find investors that could you're photography skills. It's amazing the terrible quality of photos people use when selling a home. I'd build that up before I did anything else.

I'd ask to take a look at that property  and then try to get to know the guy a little better. It'll give you the opportunity to find out why he's really selling and what he's going to do with the money. If he's motivated enough, he might give you the lowest he can take. I try to not ever put out a # first although you have to with some because they do not understand what there property is really worth and theyre afraid of getting hosed. Id run through the analysis and make an honest offer if he doesnt first. No one wants to be soaked and he might have other properties or know someone that does which is much more valuable.

I would suggest going through the free tutorial videos to see the scope of this spreadsheet and whether it's something for you. The tool I find most useful is the estimator for rehabbing. It's the most organized spreadsheet I've seen. There are also many different types of reports you can generate. There are checklists built in. I could go on and on but you should at least look through some of the tutorials. I believe it's well worth it considering the time I would spend trying to customize a spreadsheet for my own use.

=trashed unit and no incentive to leave until the very last second while not paying one additional penny. Legal or not, that doesn't help cut back on your biggest expense(outside of trashing the unit)....turnover.

While thinking of ways to harden rental for a long term hold, I thought if possibly replacing an existing bathroom vanity made of particle board with a vanity made of genuine wood. For the price difference, has anyone benefited from this? It's obvious that the wood would hold up longer but how much longer in general? This is in a B neighborhood.

Christian Wathne Chris..where site did you order those cabinets from? Thanks, George

Evict and take it as a lesson. It's the struggle between being a caring, compassionate human being and running a business. Unfortunately...if this isn't a hobby for you then you don't give them control. Explain to the next tenant from the get go (even with a drawing/diagram/flowchart) about how rent collection will be handled. These tenants must think I'm a little crazy with all of these diagrams but they seem to remember them. Due on the 1st, late on the 4th(or a reasonable date..see local law). Explain that if it's not in possession by the 4th, then an automatic pay or quit notice is generated and sent out. In return, you strive to keep the property well maintained and address concerns quickly. It's far too easy to make exceptions until you start missing mortgage payments. Good luck

Welcome Jake! I've only got a few properties at this point but if you have questions on how I got here , feel free to call. George

I'm also not sure...how many people would say to me...."if you don't allow pets, why did you say that you did?"