All Forum Posts by: Victor N.

@Cal C. , your title is bold and thought provoking and I agree with you. Some people will get shocked by it and let it negatively affect their understanding of rest of your post.

You clearly said : 

"Yes. of course I believe in compromise and treating the tenant with a great deal of respect, they are helping you pay for the house after all. No, I don't believe it is my way or the highway except in certain cases, like the tenant not paying rent or not allowing access in a reasonable manner...  Yes, of course I will sometimes accede to the tenants wishes when they are reasonable even if it hurts my income, because I believe in keeping the tenant satisfied."

 From your post, there should be no misunderstanding about how you treat your tenants. The question now is why should the landlord be in charge or not? Should a 50/50 partnership be best for your business? 

Instead of using the word " in charge", I would say the landlord is "responsible"! Responsible for setting the tone of the landlord/tenant relationship, responsible for providing safe and suitable housing, responsible for enforcing the lease, responsible for protecting your investment and ultimately responsible for making your tenants happy! Then again "responsible" would not bring the same passionate discussion as 'in charge"!

@Markus March,  Every state is different and it seems most states are more lenient in favor of the landlord than CT. I suggest you verify all info by reading your specific state statutes.

Here in CT for example, there is a minimum mandatory grace period of 9 days. In other words, you cannot charge a tenant a late fee until the 10th day of the month. You also cannot offer reduced rent for paying during the grace period ( for example, it is prohibited to offer a $25 discount if rent is paid by  or before the 1st of the month). There are also additional restrictions on the total amount of late fee ( for ex. no more than 5%) you can charge for mobile homes, etc...

So I have a flat late fee but Im happy when I do not collect it because it means that rent has been paid on time.

Today  I found a letter from the USPS ( Post Office) in my mail box offering some new services amount which "street addressing" and "signature on file". Looks like they are trying to offer a similar service as the UPS Store. Basically, you will be able to use the post office's physical address as opposed to just "PO Box" for your business.  And with signature on file, they can sign for any package you receive. They also offer a mail notification service where they can email you every time you receive a mail which could be great if you are expecting a package or in important letter.

Are you guys and gals aware of this service? Has anyone used it? What do you think?

@Cal C. Thanks for the post. @Marcia Maynard many thanks for the explanation. 

I was not aware of this so a call to my accountant is in order.

@Jasmine S. everyone gave you great advice so I will only add that the big box stores sell a special  saw ( small, portable, like a table saw ) made specifically for installing laminate flooring. It is a great investment that will speed up the job and help you make clean cuts...

@Jaclyn B.  Congrats on your first purchase! Renting to college students means high turnover which may mean updating/maintaining the property every year when the students move out for the summer. So I applaud you for wanting to do some of the work yourself to reduce your cost.

Hiring a pro for the first go around is probably the best idea. It will be easier for you the next time you need to repaint since you have a good base/starting point. So call back the company that did show up and ask for a discount. Most companies will be willing to give you a small discount to get the job. Just be reasonable and fair. 

If you decide to go the DIY route, you can use a palm sander as some suggested but a belt sander is serious overkill and might ruin your walls. You can also use a small drywall knife, a painter's scrapper ( smaller, harder and stiffer than the drywall knife or even a wood chisel ( smaller, harder, stiffer  and sharper than the scrapper) depending on how thick and hard the amount of spackle you want to remove is. The key is to reduce the spackle to an amount slightly higher than the rest of the wall and then lightly sand to make it blend in. Off course, you'll need to be extra careful using a wood chisel as a scrapper but I've done it before and it works.

Another tip is to do a wet sanding which is easier on your wrist and produces no dust. just buy a good quality sponge. Get it wet, wring out the water and use the sponge back and forth over the wall. It works wonders!!!

Which option did you chose?

Good luck!

This story just made it a few minutes ago on MSNBC's "Morning Joe"... I hope that the ongoing publicity makes it easier to kick those squatters out!!!

 My wife and I are doing the same. She works and provide health insurance for the both of us. For those who have a partner who still works a job, another benefit is the ability to finance some deals personally! The fact that you have private investors is a gold mine! Also, as you noticed, with the ACA more people will be able to move forward without having to worry too much about health insurance... you made the right move to control your own future!!!

@Brie Schmidt Congrats! Congrats! Congrats! it is not easy to quit a J.O.B. but you did it the right way, specially with your husband still working. Nice to have that "safety" for health insurance for example. Great planning!!! Cant wait to hear you provide more details on the podcast! Good luck!

Thanks @Jonathan Makovsky for organizing! I was not able to attend but hope to make it to the next meeting!!!