All Forum Posts by: David C.

I'm not sure of the dates yet, but if I'm back from St Augustine in time my wife and I will make it

Everything you read says to build your own team, Mark Alto the branch manager of team Alto is a great member of mine. After using all sorts of people and all sorts of experiences over the years, this is the guy for me =)

I charge 100.00 late fee on a house that's 2395.00, I charge 50.00 on one that's 1595.00 one house he just writes me out post dated checks for the whole year each year so not much to mess with there =)

I'd spend my time getting the right renters then you won't have to worry about eviction =) at least in theory! My properties are all currently A or AAA type stuff so they demand top rents and great income/ credit. So far knock on wood I haven't had to mess with such things. If your allowing pets you might consider more deposit and charging the pets rent. There's a house my wife manages that she charged 25.00 a month per pet, they had two dogs as well as additional deposit to cover damages. I'd require rental insurance and only allow spayed or neutered pets and require proof of it. I also require a most recent paycheck stub to prove they can afford the house.

Not to be a debbie downer, but there is a reason people like to start with fresh new renters. I read your earlier post if it was me I'd evict the people in the worst unit, get it all rehabbed and done with fresh renters, then empty out the renters you kept get that one all redone and rented fresh. you never know what your inheriting from the seller

I would be scared :) maybe look closer to the hot market you describe but at it's edges if you can't afford inside. I atleast wouldn't want to buy in a dying town, even if it met the 3% rule you might just be giving it all back when it comes time to sell. But the reality in my market is trying to figure out how much over list it'll take. In 3 days of a property being for sale it will have 20+offers if it's a fixer/dump. So maybe I'm the wrong person to comment.

 That is what I ment. It seems to work, in the last several years I've had rent late once, she claimed it was banking error and the way the holiday and weekend went I believed her and waived the late fee and still gave her the discount. I no that's a no no, but she's been there 3 yrs or so and never late or any problems, she seemed to appreciate it and still rents that house causing me no grief. I look at all this like greed costs you more then it makes you, gotta be reasonable and not sweat the small stuff sometimes. That said all I do are A rated quality houses. Great homes in great neighborhoods. I don't have any experience with tough areas or low income stuff etc. So if you try this on lower income etc. stuff it would be interesting to see if you have the same results.

D

I do a 50.00 discount for early payment, and a 50.00 fee for late payment. So when I decide to advertise something for rent I just add 50.00 to the rent I want in the first place and put the due date and discount info in my add from the start. I always make rent due the 5th because most people don't get paid till the 2nd-3rd why make it where they have to worry about getting it in every month. Having it due on the 5th seems more reasonable to me based on when most people get paid. I've noticed people seem more concerned with making sure there getting the discount then concerned about a late fee. It's the same amount of money but seems to be a human nature kinda thing. Wasn't my original idea or anything I read it in some book or something and thought it seemed like a good idea, which based on trailing data it has been for me. I'd much rather just get my rent and not mes with conversations about fees etc. I prefer things as low brain damage and peaceful as possible, life has enough stress. 

just a thought, I have my rent due on the 5th of the month with a late fee if it's after that, with an early pay discount. My rent is always in before the 5th so they get the discount.

 Sorry Jeff, you'll have to puke all the data again =(

But if you go through the same place they will know ya and have answers to a lot of the questions that pop up! cheers

Cash on Cash isn't the only return if your comparing it to the stock market. If your in Seattle a place people want to live you'll be paying a lot more upfront with a lower cash on cash return then some where people aren't flocking too. You might factor in the other ingredients before you buy appreciation, depreciation, and my favorite owing less! Just a thought

I like the whole owing less every year the most, it's the only really guarantee if you'll keep other people paying your mortgage you'll owe less, if you have enough cash flow to a pay a 15 year or so payment and you look at interest savings in terms of return on investment it can be a rather surprising how good your overall return can be. But my exit strategy from the 9-5job is owning homes free and clear and collecting rent so when I buy and rehab something I look at it all in keep it forever terms