All Forum Posts by: Account Closed

I like white for my personal home, but in a rental those things might as well be brown.

Yes. I change all my kitchen and bath to GFI. Very smart move right there.

I recently changed all the light switches, outlets, and plates(light almond color) in a rental property of mine. My only reason was becuase the old ones were extremely dirty and I wanted to spruce the place up. It was extremely cheap, around $30 to do the whole house but took quite a bit of time.

Im just curious if anyone else thinks its worth it to change the outlets based on apperance factor alone. Not sure it will help me attract more tenants.

I recently sold one of my properties to a group funded by a hedge fund. I was there when the company came thru to do their inspection. He brought with him a computer with an excel program that helped him breakout how much the repairs would cost. He told me that they use a very complex formula to determine if a house is worth the investement. He said it calculates variables like school districts, surrounding rent, crime, repairs, etc. The only way they purchase a home is if it comes out to a 7.5% return or better on the property.

Ouch,

Thats pretty harsh Donald. But im sure its effective and really shows your tenants whos boss. Unfortunately I dont think I can be so harsh, but maybe I will give that method a shot.

I am in Georgia and it is a pretty landlord friendly state. If they were to deposit that $1 all you would have to do is prove you made it very clear you would not accept any partial payments and prove you attempted to return that money. Then after filing the writ send another notice saying no partial payments will be accepted.

ya I should clarify. It is much tougher to buy a house by browsing the mls, homepath, etc. these days. But im sure if you get out there and hit the pavement in ways these hedge funds dont, then there are deals to be found.

Sam W.

Sam. Yes its a headache trying to collect rent. But anyways what I have my tenants do is deposit rent directly into my bank account. I use a major bank which can be found just about anywhere my tenant lives. When my tenant signs the lease I give them 12 deposit slips with a bank account number I use strictly for deposit purposes only. I then transfer that money into my Operating account so there is never any money that can be fraudulently withdrawn.

It works out great(when they pay) and also makes it wasy for tax purposes.

Nick Miller
Thanks Nick. Ive already went down that path before, but I prefer the direct deposit method at a bank. With this I dont have to hear the excuses of "my internet went down" blah blah blah.

Ditto to Ali's words. Inventory is extremely scarce and prices are nearly double on the foreclosures in the middle to low income areas.. ie. stone mountain, dekalb area.

The hedge funds are pushing all the little guys out and driving up prices. If you already have properties this is a good thing, as it is driving up your value. But if you are just starting out, then you may be a year or two late for the rental property nieche.