All Forum Posts by: Jonathan Sher

only 100K in liability is risky.

Right now I am looking all over the place. I like specific parts of saint Ann, Maryland Heights, parts of Florrisant.

Lee, Do you mind sharing what street or intersection your property is located by? Just wanted to get a better picture of what area you are in. I've never realy considered south city before.

I'm currently in Acqusition mode, nothing under my belt yet.

Lee, Welcome!

I'm in Saint Louis also. What part of town is your rental property in?

From my experience, the MLS has already been picked through, and is whatever is left over. I almost bought a 800 sq ft 2 bedroom house for $26,000, needed about $2,000 in cosmetics. Area was mediocre, not a war zone, but not the hamptons.

Good luck, I hope things go smoothly for you. Hopefully this doesn't turn into a nightmare and they leave the place. I think a 10 day notice to vacate is very short notice, they will most likely have to 1. Get a truck and move all their stuff 2. Find another place to live. This could take some time. I would definitely talk to a lawyer.

I guess I could chime in on this topic. I graduated college in 2010, lived in a duplex with two buddies for 3 years. We were a fairly mature group, we had small get togethers with friends, and a couple big parties, we took care of the place for the most part because we knew we would be taken to the cleaners by the property management company if we didn't, and because we are smart and don't destroy other peoples property. On the other hand, I went to plenty of parties on the same block, in different duplexs, you would see huge holes in the wall from people being idiots, nasty bathrooms, trash everywhere etc. It's a case by case situation. Our security deposit was $850 (one months rent) after three years of occupancy, we got about $75 back. The biggest expense was from my roomate accidentally melting the siding of the duplex with his grill. We always paid our rent on time and respected the place.

If you can't get an answer from your HR department or CFO, bring up the phrase FIDUCIARY LIABILITY to them.

Last resort, I would speak to an attorney that specializes in ERISA law. (Employee retirement income security Act)

My mentor has 40 single family homes he owns and manages himself. He makes it very clear to every new tenant that he is the owner and will take care of them if they take care of him (pay rent, respect property). He knows them all by name and is very personable with them. He really likes this philosophy, he has so many renters that were miss treated and disrespected by other owners and property management companies, that he gets a lot of respect from his renters. He has his own renters referring their friends and family to him for his other properties because of his relationship.

I'll make it clear though, he still runs a business, not a charity, pay rent or your out.