All Forum Posts by: Bob Foglia

@Stephen E. - Thanks, I was getting the impression there might be some "misleading and incorrect advice in this thread". 

 It's a learning experience for me as a novice landlord for sure, with some good advice for the future... But I especially appreciate the recommendations pertinent the current situation. 

@Account Closed I definitely agree... 

But I think it needs to be reasonable. I received an email from the tenant with the receipts for the hotel... Two unrelated adults rent the house with two children. They sent me receipts for two separate SUITES in the most expensive hotel in the area. Is that reasonable?

The house rents for $45 per night ($1350/month). The receipts they sent were for $279 per night!!! To get to the hotel they rented they had to drive past the Fairfield SUITES and the Baymont SUITES (both nice hotels)... they also drove past a Holiday Inn and a Courtyard by Marriot... also nice hotels which are less expensive. There is a nice La Quinta SUITES across the street from their hotel for half the price...   The rooms they rented were more expensive than even the Four Points Sheridan!!!... So what's reasonable???

Thank you all... I do appreciate the input. 

  @Matthew Paul and @Rhett Tullis - no language specific to the situation in the lease... The lease is long enough!!!...

@Deanna McCormick  - thank you for the thorough reply. I did not choose the hotel. I will definitely discount their rent for the days they were displaced and give them money for their part in the clean-up... 

@Kim Meredith Hampton  - good idea to check with their agent. I don't know if they have renter's insurance, but I will mention it to them. That certainly could help. 

Unfortunately, insurance isn't going to cover the repair to the main or the clean-up crew, but will reimburse me lost rent outside my deductible, so I will claim what I can there. 

Oh, the joys of owning rentals!!!

I own a home out of state (Oklahoma) that is leased until the fall. Recently the sewer main broke and had to be repaired...$$$... That is done and paid for. 

There was some back up into the house... I've paid for the cleaning. 

Tenants also did do some cleaning on their own, which I do plan to give them some money for. 

I know I need to give them a break on their rent for the days they were out of the house (almost two weeks)...Obviously, this doesn't cover the cost of hotel rooms.  They have now sent me the reciept and feel they shouldn't have to pay rent for the entire month due to the inconvenience. 

I think I need to sell this house, it's been a money pit!!! But I digress... What do I owe them? What would the landlords here do? 

Thanks in advance for any suggestions. 

@Kevin Hunter @Mark Nolan Thanks for the tips... I've been lurking for awhile and have already attended a number of @Brandon Turner's weekly webinars and also the weekly podcasts he does with @Joshua Dorkin are great. I have a bunch saved for later listening. It's overwhelming the sheer volume of info. I think I'm also going to buy a book or two on flipping... I like a book or even an e-book to bring things together for me. 

Thanks again @Dan Mackin, I've blocked myself off early that day... But best-laid plans don't always matter though... Finger's crossed.

@Rhett Tullis Yeah, I remember being in OKC during a "blizzard"... I drive a full-size 4x4 pick-up and got a kick out of driving around everyone. At least there weren't many people on the road in general. And it wasn't as bad as the time I was in north Georgia when they had a "blizzard"... Now that was funny, I don't care who you are!!!

@Thomas Graham thanks! I will check into that. I do appreciate the input

@Dan Mackin Thanks, Dan. I don't officially make New Year's resolutions but that was my thinking exactly. 2017 is going to be a good year!!!

And thanks for the invite! I do hope to be able to make the meetup... That sounds great! I typically work until 6 pm on Mondays, but I'm going to try to get out early. I really do need to get out there and make some contacts. 

@Rhett Tullis Unfortunately, being so far away, I don't know anyone to get that done. If I lived closer I'd have run over and done it myself this weekend. But I do need to get the place back up and functional ASAP for the tenants. I put in a couple of calls... And hopefully the plumbers did already mark it. I can tell they don't want to do the digging... $1800 of the quote was just for the backhoe! 

@Dan Sheeks Hey Dan, I'm new here as well and thinking about doing exactly the same thing... House hacking... Just a bit further south and east (So. Aurora, east Centennial, Parker area, or thereabouts). Good luck and maybe we can learn some of this together... 

@Kevin Grinstead great idea on the zoned MF but not set up that way... I'm big on the remodeling line of thinking. A great way to build equity/value. I would be interested in working with you if you're not already overwhelmed... 

New RE Investor... So far: 

- Have a partner (but happy to join others)

- Have a contractor (my partner) 

- Have our down payment (but looking for private or hard money) 

- Currently looking for a deal (Fix & Flip) 

And looking forward to networking... 

Thanks for a great website that is helping me work towards my goals.