All Forum Posts by: Brian Garlington

Rent is due on the 1st. It is considered late after the 5th. $50.00 late fee if not paid by then,....and $10.00 per day late fee afterward.  

Advertised it again...........got about 60 calls ...............showed it to 6 groups of people..........decided on one...............and she will be moving in by the end of the month................

If you already have concerns about charging them $50,00 for the background check then how strongly do you feel about the cosigners? Oh that's right you've already mentioned you don't know how fruitful that would be either :-)

Your gut is already telling you that these two potential tenants and their co-siners are already causing you to question the validity of renting to them so you already know the answer.

Feel free to rent to college students and even get a co-signer..........just don't do it with those two particular college students and their "cosigners?

If the pets are prohibited then they've violated terms of the lease so either the pets go....or they all go.

That smell will only get worse the longer the "pet cemetary" is there..............5 years from now that extra $150 a month or $9,000 wont even cover the gut job that will be needed to make the place liveable for the next tenant that is not a cat lover. 

If pets ARE allowed, is there a clause as to how many or that they are supposed to disclose how many and when they get them? If so.....they are in violation.....

You want to think of FUTURE renters as well.......... and didn't you say he's been "late" just a few times with the rent?

What else is he doing over there?

Am I missing something? If most of the ones for sell are oing for 51K to 57K why are you about to pay 65K? Just curious.......AND if you ever listen to Brandon Turner and his feelings on buying a condo as an investment property you would be VERY, VERY careful.

I almost bought one some time back.....and the numbers actually worked out.....and I was wondering why there were so many units for sell there and why they had days on market that seemed rather long.....................My Realtor found out that a Special Assessment had been levied by the HOA for $5,000 Dollars to EACH owner and this was going to take affect in a matter of weeks............NONE of the Realtors were disclosing this, but my agent did a little digging and found out.....that $5,000 was do in 12 months so this was going to add over $400 per month to all the HOAs.........

Tread lightly my friend

No way man............If you are going to buy it owner occupied that's one thing but.....if a RENTER wants a pool that's what apartment complexes are for. Who's going to take care of the maintenance and cleaning of the pool? Cleaning the leaves out that have blown in from nearby trees....The tenant? Great...and how will you enforce them taking care of it? Finally what sort of deposit will you require when they don't clean it out as well as they should upon moving out? Or how about when they call you asking you to have something related to the pool fixed because....YOU own the place....and lets not forget when they have a pool party with or without alcohol and someone slips on or around the pool? It won't be just the renter that gets sued.....

A picture is worth a thousand words as well.....include a down to earth wholesome picture of you and the family.....And tug at the heart strings as to how you will take great care of "their baby". I don't know if i would tell them you are a real estate investor (whether you are or not) because some sellers don't like the idea of their "property" being ran through with a bunch of college keg party renters after they've taken loving care of the property for 20 plus years. Also if you plan to "change" anything about the property do not mention this UNLESS it has been advertised as a fixer upper or handyman special......again....Aunt Mildred would cringe at the thought of someone potentially putting a hot tub in the backyard where she spent many decades growing and caring for her petunias and roses back there.

Do both......the sooner the better.....FHA Loans are only 3.5% Down and if youve served in the military you can use a VA loan and literally the only thing you have to pay for is the home inspection. Your agent can write it in the contract for the seller to pay up to 3% toward your closing costs.

Lots of theories on here as to SFR vs. Multifamily.....I'd go owner occupied duplex.....multifamily.....live in it for a two years so that you can count 75% of the rental income as your own, then refi, take a little cash out and buy a triplex..........repeat the process two years later to get a fourplex....and repeat that process every two years.....imagine ten years from now you will have at process every two years and in ten years you have rental income coming in from 20 units.

Envision 75% of THAT income being counted as your income and then picture the sort of house you'd REALLY like to buy because you'd be able to....

@Yvette M.

The train has left the station so as to avoid a train wreck down the road :-)   Good looking out.

@Shawn Ackerman

@Shawn Ackerman

Heading for the hills sir!

I hadn't heard that expression before...."law clerking"....but it makes perfect sense....about a year ago I had a potential renter that seemed like a good person....I googled him and found out he had sued his previous employer which happens to be a very well known bank.....I asked him about it and he said it was settled out of court.....asked him what the lawsuit was about and it essentially had to do with him believing he had been treated unfairly. My gut feeling told me if he's going to sue this really big bank that EVERYONE has heard of....and it was settled out of court where he got some money, then what would stop him from suing me if he at some point thinks he's being treated unfairly? I ended up not renting to him. He may not have law clerked me but I was taught a long time ago to tread lightly in business matters when you know someone has sued someone else....especially a big corporate entity.