All Forum Posts by: Chris Eaker

Google Rod Khleif and go to his website and download his free book. 

I think at any age, but especially after 50, cash flow would be your main goal. You can do flipping, but that's a ton of work. You can lend money, and that's a pretty good passive activity, but you don't get the tax benefits of rental properties. If I were you, I'd participate passively in multifamily property deals. I am happy to explain more about it, if you're interested. Just send me a message and we'll chat. But whatever you do, have fun!

I was talking to a wise, old real estate agent friend of mine once about how I had been programmed in the early 2000s NEVER to pay market price and ALWAYS buy at a discount. That mindset had hurt me because I was not able to find the deals I felt I needed at the price I felt that I needed. His response was don't worry so much about buying at a discount. It's all based on the numbers. If the numbers work on a market priced house, they work. I think newbies (I was the same way) get hung up on buying at a discount and don't look at the whole picture.

I think your ARV is actually low.

@Brian R.

I have one student rental and each person pays me separately via Cozy. When I set up the lease initially, I entered the total amount and added all three of them. They decided how to break it up. It's no additional work for me and easier for them. But the lease is written such as even if one is late, they are hit with the entire late fee. I've only had to do that once.

@Tony Castronovo

I use Cozy. If the payment initiates by the date before which I start charging late fees (by law that's the 5th day in Tennessee), then it's not late. If it bounces, then it's late and they get the full late fee.

It's taking up alot of space. I don't want to go through it, but it's stuck there.

@Matthew Wright

What about Tennessee? No state income tax. I haven't found property taxes to be that high. Sales tax is higher than other states, but you can decide how much you pay based on your spending. Investment opportunities abound. If you settle in the eastern part, you get the beautiful Great Smoky Mountains. The weather is nice, we get all four seasons. It's a very landlord friendly state, and the state government itself is among the highest in terms of financial stability. Give us a look. Message me if you have further questions, or ask here but don't forget to tag me.

@Jing Tagle You need to check the rules in California, but in TN, if they are on month to month, you can get them to sign a new lease with just a 30-day notice. I don't do last month deposits, I just do security deposits. I could ask for more deposit if the rent goes us, but I don't.

Yikes, I feel your pain. I agree with @Thomas S. Do not renew one of them, clean the unit up, and get a new, higher quality tenant in there. Then repeat with the other one. I hope you have a security deposit for each that you can use for some of the damages beyond normal wear and tear.