All Forum Posts by: Chris Harn

@Danual Berkley It could have been rented as-is but we put in a fresh coat of paint and made some repairs to the porch railings due to safety concerns. 

@Danual Berkley it feels awkward, but just do it! Currently I have just one unit, on the advice of our agent we offered 75% of the current asking price which had already been reduced 10% from the original asking price. I never thought we had a chance of landing the property at that price but the seller didn’t even counter.

Not sure what market you’re in but the initial asking price on our unit was very similar to yours.

Our current late fee is a flat $25 if not paid by the 5 day grace period. In the past I have not had issues but my current tenant seems content to take the late charge and wait to pay rent until I post a 3 day notice. The lease is up next month and I would like to make changes to the late fee policy on the next contract.

What is your policy on late fees, and is there a better way I can handle this situation to avoid this moving forward?

For me it would depend on the individual property. Something in a great location with property values that are likely to improve significantly I’d be willing to cash flow as little as $50. Rougher areas that attract lower quality tenants or are unlikely to see above average appreciation would need $300+ to be worth the effort.

@Richard Cole I’m new to real estate investing but have several clients with loads of experience and the consensus across the board is that in our area (rural Ohio) you cannot find someone who will do a better job managing the proper than you.

I tried looking around but locally I found nothing but horror stories. I’m not willing to sacrifice part of my income when I can do a better job than the person taking my money.