All Forum Posts by: Craig Janet

I have 15 rentals. I only have one that pays on the first. Everyone else pays on the 5th. If they know they can wait until the 5th to pay, that's what they will do. A lot of folks get paid on the 1st, so it's good business to give them a couple days. Especially if the 1st falls on a weekend or holiday. 

I would like to know if anyone had any data that shows rental prices vs interest rates. It makes since to me that higher rates would result in less new homebuyers and less investors buying rentals. That would keep rental inventory low therefore should increase or at least hold rental rates steady. I don't have any data to support this though.

I agree with Sergey. Just remove the ceiling fan and put a cheap light in its place. The tenants will never know.

So what would the insurance company do if you decided to not do any repairs? They would have to pay you minus depreciation. The insurance company has no interest in whether you make the repairs or not. They are required to compensate you for your loss. If there is a mortgage then they will have a interest in the repairs.

The insurance company should pay YOU now for the damages minus depreciation. Then you can submit invoices and photos to show that the repairs have been made and then they have to pay for the depreciation. I live on the gulf coast and have made many claims to multiple insurance companies and I've never experienced this. 

If they are month to month, why on earth did you offer them 10K. You should have given them proper notice and if they weren't out in time, evict them. That would have saved you 10K. Count your blessing that they reneged out on such a sweet deal.  

Tell them as per the lease agreement they need to be out by the 31st or you will file for eviction immediately.  

I would learn a trade (plumbing, electrical, or HVAC). I know this isn't popular with kids. They will be making good money in no time and learn a lot about construction which is a huge part of being successful and real estate. In a couple years they will have a good paying job and be able to house hack their first home. 

That work sounds like a typical tenant turnover. In Louisiana a permit usually isn't required especially if you're doing it yourself. If you call your local permit office they will most likely tell you that you need a permit. The rules usually have grey areas, so they permit office will always default to saying yes you need a permit. In my area there is no enforcement unless its a new build.

I agree with most of the other posters. You should do nothing and ignore the neighbor. You will end up spending a lot of money to please a neighbor. Your property will not be more valuable or be able to increase the rent. If the neighbor approaches you I would like politely tell them that the fence "looks fine to me" 

Get a loan and buy grandma's house from your uncle. It's as simple as that. You should get a good price since it's off market and probably needs a lot of updating. I see no reason to involve everyone for "YOUR" business. Maybe grandma or your uncle can loan you the down payment to help you out but that's as far as I would go.

Why are you monitoring your tenants AC usage and analyzing it against the outside temps? What outside temperature will you allow your tenants to use the AC? Would you stay in a hotel that wouldn't let you use the HVAC?  Tenants are going to abuse and push every component of your house to the limit. This is something you have to budget for.