All Forum Posts by: Craig Janet

I only do 6 months leases. I get the first month and security deposit up front, so if things go wrong I don't have to wait very long to get rid of them. If a tenant really wants to move no lease is going to stop them.

A quick jump start would be to buy another house and rent your old house. I'm sure you could use the extra space with a baby on the way. Just don't get too crazy with the upgrade. 

You could try a 6 month or 3 month lease up front. If things workout then you can renew and then get another fat check. If the place is trashed you can move on. 

I've bought several off market deals and this is how it works. It's very simple:

1.Find a real estate attorney that does title work. 

2.Talk directly to the seller and agree on a price. 

3. Get the attorney to right up a purchase agreement. Both parties sign

4. Bring a check, sign the closing docs, get the keys.

Am I missing something? What exactly does the realtor do in this situation? 

I only have experience with one really horrible PM. Now I self manage 14 units. Although I hate collecting late rent and showing the rentals, things are running a lot better. I'm also making more money.

1. Communication. I want to know what's going on with my properties when it happens. Previous PM didn't notify me that someone moved out. It was empty for a whole month and the only way I found out is because I didn't get a check. I also had potential renters call the PM to schedule a viewing and they wouldn't get a response. Empty homes would go days or weeks without being reposted. 

2. Maintenance. They have no incentive to save you money or work with the tenant to solve the problem. The lights didn't work so they called a handyman for $100. All they needed was a light bulb. 

3.Payments. Rent is late on the 5. They should call the tenant everyday for the back rent but they would only harass the tenant unless I called. Also I didn't get rent checks until the end of the month.

I had a lady text me asking if I had been in the property over the weekend. I told her that I haven't. She was out of town and came home to a giant pile of dog poop right in the middle of the living room. She lives alone with no pets and we have no idea how it got there. 

Let him out of the lease but let me know it's going to cost him. The tenant needs to realize that signing a lease and wasting everyone's time and money has consequences. What likely happened is because the market is hot he jumped on the first place that was alright. Now he found a better place and wants out.

It's a myth that mobile/trailer homes don't appreciate. I have several mobile homes on private land and they have appreciated more than my stick built homes.

It is true that some mobile homes are built with cheap fixtures like plastic faucets, thin plastic tubs, cheap cabinets ext. They will not last very long from the abuse of renters. Replacing or repairing them is no different than a regular home. As they break I just replace them with cheap project source materials from Lowes. 

You could lease the land to a cow farmer. 

So you are willing to buy a property and sign a 30 year mortgage together but not ready to be married? Either wait until your married or have a ironclad partnership agreement.