All Forum Posts by: David Stumpf

@Mike McCarthy said it well.  

Send them a pay or quit notice immediately. Before they receive the notice contact each person who still owes rent and let them know that you are taking over and are the best person to contact for any information regarding the property. Also let them know that late payment and non payments will no longer be tolerated. Make sure it is clear that "Late payments will result in eviction proceedings".  Next call the people who have paid on time, thank them for their payment and introduce yourself the same.  Learn how to file evictions and start them as soon as possible.  It sounds harsh but it is the best way to have tenants pay on time.  Allowing tenants to pay late without consequences only causes tenants to fall further behind in rent.  I am curious as to why your mentor is not helping you though this?

As a first rental, invest locally if at all possible.  You are born and raised in NY.  It is easier to understand the market when you know your own neighborhood.  Consider it this way: Those deals in Florida and Connecticut have most likely been passed up by other investors. Why?  Wouldn't you have an advantage if an out of state investor was looking for a property in your town? You know what streets have high crime, which have good school, and which are in desirable areas.  Also as a first time and long distance investor it may be harder to get financing from banks, have realtors take you seriously, find and check up on contractors.  Its not impossible but much more difficult than local investing.  Try to find something that you can drive to in 2 hours or less if can't find anything in your immediate area.  Good Luck.

Haha that's great. When you Google the address to Google Maps street view preview looks like an advertisement for the restoration company

I do not think it is an issue.  Just like moving from the county to the city or vice versa, you get used to the different noises.  Renters are looking at price before anything so if you can buy the property for less because it is near the railroad tacks and use that savings to have a slightly lower rent, you shouldn't have any trouble.  After a year I would doubt anyone is going to move because of train noise.  If the house was directly adjacent to railroad tracks in the city, or worse a fire dept with a siren, it might be a problem.

@Sam Gill

When you say finalizing, what process are you in?  Have you contacted to constable/sheriff?  They should let you know how many people are going to be required for the eviction.  From there you can look on craigslist for moving companies and price them and let them know you only need items removed from home and not delivered anywhere.  Typically belongings need to be left on the curb for 24 hours then disposed after the evicted tenant fails to retrieve it.  

You can either reduce expenses or increase rental income.  Shop for cheaper insurance or refinance to a lower rate.  Increase rent to market rate.  I am not sure how a lawyer can help you make more money but a knowledgeable accountant can.  If you are trying to do your own taxes, you're most likely to lose more money than an accountant will cost.  If you still can not turn a profit, you probably paid too much for your investment.

Once you feel comfortable to buy your next property with little to no hesitation, whether that's is your 2nd or 10th.

I am not a lawyer and this is not legal advice

It sounds like this neighbor will not be happy until the entire tree is removed.  In most locations, in most circumstances, damage caused by trees is considered an "act of god".  Falling acorns is a natural and foreseeable event and the neighbor is choosing to park under the tree.  Also a tree of that age would have probably been there before she moved in, before you bought the property. Unless you decided one night sneak up in the dead of night and plant a fully established and flowering oak tree such that it overhangs the common fence and her car with intent to damage I would tell her to kick sticks in the nicest way possible.  Check you local laws and good luck!

It sounds like you were one of the reliable contractors and being in the industry you know first hand that many of your competitors were not reliable. In the same way, not all REI are desirable to do business with. Some people are just a PITA. With being a contractor that is/was reliable, how would landlords find you and how can landlords be more desirable to the the contractor other than quick payment?

There is the fuel to continue your rant.

@Dennis Santa Paula where in Baltimore is the property