All Forum Posts by: Dan B.

@Hal Cranmer sorry to hear, thanks for the heads up!

I have the same policy as @Rumen Mladenov 

I really enjoy Bigger Pockets and don't have much to complain about, but one thing that bothers me is that the @mention doesn't work consistently. @Joshua Dorkin should be the same as just typing, like @Brandon Turner. It's also very had to correct this type of thing on a mobile device, like my tablet. It would be great to be able to intentionally insert a mention like you can a link in the toolbar. Same goes for quoting people. It's not really possible to quote more than one person. I realize these are (probably) just plugins and it's not likely that there is enough value in hiring a developer to fix/customize them.

All in all, pretty minor...

Not all older cars are a maintenance headache. I drive a 96 Camry with 313k, I inherited it from my wife after I got rid of my 96 Explorer with 315k (that had been rolled/totaled and still put another 90k on it). We also have an 03 Acura (wife's car) and a now an 02 Tahoe. We drive a lot, have a great mechanic, and we take good care of our cars. Over the last 10 yrs since doing this, we have never been stranded and having a 3rd vehicle makes it easy if something needs to get fixed. For the most part we just do oil, brakes, and tires. If they were a headache we'd just buy newer stuff. Someday when my RE income grows, I'll be like Steve and drive a nice big new truck

 I would be sure you call it a holding fee, and then tell them that fee can be applied to the deposit after signing the lease and paying the first month's rent. Deposits are supposed to be refundable, so if they flake out and find somewhere else to live they may ask for their 'deposit' back. Some states this may get you in trouble if you tell them it's just the deposit. 

 That is exactly what I do. If they are asking you to hold the property, they are basically asking you to keep it vacant - and lose money! Umm, sorry, that's not why I own rental property. Current tenants I have wanted me to hold a side of my duplex for 6 weeks. It was right in the middle of april and their lease/s were up Jun 1 and July 1 (they weren't living together at the time). I appreciate that they wanted to honor their leases and do right, but I was getting plenty of calls and it's a very desirable area, and it was spring. However they seemed like ideal tenants, even after background checks, etc. So I had them give me a fee equal to a full months rent, told them I wouldn't hold it that long but I would start the lease part way through May and the fee converted into their deposit after they had paid the first month's rent and signed the lease (before moving in). They have been great tenants and are still there to this day. 

Another interesting graph is the long term (like 100 year) trend for median home price adjusted for inflation. So, is the recovery real? Are we blowing another bubble?

I didn't read all of the replies, just some :)

However, I think some people are asking the wrong questions. In the context of finances, someone asking, 'should I go to college?' or 'Should I take out a loan to get some higher education?' are only NOT the right questions unless they are part of a larger plan. Are your parents wealthy and going to pay for it? Then go ahead if you like. Otherwise, take pause. 

Two stories - I went to a moderately more expensive private school, worked hard (20-30hrs/wk) to avoid loans, but I had about $20k when I graduated (1 year early because I took some summer school and had a lot of 'free' credits from high school AP or whatever they call it). I found out there was a good market for IT during my junior year so I tacked on a CS minor. My degree has paid off well, I paid my loans back pretty quickly. My wife and I are debt free except for real estate. I make a comfortable salary well above the (US) average. We aren't wealthy (yet!), but she has the freedom to work or not.

Now, I have a friend who has a history degree. After a few years he went back to get a masters in education so he could teach. He had some unexpected circumstances that prevented him from finishing his student teaching, so still no masters. He has done everything under the sun - teaching (subbing mostly), sales, construction, etc. He has since gotten married and is starting a family. He's a great guy and has become proficient at most things construction related but he's worn out and wants to make a change but it's tough without much of a cushion. He'd like to start buying some rental properties, but that's out of the question right now. He's a couple years older, and I don't know if he had (or still has) student loans. 

So was it worth it for me, for my friend? i'm not down on history or social work, etc. And if he had been able to finish up and enjoyed a career teaching history maybe it would look different. But, if you are going to 'invest' $20-50k/year into an education, please stop and think about the 'return' on that investment - unless you or your parents just have a couple hundred grand to toss at it, think about why you are studying and what it will gain you. Do you really want to buy an $80k BA in art or a $200k BA in history? Is that going to help you get where you want to go?

Hi @Jared McKie 

Welcome to BP! You shouldn't have any trouble finding someone to do an owner-occ loan like that for you provided you qualify on other counts. Typically they will count a percentage of the anticipated rental income toward your income, I think it's like 70%. I'll PM you a few names.

When a tenant is late (without telling me ahead of time), I send them a letter (emailed as well) telling them they are late, how much the late fee is, and that they must make things right or I will 'take legal action to enforce their obligations' on the 15th of the month. I refer to the sections in the lease that the signed where this is spelled out. So far I've get a response from that very quickly. I would expect your PM company to be doing something very similar. 

I would review your contract with the PM company, ask questions about their process in dealing with late rent, and then hold their feet to the fire, or if necessary demand an amendment to the contract.

I think it's bad that they keep the late fee - you're the one that has to cover the mortgage, but that's another issue. 

I've never been to Crooked Pint but something in that area would work well. I think Grumpys (downtown) also has a small ish room we could ask for. Otherwise something like O'Gara's at snelling and Selby might be a good option.