All Forum Posts by: Jeff B.

Will, Bill, First thanks for taking time on Sunday for the HML chat.

Bill, I tried to help you avoid issues with this in my PM "Hi Bill,

Have you considered a meeting agenda for Jan 24th? We might be able to get some more commitments if it was something like.

5 PM - 5:10 PM - Bill will discuss "How to approach an investor"
5:10 PM - 5:15 PM - Open questions regarding approaching an investor
5:15 PM - 5:30 PM Rich and maybe Will can chat about how to negotiate with property owners.
5:30 PM - 5:40 PM Open questions regarding negotiating with property owners."

That way if people like Scott know that Q&A will start around 6 PM they can skip the first part and benefit from the part they have questions about.

The other thing I mentioned through PM is trying to keep the meeting or chat to around an hour. With 3 years of psychology under my belt I noticed that people seem to need a break or start tuning out after an hour.

This was a trial and now we have a good understanding of the chats limitations and a better method for having future chats become successful.

In my condo in Florida I only allow a total of 4 people. It's a 2/2 and I make it specifically clear when they are leasing. The HOA also has a rule that a max of 4 people can be in a unit and they are all the same size.

I think your rule of thumb of 2 people per bedroom is spot on. How do I handle it if I find out I give them a max of 3 days for the additional people to vacate. I inform the tenent they are in breach of the contract and that if needed I will take legal action to have them removed.

These books have already been mentioned but must be good as everybody's mentioning them.

Flip: How to find, fix, and sell houses for profit" by Rick Villlani

Flip is written clear and concise and is Not overly repetitive. The topics that they discuss are in a common sense approach as in they may not tell you all the secrets but you will should learn these once you start. There are enough lists, charts and examples to educate people with different learning styles.

Every landlord's tax deduction guide.
This book is updated regularly and seems to cover all the tax topics a landlord would use. They discuss the deductions of repairs and replacement and tell you when one is better then the next. It seems to cover most of the tax topics a landlord would use from year to year.

You can't let you emotions and situation effect your judgement. A lease is a legally binding contract between two parties. When in small claims court the Judge may listen to the hardships you've been through but has to rule by the law Not emotions.

This would be a good time to appeal to the landlord and see if they feel compassion for you. Do Not approach it like you deserve to be released from the lease because the apartments empty.

If the person at the building you have been dealing with is not the landlord then ask for their name or business name and address. You need to have all your information gathered and be able to present the details clear and concise. Make sure you have documentation either in writing on an e-mail if they agree to some concession or release you from the contract.

If you don't believe what we are saying record "Peoples Court" and watch how one of the lease cases progresses and you will understand power a lease contract has.

I've got the Internet plan and set up my Mobile E-mail to give me e-mail alerts. I can respond to an e-mail just as quick as send a text. By having Internet it allows me the best of both worlds at one cost.

Will, Steve, I am working with Bill to get an agenda set up so people have some idea of what is being discussed, at what time, incase they just want to jump in on one part of the chat.

Rich, Will - I think it would be a great benefit to us if you could give some guidance on negotiating with property owners. This can be put in the agenda if you or Will are willing to commit.

Also James mentioned about the new changes to the HUD.
If someone has a good understanding on how it will effect investors it would be great if you can commit some time to the chat also. Jeff

Bill, That's Nemo a science mueseum in Amsterdam, I did take that picture from a canal boat.

This is it http://www.e-nemo.nl/en/

Bill, Not sure who this was directed to but yes that is the one I asked Rich to join.

*** The chat link is http://www.biggerpockets.com/chat/index.html

If you don't see the login box asking for your username then download and install the latest Java version from here
http://www.java.com/en/download/

Rich the chat link in the event calendar seems to be incorrect use the one posted above. Maybe Josh can edit or fix the link in the Jan 24th chat.

I read that article and the funny thing about them is that it seems one person thinks we are on the road to recovery and the next thinks our economy is going to fully collapse.

On that note our recovery is affected by the recovery of Europe, India, China and all the other nations. We actually don't need to lead the recovery the other countries can start to pull us out of our economic situation to some degree.

The Wall Street Journal and USA (Obama) Today have two optimistic articles.
http://blogs.wsj.com/source/2010/01/04/economic-recovery-will-be-followed-by-interest-rate-hike/

http://www.usatoday.com/money/economy/economic-outlook.htm

Rich you and Will can definitely speak on the power of one state Texas especially Will with the Texaplex video

I believe Texas is a prime example of how other states can improve their economy and they wouldn't have to go very far to find the answers.

Myka,

I think if you posted this at taxalmanac.org then you would get a fairly quick reply. It is a very interesting question so if they provide an answer try to post it back here.