All Forum Posts by: Dennis Wayne

@Joe Villeneuve

I disagree

The only payment on the option form is the down payment and that is non refundable and used to buy the option , the payment referred could be said it isn’t about monthly installments it’s any Money argued in court . You can choose to not add it I know I will because I personally know how judges especially liberal pro tenant ones look for ways to help them . I know folks who avoided this ruling by having that wording so I know for me I’m sticking with that phrase in my option

In the option , it is to clarify that the tenant buyer and his attorney understand full well and good that this cannot be construed to be an  installment of any content and they initial that . I get what you are saying but It would be very difficult for a judge to rule that way legally when the tenant clearly agreed and initialed they are not participating in a installment sale . It could only help is my thinking and I know someone who won their house back on an appeal because of it who does 25 rent to owns so I’m sold . Even if it seems redundant , why not ? ,I want it as clear and concise as possible I don’t want that misinterpreted I don’t want the house going into a foreclosure situation 

@David Lee Hall, III

We tear the stuff off

Use pine sol /water liberally with mop

Cover with old paint we had ..or kilz

Then Run a ozone generator if it is still nasty

@Joe Villeneuve

I have amended my contracts to have the wording

“ this is not an installment sale or land contract it is merely an agreement to excercise the right to buy the stated property and price above “

Something to that effect anyway

Multiple times I’ve judges not even leaf through  my lease and just make a off the cuff decision at the bench . All that wording and crafty legal strategy had zero value 

Roaches are demonic and hard to get rid of . Assume this is a huge deal and there’s 57000 in the unit . As hill mentioned if you see one there’s thousands . I just go to Home Depot buy a roach kit by Harris for 29$ and spray myself then instruct the tenant on doing it once I leave .

I’ve become somewhat of a roach bed big flea expert and buy the stuff in bulk to do my own pest control (d class rentals) . Those services can be very expensive! Edie silly on a 3-4 unit apartment building . Learn to handle your own pest control save thousands over the years ! Now on a rental house I would have tenant call an exterminator . Apartments you better do it yourself or it don’t happen

I own dozens of homes with knob and tube , not a huge deal , people blow things out of proportion on here . I certainly wouldn’t be paying 10 grand to upgrade it ! I know that much ..Of coarse in the people’s republic of California you would likely face imprisonment or execution if caught with that stuff in a rental house .

@Jason Cook

It takes a special person to manage in these areas . Don’t just assume you’ll be passive investing lol you get a high turnover rate high rate of eviction and they bang the building up pretty good when they leave .

Also don’t assume you’ll just find a PM and put it on auto pilot , in very bad areas no one will manage the building it’s not worth it to them . We have entire city blocks / steers that literally you can’t find a property manager to agree to do it . If you can be as savage as the tenants you will make money . If you grew up middle class have a big heart and drive a Range Rover then don’t bother

@Jason Jones

10% down and 5-6% is pretty common

Be sure you Atleast do a title search and realize who your yoking you with for the next decade . I like selling on land contract much better than buying on one