All Forum Posts by: Daniel Mohnkern

This law is absolutely asinine.  It is very poorly written and vague.  

I work as a bus driver for my W2 and have been trained that, if someone brings an animal OF ANY KIND onto your bus and, when told "no pets allowed", claims that it is a service animal, it is against the law to refuse them access AND it is against the law to ask what their disability is to determine the animals necessity.  They can literally take a dog, cat, pony, or chicken on a bus and will win a lawsuit if the driver gives any guff.    

Their magic words are "service animal".  If they say that, we reply "yes ma'am, yes sir, enjoy the ride". 

I hope the law does not pertain to me as a landlord as it does as a bus driver.  I am going to find out though.  Apparently, according to K. Marie P., I think I'm in for a disappointment.

Whatever someone is willing to pay for it.

Thanks for the responses, guys.  I appreciate your input.  

@Don Harris, funny you would say that.  We have been discussing that also and he has been training me a bit on the side.  I am definitely interested in that to get out of my W2 quicker but, am still going to include the passive real estate route for the long game.  Thanks for the perspective.

I am a multi-unit rental property investor.  I have a little experience with fix and flips but have chosen to do rentals instead (mostly because of my W2 job schedule).  

I have a relationship with someone who has enough liquid capital to fully fund deals for me, however, he is not even remotely interested in making a consistent cash flow on a long term hold deal.  This is due to the fact that he can easily take his money and multiply it by 10 on a whim.   I have personally watched him make a couple hundred thousand dollars off his friend/fellow investor's money in a one-day transaction.  If he is not making 10's of thousands of dollars any given week, he would never be satisfied.

I have discussed the possibilities of a partnership with him and what he would get out of the partnership.  His response was to tell me about some of his non real estate deals which made him a million dollars last year.  This made me realize he would never be satisfied with 5 or 6 thousand dollars a month that he might get if we purchased a large multi-unit.

My question for you is, if you could get a partner to fund your deal with the caveat that you would have to change to a strategy that you would prefer not to get wrapped up in, would you change your niche or look for money elsewhere?  Thanks for any advice you could lend.

Hahaha!  Move in with them?  How about if your banker moved in with you if, for some reason, you went without paying your mortgage for a while?  Legal?  I think not.  Funny thought though.  Thanks for making me smile tonight.

In my opinion, what is common is not as important as what works best for your situation.  

As has been said, a one or two year lease does give most landlords a sense of security.  

I have both situations and have found that each seems to have its benefits.  While a long-term lease gives a landlord peace of mind, I have found that it also causes the tenant to reevaluate their situation each renewal time.  Whereas a month to month tenant plods on through life, someone facing another contract seems to be more likely to "look around" each year or so.  

I have been blessed to have very little vacancy with the month to month tenants.

@Dillon Loomis, welcome to BP!  Research everything here.  All the info you need is right at your finger tips for free.  Take advantage of opportunities when they arise and, before you know it, you will be a little Nick Scott.

You are correct. Tenants will use the wrong cheapest detergent causing damage to the sensors.  I would go with a cheap top load washer.  If water consumption is that big of an issue, raise the rent to compensate.

Whereas most jurisdictions will be quite reasonable with water costs for residential properties, some will be rather unreasonable when it comes to commercial properties.

 Perhaps they just like to stick it to the man or they perceive that commercial customers will simply use more water. Either way, when you divide the costs between the units, you may have a little less sticker shock.

If you don't want her as a tenant anymore and she is behind, then evict.  You mention she might pay her rent tomorrow, but if you want her out anyway, then start the process and DO NOT accept her payment tomorrow.  If you receive her payment, you may shoot yourself in the foot.