All Forum Posts by: Edward L lauckern

 I think I understand what you're saying now. And like I said before, one might just make the legal reasons denying a tenant fit. If for instance a tenant does not fill out a rental application completely, that is a reason for denying them rent.  If you get what I'm saying 

 There are certain reasons you can deny tenants legally.. I would try to make one of those reasons fit as a disqualifier so you're doing it legally 

I've heard of one way is   ... if a prospective tenant doesnt fill out an application completely that is a reason for not accepting their application. ; )   But I dont know why you would want to deny a suitable tenant 

find out the reason they left if it's something you can fix then learn from it, and get a good tenant in there asap. Use this opportunity to learn and over come. There will be many problems that arise in a similar way and it's best to learn how to overcome then as soon as possible, in my opinion that's what makes a good investor. I just had a similar instance. I found the reason why and thanked then for being good tenants for the time they were there (all good things come to an end at some point) but I use the opportunity to present my gratitude which will pay off in the long run, I also plan to return their security deposit if the property is left in good condition. (Just for a example reference. In over 5 years there is only one tenant who has left early that I might proceed with in court. But before that I always focus on securing the property with a good tenant, now that the real problem is over I will decide whether or not to follow up in court 

How many people have viewed the property? 

it all depends on the home certain style homes are known for certain things that I look for

I will.explain what I look for personally. starting interior but first things I do a initial.walk through and look closely to the ceilings basically checking for leaks... if leaks are present then I find out why. 

pay special attention  to skylights and chimneys.  Continue this into the attic

While doing this I check to make sure each room has a heat source. 

I look at the windows. New old etc. 

Then flooring

. how many layers etc. Look at power outlets. Lights  closest in bedrooms. Bedroom count, also I look to see if another bedroom can possibly be added 

Continue into the basement  furnace, boiler?hot water, wiring, structure of the home, floor joists, evidence of insect, foundation walls  if it's a duplex I look for seperate utilities.

Smell.mold ?

drainage, etc.    updated wiring, plumbing etc. ( I've seen water pressure tanks with in my city limits and to me that's a hell no).  Look at basement walls for evidence of water. Look for sump pump. Work.done on a home after it was constructed can tell you the story about why it was done if you pay close attention.. Weather it was a good job or bad makes a big difference if one thing is cobb job then  they all are most likely cobb.. if I see someone who added a 5/8 or 3/4 inch water supply rather than installing a pressure tank in the city it tells me this guy probably new what he was doing. 

There's so many variables that it's impossible to explain with complete accuracy for a particular building.

.. after this is done I work my way outside. 
 is the house on a hill?  How is the water.going to drain away from the home etc. Roof, cladding system,  

I hope.i havent left anything out but i feel as though i have a pretty good system for residential and in have been very accurate with my estimates as.far as work that needs to be done on the home. 

One thing I require om homes that have been vacant a while is a pressure test on the water supply.. gas will probably be required by utility company but water is not and that has saved me from making a 100k mistake in the past. I put that in the contingency column. 

I think we are pretty close on what we look for 

I would not be paying for mold remediation without her leaving the house. It's too dangerous to live there if the condition is as bad as she claims. I would really see if its just in the duct work or carpets etc and getting blowing around if so just get the duct work cleaned and new air filter provided you have them. Might be just in the air from previous mold spores. Also make sure you check how much mold is in the air with her test. I believe there is a tolerable level of mold before it becomes a concern for humans. If she's a good tenant put her back in after it is completed.  

I always say real estate investing is like swimming in shark infested waters and knowledge and experience is the shark suit   if that makes sense

I can totally relate to this. for me i put full responsibility for anything that goes wrong in myself. That's the only way I'll learn. It's made me a better person in my opinion as well. So for instance if I get a contractor that is bad. I blame myself for not doing a better job vetting. Same with tenants dont blame them blame yourself it's a good way to help.prevent the same mistake in the future. I have a strong construction background so I can tell you that I have made some mistakes in that field years ago. The biggest being underestimating your jobs. Which is also true in investing. But in the end you're the one holding the bag. Whether its empty or full of cash. But you're right. Never rely on anyone else and if you are you better have a plan BCDEFG

For investors big and small, residential, and commercial.

We like to hear a lot about what we do right. 

Can we share what mistakes we've made personally or have witnessed first hand in the realestate business. And what we have done to correct those mistakes, or how to avoid those mistakes large or small??