All Forum Posts by: John Lampertius

Hello All,

This topic is probably one of the most important questions an investor/landlord will continuously ask themselves...

1. Screening is most important part of process to successful landlording - and YOUR Income!  Insure your success by doing your homework - every time, all the time.

2. Make sure your lease is updated with any CYA clauses you come across. I'm always updating a "master lease" for future uses.

Cheers,

John

Hello Joshua,

I'm trying to replace my portrait photo with the same image, but smaller size...so that it shows the entire picture, instead of a close-up on my face.  I've tried uploading the smaller sized photo...to no avail.

Help please!

Cheers,

John

Hello Lisa,

Start small and expand.  I was a Realtor for a short time back in the early 90's.  Young and lacked confidence to stay the course...but the investor side of me has only grown.  I used to walk my neighborhood and took a picture of every home on the street in a 6 block square area...back when cameras used film!  Oh how the internet makes this so much easier...but nothing beats walking or biking your area!

Cheers,

John

Thanks Zack.  I did find a local lender.  Cheers, John

Hello Jennifer,

I understand the privacy issue, but if it something agreed upon up front, it saves loosing rent during the turnover.  I rarely have a "vacant" period between tenants...unless I've planned for it because I need to renovate something that can take a week or more...such as gutting a bathroom and upgrading the look and finishes.  I've never had a tenant with any showing issues until now...but this person is just being difficult (as I've also heard they have trouble with the residents living above).  I'm sure they will be happy to see new ownership!

Cheers,

John

Hello All,

Thanks for the notes.  I did get the key last night...along with my February rent.

My lease has provisions for showing (typically to future tenants)...he's just grumpy because he doesn't want to buy it or move on for that matter.  I'm selling because I want to take advantage of the IRS loophole of not having to pay any capital gains taxes on the proceeds because I've lived in it for two of the last five years.

I screen my prospective tenants with a questionnaire, application - including a credit report.  You can discriminate on credit scores and I learned a long time ago from another investor that people with credit scores above 700 typically take care of their stuff and other's peoples as well.  That is a threshold.  I've taken tenants with lessor scores, but could see how well they take care of their car, etc.  Always call prior landlord and verify employment.  Simple tasks that manage the process...a little work upfront saves a lot of grief later.

Cheers,

John

Hello All,

I have a current tenant who changed the dead-bolt lock without my permission.  I found this out last weekend when cleaning out an extra storage area in the (condo) basement.

I am planning to sell the place and he has yet to get me the "spare" key...so I won't be able to show it until I get the key.  He has also stated he does not want anyone in the unit.

My lease states that I can enter/view/show/repair the unit with reasonable notice (typically 24 hours), but sooner if time is critical.

I've been a landlord/investor for over 25 years and have never had to evict a tenant.  What is the first typical action you've done or heard of by others in handling a situation like this?

Thanks and have a great day!

Cheers,

John

Hello All,

I agree with taking a small area and learning it extremely well.  In 2010 I started changing my focus from a long time investor in Royal Oak, MI to Farmington Hills, MI.  This was primarily due to a divorce and where my children go to school. I was also happy to be done with Royal Oak as it is expensive for investor/landlords.

All of the online sources, visiting open houses, driving and walking neighborhoods - calling on opportunities as I see them...all good ways to learn the market. I'm focusing primarily on Condos in my new market, but also have a good handle on SFH's in a concentrated section of neighborhoods (about 2 miles x 2 miles). I've seen fixer-uppers and foreclosures go on the market and reappear after rehab - so as investor, I can see what is really/financially possible.

Best wishes in gaining market knowledge - no way is wrong, just try to be systematic.

Cheers,

John

Hello All,

Yes, get a good CPA from a referral - someone who works with RE investors and knows the ins/outs, loopholes, gray-areas, etc.  I will play in the "gray" areas for legitimate deductions.  The CPA stamp is just a bit more security if I ever have to deal with the IRS.

I've been using the same CPA since 1989.  I may be moving on only because of changes within their office.

Cheers,

John

Hello All,

I've used IKEA cabinets in two properties. I've purchased them, along with 3 appliances and granite counters to take advantage of their 30% off sale - which typically starts up in February and goes thru April?

Yes, it can take time to build them.  You can pay someone else, but after building the first one, the subsequent ones build pretty easy.  I ordered two kitchens at once and ended up with a delivery of over 120 boxes of 'parts'.  It seems like a daunting task at first, but worth it. 

I do not like the way they "hang" their wall cabinets - on a rail.

I will be renovating my own kitchen this year and most likely revisiting a couple other local kitchen cabinet suppliers.  I used Home Depot as a source for an upscale job on one of my previous primary home kitchens and were very satisfied with the quality and value.

I used IKEA's kitchen design program to come up with the new plan. Works OK. It gives me the room platform and design ideas I will take to Home Depot and a local boutique cabinet supplier for cost comparison.  IKEA's prices seem to have gone up more than I would have expected over the past 2-3 years.

I believe you can get the 'soft-close' drawers/doors with most any cabinet maker today.

Good luck!

Cheers,

John