All Forum Posts by: Fred Cannon

@Mel Park I have 7 rentals, two that are short term 90 day minimum furnished condos. I am my own property manager. I don't want to give up 10-15% of my income. It's really not that difficult if you have a good team, electrician, plumber, handyman, AC, yard man. I do my own cleaning because my units are all 1 bedroom condos. I do have a handyman that will provide cleaning services. I advertise thru Zillow or for my furnished units thru Furnished Finders. I have no issues getting qualified applicants and both services offer background checks. I allow pets but charge pet rent. I have a $200 cleaning fee paid in advance. I use an excel sheet that I have created to track income and expenses I spend an hour or so weekly on paperwork and 6 of seven units are 5 hours away. I visit them when there is a move out/move in. In 10 years I don't think I have ever gone more than 10 days with a vacancy. I just don't think a PM would take care of my property or the tenants the way I do. And yes tenants require a lot of assistance at times and evictions do happen but there is the human element that May be lost with PM's when it comes to putting someone on the street I want to make that decision, same with repairs and who does them.

@Kristen C. Not really unless you are in. High crime area.

@Kristen C. You need to change to an electronic key pad. Problem solved

@Kristen C. I have put all battery operated digital locks on my doors and change the combo with each tenant. Much easier than dealing with keys and changing locks every time a new tenant moves in or out.

@Mark Seery many things would determine that answer. For me it would be my age I would rather have 3 totally paid for units and live off the income. If I was 30 instead of 70 I would probably want more units and carry a 60-70% mortgage. I have gone thru a few real estate bubbles and have seen people make a lot and loose a lot. If I were 30 and know what I know now I would still want to play a safe hand and gradually add to my holding. If you go to bed every night worrying about your mortgages because the government says no to evictions or the rent market crashes then you are going to cash out too soon I would suggest go slowly, nothing wrong with cash in the bank waiting for that good deal to pop up.

@Cenddie Alaban. Prior to 2008 the guidelines mandated by the government required banks to give loans to people who should not have qualified. The market became overpriced as people who could not afford homes bid up the price and many investors bought several high priced homes with no money down and those crazy adjustable rate mortgages. Then came the crash and investors and owners who were overbought price wisely took the easy way out and abandoned their property . So today we have all this government money going to people without jobs and again a highly inflated housing market. My concern is what happens to landlords when the government ends the assistance to unemployed people and ends the no eviction rules now in place. I

Have two of 7 properties that haven't paid in 7 months and I have been waiting for the government cares act check to cover their rent. I should get the checks soon but for 7 months I have had to keep these properties up and current with no rental income and no way to evict and no way to sell because who will buy a rental with tenants who aren't paying and can't be evicted. I am wondering what the next year will bring for housing.

I have converted a couple of units to short term rentals. My new tenants normally do not receive mail as they are usually moving on to next contract within 90 days. I recently checked the mail box and it was jammed full of mail from my last yearly tenant. Is there a legal requirement for me to forward the mail. He has been gone for 6 months.

@Julien Amparan don't know if the market will crash but I do know the interest rates are not going lower. Probability of increased inflation is strong in the current government spending mode. If you have a 1-2% rise in interest and multiply that increase in payment over 30 years, that's the cost of sitting and waiting.

@Mark S. In my lease I have a 30 day notice clause for early termination with no penalty. I just don't want an happy tenant for what ever the reason. Eventually they will move anyway so why put up or deal with someone who wants to go.

@James Thomas so you are OK with screwing the person you sell to. Unless you are full disclosure on your current situation you are no better that the person refusing to move.