All Forum Posts by: Fred Cannon

@Idris Haroon. His job is to give you advice. You accept it or reject it. What is your risk tolerance level. The people on here telling you not to worry are not giving good advice on my opinion. In the last RE crash a lot of people lost their life savings and had to short sell or declare Bankruptcy. That is definitely a concern. I had to drop my rent from 900 a month to $400 a month to get new renters after I lost renters or evicted for no pay. People have short memories. I am a small investors and invest for income, my properties are mortgage free or at least 50% down payment. I get grief for that but I sleep well at night. In the last RE clash I picked up 3 homes for 25% of their original selling price. I paid cash. I am a saver and a cautious investor. I love RE and it loves me back. It's all about your goals and your game plan. Risk and rewards is what you need to evaluate.

@Rik Patel. That clause just means the tenant has the right to deposit return and other provisions in the lease The most important item is the termination of the lease due to things not within the landlords control. Without that clause the tenant would be able to stay in an uninhabitable home or sue me for cost incurred in moving or renting a new place. I'm not a lawyer but you definitely need a clause to terminate the lease due to damage of the structure or Heath concerns.

Anyone has a recommendation for document e signing. Scanning snd sending and waiting for the recipient to download sign scan and return seems like an unnecessary process these days. I am ready to move on from all of that

@John Teachout. Fear of the tax man. Better to refinance and get money that way.

@Chester Wang save your money for now and keep adding to it. I would not do anything for at least 6 months, you certainly don't want to buy something and then get a COVID renter. I have two properties that have not paid anything in 5 months. Why should they, they have applied for rental assistance but that doesn't help me. Can't not charge late fees but still I have to pay my cost of ownership. Price of Real Estate is quite high now as well. The only way I would buy in this environment is full cash purchase

@Cory Lucas. From reading thru a couple of your responses I would try to get him out. Habitual late payers only become problems. Give him a 60 day notice to move. My guess is that he will not pay at all once you do that and then you will need to go thru the eviction process. Do some research on evictions or hire a lawyer. Best to move on from this tenant

@Alex Kovalenko that's a no go.

@Wesley W. Is it possible to put each unit on its own meter and have the tenant pay for water.

@Vinh Nguyen sign the lease get the money give them the key or combination. Sometimes it hard to coordinate all three but with electronic transfer of money thy can happen overnight from anywhere in the world with internet access. As long as the money is in my bank account the rest is secondary. 🙂

Anyone have experience with Tony homes. Considering doing short term

Rentals with tiny homes