All Forum Posts by: Gamal R.

I agree with Jon.
If your telling me Hes been there 2 years and always pays and has no other issues except that he pays on the 15th. I would consider that a good tenant.

Maybe a sincere chat with him will get him to pay on the first. Remind him he could avoid the late fee and save $50-80 a month plus its backing you up on the payments you have to make.

What about handing down your rentals. I believe in having your retirement home fully paid off. Im not sure what you mean by necessity. Do you mean you have to give them a house paid off? I really believe in giving my children an inheritance. But an inheritance can come in different forms.

Its interesting to see that many people agree with my thought I didn't expect these type of replies. Thanks.

I guess it basically comes down to your personal life goals and family goals.

Thanks for your replies. I just cant picture myself paying property taxes for an expensive house. I was explaining the idea to my wife I think this might help persuade her lol. Well the time is a few years out (3-4) so things might change. Im thinking I can buy another house in a nice area that I can see myself retiring in and rent it out get it paid off; Then If I need to move in to that one in the I can. And yes all the extra money I can put away in other investment school for kids etc.

I wouldn't seem right if I liquidated my investments just to by one house in a nice area for myself.

One thing that im worried is that the place im living in might not be stable if its a rental. The owner might try to increase rents too high or want to sell the house etc. Then I have to move again and again possibly.

Hello everyone.

I was just thinking would you ever consider renting the house you live in while owning investment properties. In other words I am considering living in a prestigious area I cant afford to buy but could afford to rent. In the mean while continue owning my investment properties? I would like to hear what the investors think, I always said I would never rent and make someone else rich but I own my own rentals it doesnt seem so bad if I rent myself. Reason for doing it would be better lifestyle and schools for children. Please let me know your rationals and reason behind them. thanks

I just had a flea infested property. Going back for second fumigation, new tenant got bites really bad but is being nice about it. Pets can be hassle.

If you dont want to keep someone "on staff" maybe you can pay someone you know do those tasks. I basically do that for my brother for a couple hundred bucks. Im sure someone can use a little extra money.

It sad to hear so many negative things about PMs because Im starting up my own company now.

Have you thought of placing washer and dryer somewhere where both units can share? I dont know just an idea to defend rent even more.

Ya I think you have to have landlord ins first.

I agree, Im no expert but it doesn't hurt to do some free advertising on craigslist or some other site. A fairly priced place will attract someone.

And the txt messages is just a way for them to avoid speaking to you directly. But at least your able to communicate to them in an efficient manner (at least they txt) You should try emailing them. I like email because its easy to save your conversation for reference on any agreements you may have.

I would advertise and not tell them. And see how much interest you get. You might be underestimating your market.

I only have one rental which is a condo. (and my own home). The condo building is covered by the association in case of flood fire etc. What should I consider first landlords ins or an umbrella policy? And can an umbrella cover loss of income during rebuild and flooring in condo in case it gets wet in a hurricane?

Thanks,
Gamal