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All Forum Posts by: Grace A.

Grace A. has started 8 posts and replied 39 times.

Originally posted by @Scott M.:

Top 3 suggestions is get a team, get a team, get a team.  

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Thanks @Scott M. I expect the landlording on autopilot book set very high standards and glossed over everything that went wrong before he found a good system.

Originally posted by @Mitchell Bell:

I'm a military landlord, and am sort of forced into out of state rentals, as we live in one place (buy a house) and rent it after we leave.  

I'll caveat all of this by saying, we are planning to rent our first home in October, so these systems are untested, but it is what we have put in place. 

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@Mitchell Bell - Profit share to put your friend on retainer is very interesting. So each month that the property turns a profit, he gets 8.4% of that profit? Does he also handle showings, or do you do that virtually?
Originally posted by @Doug Spence:

@Grace A. I self-manage one of my properties (SFH in Pensacola). I use zillow to list the property and screen tenants (min 650 credit score, clean background check, must make 4x the monthly rent, income verification, and I need references for past landlords).

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@Douglas Spence - Thanks for this! I have a list of local companies I can use who have worked on the property before. Do you have someone nearby who occasionally keeps an eye on the property or do you trust tenants to do that?

Landlords who self-manage rentals in a different state. How do you this? What systems do you use to oversee the listing, showing, and managing repairs, inspections etc.? How do you mitigate the risks of not being close by if anything happens?
I’ve read landlording on autopilot and out of town landlord but I’d like to hear from people who actually do this, how you do it and any pitfalls to watch out for. 
Thank you 

S&P up 40% June 2020 - 2021. However what goes up must come down. Just a matter of when. 

Post: Dealing with may-saying A__hole relatives

Grace A.Posted
  • Investor
  • FL
  • Posts 41
  • Votes 21

Move in silence like a gif. 

Originally posted by @Todd Powell:

@Grace A. Oh, great catch as I did not mention the significance. He claimed it was a racial attack when it reality it did NOT matter what color or ethnic origin he was. This claim only complicated the matter more. There was zero argument as the facts spoke for themselves however if he really wanted to press the issue, I could have lined up many culturally diverse tenants I have including people of color. Thanks for asking about that as it was a part of the story.

Oooph. Glad you were able to get out of the situation relatively unscathed. Thanks for clarifying!

Originally posted by @Todd Powell:

@Alyssa Lebetsamer kind of went through this. We bought a 5 plex, and inherited unit 3 and unit 5 was vacant. We rehabbed unit 5 and found wonderful new tenants. Unit 3 was a black man who admittedly took medicine to help him mentally. All the tenants were afraid of him. One day I get a call from unit 5, 1 and 2, all telling me unit 3 beat up unit 5 so bad they got the police involved and the man you got beat up went to the hospital with several injuries. People wanted to move due to unit 3 and his erratic behavior. No one had any proof and each told a different version. After a little investigation, unit 3 went off on my telling me he could have cut his throat and left him on the sidewalk to bleed out. This same crazy tenant also put a red dot through plastic when my contractor installed granite and windows in his unit. He proved to me how mentally unstable he really was. So I had no choice. The other good tenants were all wanting to move. The man injured was afraid to ever reside there in the future. I hired a lawyer and went for eviction. I knew this was tough as the police involved did not even uncover what had happened. In the end, it costs me $7000 to do the right thing. My lawyer used the law to make a case as unit 5 ended up needing surgery on his wrist and they also wanted to press charges on unit 3. The judge in my case found unit 3 guilty based on evidence and tenants who showed up to testify. I won the case, stood up for my other tenants, but the judge would NOT grant financial victory for me, thus costing me the $7000 in fees. Unit 3 left his place a mess. I felt better about the situation and then I was called as a witness when unit 5 went after unit 3. That judge said he found my testimony credible and of course we cited the eviction we had also just won. I forgot to tell you, we were right in the middle of selling this 5 plex, and there was zero upside for us. We spent the money to uphold integrity and the protection of the other tenants. Moral victory sometimes comes at a price. My advice is protect yourself and document. Maybe both of your tenants are at fault? Maybe one is? But you have to show good faith as a landlord that you will protect your tenants in some fashion. We did not want to manage the drama with this nearby city and sold it with only a 1 1/2 year hold time, but proved to be a good investment. Paid $370k and sold for $545,000 and paid ZERO realtor or escrow fees!

Best of luck with your situation! Dealing with people’s drama is a real mental and emotional time suck!

Sounds like a terrible situation, but also curious why it was important to specifically highlight that unit 3 was a black man? 

 Don't think this is your problem to solve. Tell seller you're pushing closing out until seller comes to an agreement w/ tenants on when they'll leave. 

You can introduce yourself as the property manager if it helps make things less awkward. If you have a great realtor they may be able to get it rented out for you, but remember you'll have to live under the same roof as the tenant, so weigh that into your decision.

Rent should be paid electronically as much as possible. Most people prefer cozy for rent collection, but see what software works for you and your tenant. The book Landlording on Autopilot has some good recommendations for setting up systems that’ll make managing your tenants easier. Good luck!