All Forum Posts by: Ryan A.

I have a 300k triplex in Westerly RI tied up under contract for 242k with 33k seller financed. Currently fully occupied with yearly rents of 24k. Clean it up and rent it out for 30k a year easy.

Deal is just out of my range. PM me if interested.

Ok to get back on topic - Josh you still have not chimed in.

There are many tips, tricks and tools available to us to get our jobs done.
I disagree that this will be a game changer.
It is highly unlikely that the individuals here that praise this product in this context will have risen to the top someday and when asked how they did it reply "It was the Apple iPad."

That is my definition of a game changer. Something that blows the socks off of your current business model and dramatically affects your direction/velocity/success (good or bad). The iPad is not that (in this context).

Sounds like you guys got some capital together for your initial purchases.

Cash definately does wonders! Also sounds like the auction was not widely attended. Is there a flood of auctions in that area?

Sounds like you are on the right track. Good luck.

Congrats Dustin. Can you give some details about the deals? Single/multi fams? Financing? Repairs?

Are you using any special techniques?

Whats your long term plan?

Anybody?

This wasn't an inquisition into how we screen tenants, what makes a good tenant or what makes a crappy landlord.

I think we can generalize those definitions.

I think its a matter of economics. If there were no tenants that accepted poor performance from landlords, those landlords would not prosper.

It was an assumption that my rejected tenants would have to find lower grade landlords to accept them. Otherwise where would they go? They would flood the market, no? Good tenants would be a harder find & I might have higher vacancy.

So we look at slumlords as a bad thing but aren't they just a part of this whole system? Would the rental system be the same without them?

I could be all wrong here. Tell me what you think.

Brian -
Agreed that slumlords don't rent exclusively to bad tenants. Some good tenants are just ignorant and can be duped by slumlords.

My sister JUST had this exact problem with an inexperienced landlord. Not to be a jerk but she was ignorant to her rights and the tenant-landlord statute in our state. Once she wised-up, she moved out and started looking for a better landlord.

So my thought remains. If there were no need for slumloards, they wouldn't exist.

What would happen if there were no slumlords in your area? What would it do to your business?

Think about the area you invest in. Then think about the part of town which has low-income housing. You know - that street or block that you avoid looking at even though the prices are lowwwww. Why does your town have that low-class neighborhood?

Probably the same reason there are low-class landlords. What I'm saying is there is a necessity for slumlords. And yes - slumlords may refuse to take care of their property but there are tenants WHO DON'T CARE. And I'm saying the economics determine supply and demand here. They need each other to survive.

I always had this thought in my mind of changing my town; eliminating junk housing & forcing slumlords away. But the low-grade tenants need them. Take away our perception of what a "good" landlord should be and we're left with economics 101.

Every ethical landlord has a method for selecting tenants that profits his business while operating fairly.

What percentage of potential tenants have you considered low-grade? Where do the low-grade tenants go when they are filtered out? Don't they need somebody with poor management and business practice to rent to them?

Now I know there are also good tenants that end up with some crappy landlords too but for the sake of discussion I'm wondering about that group of tenants that you turn away because they don't meet your requirements.

Its also possible that some tenants may perform better when they sign a good lease with a solid landlord, but thats not to say its always the landlords fault.

Thoughts?

Anybody hear about the National Association to Protect Private Property Rights?

http://www.napppr.org/

just found it on the web. Is anybody a part of this?

I also found out that the HUD act has encouraged more than 1 bill for federal reform to limit the rights of owners.

Checkout this article about the different legislation that is being drafted:

http://noteinvestor.com/note-brokers/fighting-to-preserve-owner-financing-with-the-national-association-to-protect-private-property-rights/

Josh?

Way to light a fire and take off!

Interested in your thoughts/initial post.