All Forum Posts by: Jack Forester

@Vonetta Booker, you can go see it in person and report back! 😈

 My thoughts exactly, maybe how Norman Bates got started... 

I think they really loved copper. Isn't copper supposed to heal your inner chi or something? 

My realtor sent this to me. The description says it all, "Unique one of a kind finishing completed by a professional!" You have to look at the photos on a full size monitor to get the full effect. Hammered copper, gold leaf, you have to look at all the photos. The price has dropped from $1,490,000 to $339,000.  

http://www.zillow.com/homedetails/24-Brentwood-Dr-...

For what kind of loans? Fix and flip or just buy-and-holds in decent shape?

It's more like a giant red wasp nest inside. There was no honey reward for this job. 

Maybe it's just Quicken's underwriting process. I'm still in the phase where I'm doing conventional loans.

Thanks for all the responses.  I'm glad it's not all as bad as some forums make it sound.  Good screening is definitely key.  I have some tenants who believe the 5 day grace period before late fee is added is a rule and that they should postpone up to the day before the late fee almost every month and mowing is not their top priority, but I guess if that is the worst I get, I'll be happy.

I hadn't really considered M2M leasing agreements for ease of removing "non-performing tenants" (did I just coin a new phrase??), as the banks I use seem to want to see a 12 month lease to consider the income as "stable".  Even when I had a tenant that went from a 12 month to M2M for 3 years, the bank wanted to see a 12 month lease for a Refi.

Okay, so my wife is reading about the horror stories of bad tenants and tells me that "We've been lucky".   My thoughts are that a horror story is more entertaining than a story about boring perfect tenants that take care of the property and pay rent on time, which is why you normally hear about the horror stories.

So, here's the question:

Of X tenants in your time as a landlord, how many were horror stories?  Present it as a percentage (Horror Story Tenants/Total Tenants).

Go!

Sounds like your first buyer was a wholesaler, right?  He's arranged a buyer and is likely getting a finder's fee from that buyer.  At least that's what all the podcasts make it sound like.