All Forum Posts by: Account Closed

About 30 years ago, I was working at an apartment building and a tenant's 30-pound dog ran away. I chased it about a mile, hot in in a corner and the dog sunk his teeth in my hand to my bone. My hand swelled up and went to the emergency room because I was worried and the doctors called me a sissy and said there was no way my hand could swell that much in one day from a dog bite. 

I had a dog that ran toward a 7-foot high gate as a woman was walking down the sidewalk. She clamed the dog caused her to run and sprain her ankle and my insurance company paid her $15,000. The woman lied and changed her story to say a bus driver was a witness because she was getting on the bus when my dog scared her, but the bus stop is 700 feet from my 7-foot gate.

So, people do get sued, but they don't get millions for a bite (not usually).

I owned an assisted living home with 10 rooms and two persons per room back in the 1970's and the business is a nightmare of expenses, problems and almost every person I know who owns one today is struggling to make ends meet and dealing with lawsuits. There are too many regulations, too many agencies that monitor regulations and too many laws to follow. Don't expect the business in your house to be prosperous and don't expect your rent will be paid to you. Maybe, to their creditors, but not to you!

I am wondering about your writing posts on two separate threads and writing in the present tense and past tense. Is the deal you are describing a hypothetical flip, or an actual flip.

Did you actually sell this property for the exact $240k you figured in the beginning. You stated that the house was not sellable through FHA due to the amount of damage and then you say you say the work cost was only $20,000. That price doesn't sound right since I own many homes and spend $6,000 to $32,000 just to clean, paint and make repairs. The lowest I ever paid to paint inside a house, replace the carpets and clean was $6,000 for a 1200 sq ft house.

Get the book Photovoltaic Design and Installation by Ryan Mayfield on Amazon on paperback, or Kindle and read it carefully before you install solar so you know exactly what will work, what will not work, exactly what type system you need and then when you talk to solar installation companies you will sort of know what you want.

Post the numbers and lets have a look before your offer is accepted. I looked at many properties in Memphis and they were always cheap, but the rents were also too low and since the cost for cleaning and repairs is high I never felt Memphis was a good area. Another problem with Memphis is I've always been told it is the Eviction Capital of The World and that the average tenant lives paycheck-to-paycheck and if they lose their job they don't have enough savings to pay the next month's rent. I may be 100% wrong, but all these things need consideration. Are you purchasing in your area, or is this out of your area?  If you purchase out of your area you inherit many losses and expenses you cannot avoid and those cut deep into your pocket. Be careful, first, and then be happy with your investment.

 The owner gets blames for everything. As you know, when people file lawsuits they sue every party that has anything to do with the matter. That is the reason you have property insurance and I would not worry about being sued nor worry about the damage caused by a 35-pound dog's bite.  

What you really need to do is; reduce your verbal communications and make sure every statement is in writing. This is the only way you are sure to win a mold lawsuit. Remove the washer and dryer, immediately. A new $1,000 washer and dryer set is a super cheap price compared to an attorney and several years to settle.

We charge a $400 non-refundable cleaning fee plus you have their security deposit for additional damage. I never liked to charge by the month for a pet since most pest do not cause damage. Many tenants will pay $50 per month for a pet, but I think that is gouging the tenants and a ton of money over a 5 or 10 year period. It is nice to squeeze the tenants for as much as possible, but I don't like to squeeze them for a pet just because I can. That would weigh on my conscience. We have better luck with dogs than cats since cats tend to tear up window blinds and cause damage to floors where they jump from every day. We also tell the tenants that if the dog's barking bothers other tenants the mutt will be evicted through the court system for disorderly conduct.         

 What did you find impressive about The 4-Hour Work Week?

Last Friday, my wife was cleaning at an apartment building and a tenant came outside and asked if she could install a washer and dryer in her unit. My wife called and asked for my blessing. Instead, I asked my wife how long the tenant lives in the building and how much her rent was. The woman was in the unit more than 20 years and was paying $1400 per month. I told my wife to give the tenant a Notice To Terminate Tenancy and my wife said she could did not want to. So, I delivered the notice myself. After the tenant moves, it will cost me about $25,000 to gut and remodel the apartment and I can easily get $700 per month more for rent, or $8400 per year more, or $84,000 more every 10 years plus I immediately increase the value of the property $8400 per year more income time 16 Gross Multiplier = $134,400 increased property value + $84,0000 additional rent in 10 years = $218,400.

Would you let your emotions and feelings force you to lose $218,400. There are many people who can't bank that much cash in their entire lifetime.