All Forum Posts by: Jacob Villalobos

No Never!!!

Send a text to tenant  

Rent is due on the first of the month

Late on the Second 

Eviction process starts on the third

(Follow this process every time) 

You are running a business. You will lose you shirt in real estate if you cannot collect rent every month.  Revenue is essential. Keep it professional. Become rich! 

Understand completely what top dollar is in that marketplace. Also how long it takes to sell your product type. One month? Two? Ten?  These are simple and easy numbers and agent worth salt can give you.

You may need to adjust your expectations?  

No

Many great minds would agree that now would not be a good time to get into residential construction. We are at the high point of the market.

Make them happy? Too much work for me.

Rent each room out individually with a lease. 

STOP trying to make a tenant happy. 

***Also lower your income expectations if the market will not sustain a good supply for quality tenants 

It was said once but I'll say it again, try another lender. Don't assume that all lending guidelines are the same...

You agree to pay them back if the investment does not pan out. 

Get them out and keep them out!

Tell them you will send the deposit back after the home inspection is complete.  Wait till the last day (legally allowed by law in your state) to "return" the deposit and send them a letter of explaination along with a bill. I'm sure the damage is going to cost more than $700 

You won't hear from the tenant again.   Keep the deposit, that money is yours!

You said your cash flow was about 16k yearly. It would take 25 years at that rate to make the $400k if you sold today. 

On the flip side if you hold on to them you will have substantial holdings once everything is paid off. 

A RE genius once told me to compare cash flow to sales price. I’m assuming that you can get a great return on that 400k? 

About 400K in equity-+ (don't forget about taxes)

16k in yearly income would take about 25 years to break even if you held on to them rather than selling them.