All Forum Posts by: Jeremiah Dunakin

Quote from @Eric N.:

Quote from @Jeremiah Dunakin:

I lived in NJ, and it can be a bit rough out there. It's just outside of NYC, so there’s a mix of really great people and some who feel entitled because their grandpa—who probably went through tough times like Charlie Chaplin eating his boots during the Great Depression—managed to get ahead in the 50s-60s. Now, their grandkids act like they own the Empire State Building just because they have a few properties or a well-paying job.

I’m not implying this applies to OP at all. Maybe he was just surprised to discover that some people actually take their shoes off in the house for the first time in his life. But I totally understand where you’re coming from, and I agree—no one should be treated like dirt. Respect is key. If you respect others, you should also be mindful of respecting their home and space.

Anyway, I’m exiting this thread now—this has gone way too far and isn’t worth precious time to dwell on.

I agree, that’s all I was trying to saying. I can’t for the life of me understand why this went off the rails. People are people. I would respect everyone’s home whether a dirt floor or marble. I guess virtue signaling is not dead yet. I hope you do well, your properties perform well and your residents love the space you have provided 

Quote from @Colleen F.:

@Jeremiah Dunakin  I quoted you directly with the " sub human"  and also you were talking about "better than and gods". The point is the original poster wasn't saying treat someone different based on class, that was something you brought into the discussion.  I guess class is very important to you. I hope you consider your responses in the future. It is good to know your stated intent wasn't to accuse anyone.  

You are so off base. I’m not sure why. My post is very anti class. Just because I said sub human and god doesn’t mean I’m being divisive. You have taken this 180 from where it’s supposed to be. Again my point is just because your name is on the bank statement doesn’t mean you can disrespect someone’s house. That is thier place thier refuge, and such should be treated like that. I’m not sure why it would even be a question? 
Im not accusing poster of this at all, but when its stated  tenant (to me it’s saying they are beneath landlord cause of who’s on the bank statement) wants me to take off shoes basically do I listen?Than to me it’s bringing a different level of respect to the game. That’s why I bring up different people. Why would it matter that it’s a “tenant” or not. They are human just like the queen of England and the local banker and guy struggling to make ends meet. I walk into anyone house I’m automatically taking off shoes. I’m not gonna question if I should just because thier rental status. I wouldn’t question if my mother asked me to take off shoes so why would I question a tenant. It’s thier house. I am in no way caring about class. To me the only people that care about it are the ones that constantly bring it up. People are people and I wil respect a dirty trailer with nasty floors or a Saudi princes house. I hope your day is good. 

Quote from @Colleen F.:

@Jeremiah Dunakin  Is there anywhere this poster said anyone was sub-human?  I think not. He is asking a question. In his experience shoes off obviously is not usual. Chill out and practice what you are preaching and treat the Original poster with respect and dignity. Don't blast someone for asking a question.  

Whoa whoa whoa. Calm down I am not saying poster is calling anyone sub human. All I said is someone is not sub human treat all people the same.This is not a question we would ask at Micheal Jordan’s house or my grandmother house. Treat people the same. You are trying way too hard to make it something it’s not. Relax. No one is blasting anyone. Relax. I am treating poster with dignity (I am guessing you have never been anywhere where people are in different class systems. I could be wrong. If so my apologies) you got to relax though.i meant no harm 

It’s is more than a reasonable request. You are in someone’s home. Whether the deed is in your name or not. When I go to someone’s house I immediately take my shoes off. Whether it’s the White House or the dog house. People deserve to be treated with respect and dignity. That is there place. They are not sub human. With all do respect it is a no brainer. We are not Gods or better people because the mortgage is my name. If president Trump or Obama came to my house I would expect them to follow rules of my place. As I would at thier place. No smoking in the house, take your shoes off. No eating in living room. When I go to my tenants house to do anything from an air filter change to looking at such and such. I set a date a time to come over. I ring door bell and wait for them to show up even when they say I don’t have to. I take off shoes in utility room. I ask if I may go to furnace to change air filter. I ask permission even though we both know why I am there. 

Quote from @Jim K.:

Quote from @Jeremiah Dunakin:

Quote from @Jim K.:

Quote from @Marcus Auerbach:

I don't know if I totally agree @Jim K. I got into real estate so I can afford things and I live in an expensive neighborhood and drive an expensive German SUV. And if you look me up on social you find out that I travel a lot and not exactly cheap. But frankly, I did that before REI too, so it is what it is and I am not going to hide it.

On the other hand, I am also not flashy. You'll find me wearing jeans and a $9 black t-shirt from Target and I am not afraid to get my hands dirty, if I can fix something on the spot with what's in my toolbag before I call a contractor.

Most tenants think that you are rich anyway, because why else would you own multiple houses? They don't know about your loans. Or care about them.

As far as they are concerned, I am one of the owners, so there is always the let me check and get back to you with an asnwer.

I long ago came to terms with the fact that I, unlike most people, didn't get into real estate to be able to afford things. I am also a pretty good handyman like you, which I didn't have to mention back in the days when this website had a DIY forum. All the same, I don't routinely carry enough tools in toolbags big enough in th SUv we use for rounds to solve every problem I have the tools to solve. Usually, my tool job boxes and cases are at whatever local project house we're renovating, and I get my tools together for maintenance jobs there. The first time I go look at a reported maintenance problem, I'm not usually carrying more than a backpack worth of tools and equipment, which I can take with me on the ebike.

When a tenant thinks you own multiple houses, you're pretty much OK. It's when they know you own multiple apartment buildings, I've found, that they start to have stranger and stranger opinions. Especially multiple affordable-housing apartment buildings.

If I may be so bold to ask? If you didn’t get into real estate to be able to afford things, then why did you get into it? I’m curious as to other’s motivations besides money aspect of it. One of the first times I’ve ever heard someone that. Me personally I do not do it to get rich I look at it as a small business that is a gateway to being independent of someone else controlling my life, basically a part of financial freedom. It helps me make some money each month and in the long run I will be able to retire earlier and live a comfortable life. Not an extravagant life but able to buy a pizza on Friday night with the family. I don’t want a real estate empire. I want to be able to be comfortable. 

I got into it to be able to give a lot of money away. Hopefully one of these days I'll tell my story on the Money Podcast. When I was young, I thought had the luxury of picking my own battles and fighting them in my own way. I know now that some battles find you and you just can't live with yourself if you don't fight them.

 Anxious to hear

Quote from @Marcus Auerbach:

I don't know if I totally agree @Jim K. I got into real estate so I can afford things and I live in an expensive neighborhood and drive an expensive German SUV. And if you look me up on social you find out that I travel a lot and not exactly cheap. But frankly, I did that before REI too, so it is what it is and I am not going to hide it.

On the other hand, I am also not flashy. You'll find me wearing jeans and a $9 black t-shirt from Target and I am not afraid to get my hands dirty, if I can fix something on the spot with what's in my toolbag before I call a contractor.

Most tenants think that you are rich anyway, because why else would you own multiple houses? They don't know about your loans. Or care about them.

As far as they are concerned, I am one of the owners, so there is always the let me check and get back to you with an asnwer.

Marcus I agree. I have been wonderfully blessed by my w2 job and have done well for myself. I don’t live in an expensive neighborhood or drive a German SUV. A lot of guys I work with drive very nice autos and bust my chops about my old truck. That said we are gonna be in market in next year or so to buy a new car and we are going to buy a very very nice suv (not sure which one yet) but I have no shame In that and in fact it makes me feel very blessed that I am able to do it. Like you I can do some things financially but I still buy 25/30 $ jeans and 5 packs of George 2xlt black t shirts that I wear for 5 years. i wear the same American made boots for years and years and years. Also I get those same jeans and boots dirty by fixing 99% of stuff myself. I too deal with you a rich landlord mentality. I’m not I make a a couple bucks but I also have bank loans in my name. I put out all the risk all of it 100% of it all me myself and I. People have no clue and just hate on landlords. Generally there is a reason they ain’t doing it. Most of it is a hater mentality. So i look at it same way you do. Let em hate. They think I live in on manhattan on the 37th floor overlooking Central Park with a personal chef and chauffeur scheming all day on how to screw the little guy over. So it don’t matter if I drive my 23 year old truck or a brand new car over there when they call that there is a leak in toilet.

Quote from @Jim K.:

Quote from @Marcus Auerbach:

I don't know if I totally agree @Jim K. I got into real estate so I can afford things and I live in an expensive neighborhood and drive an expensive German SUV. And if you look me up on social you find out that I travel a lot and not exactly cheap. But frankly, I did that before REI too, so it is what it is and I am not going to hide it.

On the other hand, I am also not flashy. You'll find me wearing jeans and a $9 black t-shirt from Target and I am not afraid to get my hands dirty, if I can fix something on the spot with what's in my toolbag before I call a contractor.

Most tenants think that you are rich anyway, because why else would you own multiple houses? They don't know about your loans. Or care about them.

As far as they are concerned, I am one of the owners, so there is always the let me check and get back to you with an asnwer.

I long ago came to terms with the fact that I, unlike most people, didn't get into real estate to be able to afford things. I am also a pretty good handyman like you, which I didn't have to mention back in the days when this website had a DIY forum. All the same, I don't routinely carry enough tools in toolbags big enough in th SUv we use for rounds to solve every problem I have the tools to solve. Usually, my tool job boxes and cases are at whatever local project house we're renovating, and I get my tools together for maintenance jobs there. The first time I go look at a reported maintenance problem, I'm not usually carrying more than a backpack worth of tools and equipment, which I can take with me on the ebike.

When a tenant thinks you own multiple houses, you're pretty much OK. It's when they know you own multiple apartment buildings, I've found, that they start to have stranger and stranger opinions. Especially multiple affordable-housing apartment buildings.

If I may be so bold to ask? If you didn’t get into real estate to be able to afford things, then why did you get into it? I’m curious as to other’s motivations besides money aspect of it. One of the first times I’ve ever heard someone that. Me personally I do not do it to get rich I look at it as a small business that is a gateway to being independent of someone else controlling my life, basically a part of financial freedom. It helps me make some money each month and in the long run I will be able to retire earlier and live a comfortable life. Not an extravagant life but able to buy a pizza on Friday night with the family. I don’t want a real estate empire. I want to be able to be comfortable. 

A couple things to me. I don’t give a crap what my tenants, neighbors, mailman, judge, fireman, restaurant owner thinks about me. Don’t worry about me or mine. I owe no man an apology for doing well. I’m legit, legal, and treat my tenants house better than my own. I am not gonna be fake humble in case my tenant sees me at the gas station with a new car. I’m not gonna sacrafice my quality of life as not possibly upset a hater. That’s absurd to me. That said I don’t drive flashy vehicles. My truck is 22 years old with rust holes in it my wife’s car is 11 years old. My motorcycle is 11 years old and is my primary means of transportation.i ride it rain or shine.  I go to work on it minor grocery shop on it,go to kids school events on it and respond to tenants issues on it. When we are looking at a potential new place I ride it. I made sure I could get a tool bag that could fit in my saddlebags. While it is not an e-bike I perform every function of life on it.my real estate agent has made a comment about my bike said it was nice and my tenant has as well. We talked a little bit about thier bike.  Who cares what you drive? My tenants have newer cars than me. It’s ok. But I’m not gonna hide from the whole world cause I have a decent car. 
take care of your tenants and it won’t matter if you look like a scraggly pirate on a motorcycle or in a 3 piece suit. They care about getting a drip fixed or the ac fixed. Not what you lookin like. 

I’ve never dealt with wholesalers or hard money lenders. I have dealt with banks. That said I don’t worry about the next person, I worry about me.Not in a sneaky way or cheating someone. I just look at things from my wallet. Does my end look good. Do I accept the terms is it beneficial to me. If yes than that’s it. If someone makes money of me…. Ok. Good for them. As long as I get what I want out of a deal than ok. I understand at my job they make so much money off of my labor. I’m cool with that. Give me what we agreed on. I don’t care what ceo, bossman, or the guy down the way makes. Give me mine. If someone feels the lender is gonna make too much money off of them. You got choices. Don’t sign the dotted line and fund it yourself. I’ve never loaned anyone 150k but if I did I would want to eat good off of it. 

Quote from @John Clark:

Quote from @Adam Bartomeo:

Whatever multiple you use, it should not be a hardline yes or no. It should be a gray area or a guideline. Our goal is to find ways to say yes, not try and find reasons to say no. If they are below our 2.5 times rent multiplier we simply ask for advanced rent based on the added risk involved. 

Personally, I would not work with an owner like you due to inflexibility. I have found that ridged owners should not own real estate as they do not understand all of the "what if scenarios". 

You work on commission, don’t you, Adam?

 Agreed . Everyone has a “what if”. Having a sound ridgid screening process is good business. Banks don’t care about this or that. It’s credit score debit and how much money you got. They safe guard them selves against pitfalls. They do all they can to minimize potential hazards. Real estate investors should do the same thing. A bank is  not gonna loan you 500,000$ to buy phone cards, regardless of anything else. It’s bad business. Also having a structured criteria can help limit potential lawsuits. If your standards are over the place ……………