All Forum Posts by: Jimmy Dang

The moment a tenant is late I give a 3 day pay or quit (that is what Kansas allows).  If they state they will pay rent by some date then I don't do anything after the 3 days.  if they don't follow through with what they said they would then I immediately move forward with an eviction and since I have already delivered the 3 day notice I can call my eviction attorney that day.

Nothing helps a tenant find the rent money like a legal notice to attend court.

@Al Nelson, I can imagine. I'm fortunate that most of my neighbors are good. I still try to be on good terms with the few who are oddballs like you describe.

I would agree it is not a good idea to invest without knowing the area. I live in Wichita Kansas and the market here is growing. Houses can be bought at a great price. I have only been doing this for 2 years but I now have three houses and a condo. I do have a really great property manager who runs it all for me. The crime in Kansas is on the rise and some areas are bad to buy in. So for me I would avoid getting into something you cant check yourself.

@Jon Crosby @Joe Villeneuve @Steve K. @Jimmy Dang

Hi BP Friends, thank you for the responses. I sincerely appreciate your input. Upon further research I would be taking unnecessary risk on these properties. The rents were inflated in the por forma I was provided which I realize is typical. I called local property managers and the rent I would need isn't close to what they are currently getting. In fact the most expensive property they are renting is $500 less from what I would need for this to be a good deal. I'm going to send an offer to the builder with the number I need for this to make sense. If the offer isn't accepted I'm moving on from this deal and searching for more. 

If you have more questions around the specifics of this deal I'm happy to share more information. Again, thank you!