All Forum Posts by: Joe Paoletta

Good Morning everyone!

I have an employee Arriving at the store to open here shortly and I’m having her look “one more time”.

The tenant’s lease is up June 15 and I know she wants to stay. My plan is to call her and give her “one more chance” to see if she “accidentally” picked it up while reminding her that her lease is up.

Her moving will cause her to possibly put her kids in a different school district which would be a big problem 

I also contacted my attorney and I am waiting to hear back from him as well.

 I also contacted my attorney and I am waiting to hear back from him as well.

I do like the idea of the police report. 

Thanks all

No cameras! We are in the process of moving in and are running short hours until construction 

Thanks 

I know I’m just venting 

All, 

I have my tenant's drop off rent to my small business. The employees provide a receipt and i collect later... Well this evening a tenant stole back her rent. 

My daughter (20) was working the store this evening when a tenant dropped off her rent. My daughter counted the money, wrote a receipt... During a brief distraction the rent and the receipt were gone.  they were alone. 

Of course my kid wouldn't steal from me... the tenant is playing dumb..."no i don't have it"... her background check was clean when i took her on.

i believe she grabbed it (either by error or on purpose) 

i know i'm screwed on this one..

she is on a short term lease (she's like 4-5 months into a 6 mo) which i will not renew...  

i've been at this 24 years and have my share of crappy tenents... but this is a first

ive always accepted any form of payment. maybe its time for check or money orders only 

any thoughts ?   

joe

thanks so far. Every real estate  investment I have made so far has turned out well. Again, I have self capitalized.  It's time to find investors. What I really need is a mentor that has been through a similar scenario. I like to tell people that I've moved myself from 'small time' to 'medium time' and seem to be stalled. I have 7 different ventures ranging from the 'pedestrian' double to private lending, all of which have been successful. We ( the wife and I ) want to move up. There is a multi family complex that we like but don't have the down payment. We have our cash tied up in our other properties. We've never had a loser.

We are stalled and need guidance.

Friends,

To this point in my investing I have either bought my properties for cash or was able to get commercial loans with 30% down. Frankly, i've use most of my capital and want to keep reserves. I want to expand and am now looking to court investors. So, what comes first finding the deal or finding the investor ?  If i land a deal but have no funding i look like an a**, If there in no deal to present, how do you court investors ?

Joe

i had to provide car titles to all the vehicles i owned and prove that they were insured. 

I recently bought a building under similar conditions. when their leases were up i 'demanded' a sec. deposit. 

id get 2-3 years Schedule E's for the property. see all leases. Call city/county for violations. Ask a cop about the complexes reputation. Check county clerk of courts for pending evictions. Check County auditor, see if they are current on their taxes. If it goes to the next step, insist on estoppel letters sent by you to all current tenants, to verify lease terms.  Then, pretend you are a bank, load the property with 5% vacancy, 5% mgt, 5% reserves and 5% other on top of current expenses and see if it'll make debt service. If not, your wasting your time. 

Remember, every property goes up for sale eventually. Don't get stuck with an albatross.