All Forum Posts by: Joffrey Long

Billy,

You're on a very smart track here. Not only will this help you meet your immediate needs of leasing to hopefully more responsible and careful tenants, but you're setting yourself up well for a growing market - that of retiring boomers needing housing.

And we're talking about 58 year olds, or 63 year olds, or more active and independent mature people, as opposed to 96 year olds, who may not be as likely to live independently, if at all.

Where Gene and Justin are correct - you can't indicate a preference for any specific age group (unless it's set up as an age restricted community), but you can be sure to APPEAL to the preferences, likes and dislikes, and subconscious "ques" that will attract older tenants.

Here's the ticket to marketing to the mature crowd. There's a marketing expert that totally appeals to marketing to this group, and he has a book, "77 things to know for marketing to the 55+ crowd," or something like that.

Bottom line, just find books and other material (there's a ton of it out there) on how to market to that crowd and you'll attract them.

Hope that helps.

California: So much money chasing so few (hard) money deals that hard money has evidently gone soft.

Last one we saw: Lender was trying to charge 8.9% and 5 points on a 65% loan to value investment purchase. Another hard money lender went 8.5% on a 3 year interest only. Then, to get the deal, he paid ALL buyer's escrow, title and recording and took all the up front lender fees (3 points) and put them in the form of a prepayment penalty, so buyer paid NOTHING up front but prepaid interest and insurance and tax proration.

But again, there's LOTS of money chasing FEW decent deals here in California. (weather's nice, though)

Paul,

I think this was touched-upon in some of the posts, but just to be sure -
With the people who for some reason or another are always late, and with respect to the issue of ability or inability to collect late fees:

Let's say the rent is $900 a month. Simply RAISE the contract rent to $1,050 per month, and insert a clause that they can get a discount of $150 (you vary the rent and discount to please yourself) in any month where you are in receipt of the rent by the 5th of the month, so their net actual rent will be $900, if you receive it within 5 days.

I have not seen this challenged, but until they take it to court and if and when it is challenged, you may be able to use this to successfully collect the $150 "de facto" late charge - and hopefully, the rent ON TIME!