All Forum Posts by: Joseph Tramonte

Thanks Laura and Good Luck, looks like an awesome money maker and helping out society.

Laura, 

How has Gene's system been working for you? Are you running and operating assisted living s/f homes now?

Ok because the local paper does not tell you all the liens, just the first mortgage that the bank has? Is this correct?

Do you mean buying at the sheriffs sale to be careful?

We are looking at buying at the courthouse, bidding against the bank and other investors. The the owner has 6 months to redeem the property.

Could there be other Liens attached that we don't know off ?

Hi, How is everyone screening potential tenants lately. Do you meet them first and give them a paper application, or are you sending them to a site to fill out an application first to see if they meet the requirements before you actually set up a showing? 

Include a move in checklist in the lease and use it when they leave. Put this statement in the lease itself

It's a yearly lease

Hi, Looking for some input on wording when renewing a lease for an existing tenant. The rent needs to be raised this year 2018, taxes increased and so did maintenance costs. If a tenant does not respond to the renewal notice that is sent with a self addressed stamped envelope enclosed, can the rent cost still be increased ? 

 Can I put in the notice that if we don't hear back by the 60 days deadline,  per the lease, this will act as your notice to vacate. I will send this out up to 90 days before. The lease states a 60 days notice. Any opinions would be appreciated.

Matthew, I inherited a Section Eight property And the results are mixed. The rent checks always came in on time, that is not the issue. The issue is most of the tenants I had did not care about the property. I had to be vigilant with inspections and walk around the property weekly . Small things like they would not bring the Garabage cans to the end of the driveway at times the night before. The garbage company would not walk on the property to pick up garbage, therefore garbage would overflow after the first week. Guess who cleaned it up! Hallway windows would be left open In heavy summer rains. The screens were in but they would not take the time to shut the windows. They didn't realize rain would come in the window! These are just a few items that add to the cost. Good Luck

Good Book, I'm half way through it. But if your going to buy and hold property outside your home area, I recommend you have a big number for cash flowing, because things break all the time and property Manager's only reacts and does not provide preventative maintenance. I.E.: your toilet is running. I go over there and change the Korky flapper and it's fixed. How much does a service call cost for this? Then I'll check a few items while I'm there. For instance door knobs Philip screws loosen a lot , both interior and exterior doors. Most tenants don't notice this stuff. These are just a few items. How about the downspout extension is kicked off because of a lawnmower, now the downspout is going straight down and eventually water seeps in and mold and mildew starts. Just keep these small items in mind when you are away from your property. Garage door openers are another Gotcha . They jam and if not fixed they will crack the top panel of a aluminum garage Door.