All Forum Posts by: John P.

So this thread has been going on since before COVID and no one has a definite answer? Have any "students" or those saying positive things about the program closed any deals? Anyone know the names of the funds that Lee claims to manage? And if this is illegal in some states...what exactly is illegal about finding interested investors and matching them up with a funding source? Seems like you're just a marketer working on a contract basis (not that I'm defending the program or even saying it's legitimate).

@Robert Wood - Any updates? Are you still flipping land?

Dawn/Aly, thanks for your input! 

Roger,

Thanks for yours as well.  From what the PM has told me, the local judge is pretty lenient with tenants.  I may consider your approach--or my second option of giving them until Friday, then being firm for the rest of their lease.  I'm a little hesitant about making things more complicated (higher catch-up provision), but it's worth considering.   The "pay or quit" that Dawn/Aly mentioned may come into play, too.

Oh, the house is just outside of Houston, TX.

I own a house in another state with tentants and property management in place.  I bought it about a year ago.  So far, it's been more of a learning experience/gut check than an  "effortless cash flow source."

Last month, the PM had trouble contacting the tenants.  It turns out a close family member died, and they were out of town for the funeral/arrangements.  They said they'd be a few days late on their July payment.  Apparently funeral expenses took a toll on them.  I was OK with the late payment, since they've paid timely so far (since Dec. 2013).  Normally, we'd start charging late fees on Aug. 3.  I was expecting the payment by Aug. 8.

Well, it's now 8/18 and I still haven't received the payment.  The PM again had trouble communicating with the tenants, but finally talked to them today.  The lady said her husband's pay was shorted last month, but she's going to try borrowing the money from her sister.  If she can't do that, she says she'll still pay by this Friday (8/22).

Any advice would be appreciated.  My short-term options are (1) Start charging the late fee today) (2) Start the late fee if they don't pay by Friday.  Longer-term, I'm wondering about next month's rent (due in about two weeks) and possibly eviction.  The PM says there's pretty strong demand for renters in the area.  However, I've probably missed the best season to put someone new in the house.  The current renters lease is up this November.

"I don't consider Donald a serious politician he's an opportunist with personality issues needing attention to feed the ego.'

As if our current career politicians aren't also opportunists with issues living off our dime. At least I can choose if I want my money to go line Donald's pocket.

Good question. This is my first rental and I've never had a security system in my own home, so my knowledge is limited. I assumed it would be up to the tenant to activate (and pay for) it. Is it standard to have an operational security system while showing a house? The PM and I didn't talk about it before this happened.

I tried to separate that post into several paragraphs but it didn't work...

I closed on a small new construct SFH in a another state a few weeks ago. It's a turnkey setup with property management (PM) in place. At first, everything is OK. Several potential tenants look at the house each week and the PM and I stay in touch. At least one tenant is very interested. Then, out of the blue yesterday, the PM tells me there's been a break-in. Someone tries to steal the refrigerator. They don't get it, but the water line is cut and the house has flooded. I give the OK to send a restoration company over to mitigate the situation and call my H/O insurance agent. I put in a claim once I find out it's likely to be above my deductible (which was a no-brainer--the baseboards need replacing, sheetrock work, carpets were pulled but will hopefully be saved, etc.) The police came shortly afterwards and did a report. I'll hopefully get it today. The insurance adjuster is going tomorrow. Evidently, the builder (who is building other homes in the subdivision) found out about this first. I'm not sure who first got in the house to see the damage. Hopefully all that will be in the police report. The agent who sold the house knows the builder really well, and they think it's probably foul play from a sub-contractor. I'm not sure how they got in, but the PM immediately changed the codes and is getting security system stickers for the windows. The house has a security system, but it hasn't been activated. Any advice, comments, condolences ;) , etc. are welcome. The PM implied that the builder may do a lot of the repair really cheap (or free...I'm not sure). They have a reputation to keep up in the subdivision and town.

Thanks, @Jameson Wildwood and @Elizabeth S. I've been thinking along those lines. I also have $500K on the property. I think an umbrella policy is ideal for now.

Thanks, Mark. I'm a numbers geek. I'd like to make a data-driven decision based on probabilities and claims. Umbrella vs. LLC discussions can be helpful, but some of the minutiae is beyond what I need to know. Maybe the data I'm looking for is hard to find, though.