All Forum Posts by: Kyle Rice

John Thanks for your reply

Yes my leases do specify that the tenant will pay for any damages that are not normal wear and tear. We also do a pre inspection with the tenants. What Im having an issues with is when our contractor comes in to do repairs. How do we verify that the contractor didn't do any damages while in the unit and how do I know if it was them or the tenant. I took pictures before move in and I also took pics of the damages. This property was a brand new detached 4plex built last summer. These tenants are our first set of tenants so everything was brand new and no damage before they moved in. I have to admit i never thought about the whole blame game thing before becoming a landlord. People never cease to amaze me.

Welcome Shawn Sounds like you have a good plan. Multi family is the way to go. You lucky dog! Two parents that are investors. I'm jealous! I wish I had someone to learn from when I was younger. I'm sure it'll go well for you considering your upbringing. Best wishes for you

Ok I'm having a lot of issues with tenants saying that they don't know what happened regarding damage to units. For ex. I let the plumber in to fix a boiler and noticed that the steps from the garage to the house were destroyed. It appeared that they're been driven over with the tenants truck since there was a tire mark on the steps. The tenant stated that the steps just fell apart while they were stepping on them. I have no way of verifying this and it's possible that the steps were not installed correctly. Who would you hold responsible the tenant or the contractor that installed them? This type of scenario has happened more than once. How do you guys deal with this type of issue?

How do you decide the number of occupants in a unit. I had a lady call me about my 3 br units and said her and her husband would be living there then a few more min into the conversation she mentions that their brother in law would be living with them and oh yeah he has a wife .....and further in to conversation oh yeah they have these friends .... After speaking a few more min I asked flat out how many people total. She replied 6. I know that most people say 2 per room but this seems like a lot of people.

I listen while driving and doing housework. I think the length is perfect. Im still a new investor and have to say the gems I've snagged from the podcasts are priceless.

I really like how you wrap up each episode with book ideas, advice from the guest and hobbies etc. It's great to hear how others are inspired.

Wow! Thanks all for the replies. A lot of great info. I'm sure Ill be reviewing these posts again and again.

Hey thanks guys! All your replies were very helpful

I'm a new landlord trying to figure out how I'm doing applications and lease agreements. I'm also trying to decide what to allow and not allow. I know this is a loaded question but how do guys do it? Do you do online apps? Where do you find forms or do you make your own?

Hi Bill. I can definitely understand your situation. We also used Dave Ramsey's program. I'm no REI guru but I've been married for 8 years. This is a sensitive subject. For me I think approaching my wife cautiously and with an open mind worked. It's important to have your spouse on board and I told my wife when we started that if I don't have her whole support then I won't do it. Timing and sensitivity to your spouse is everything. I would continue to encourage the idea of REI to her but without being pushy about it. Bottom line though I wouldn't proceed until I had my wife's full support. To me a healthy marriage comes first. Ease in with your ideas and come to her with a solid plan so she can see the whole picture. I know my wife likes me to have a plan A and B when it comes to our family's finances. Talk with her try to see her side of things and be patient. Maybe you can compromise and invest in both mutual funds and RE.

Hi BP community. I am in the process of making my first deal and I need to decide whether to buy points down for a lower rate or put less down and go with a higher rate. I was thinking I would calculate my COC return for each scenario. Am I on the right track? How do you guys decide and analyze this when buying?