All Forum Posts by: Kevin Perk

You need to understand what your state's laws are regarding possession of the rental unit. If you go in there and start trying to make the unit rent ready without having legal possession you may be on the hook for that "lost diamond ring." I have seen it happen.

Can you possibly contact your "tenant" and get a signed "release to rights of possession" from her? If she will sign such a document it may save you from the hassle of going to the courthouse. As others have said, ask you attorney for advice here that is pertinent to your state and local jurisdiction.

Good Luck,

kp

James,

The responses above are great. I also suggest you read "The E- Myth" by Michael Gerber. That book will help you define and structure your business so you can build your team and therefore build your business.

kp

"but to see 25 year old "kids" hangin in chairs and drinkin on the lawn at 3 in the afternoon, is bad news"

You violated the 40/4 rule. If they are drinking 40's before 4 in the afternoon, do not buy! ;)

Must have had some "interesting" posts. Sorry I missed it :/

An excellent book that I highly recommend.

It lays out how to be the CEO, rather than the maintenance man.

I have never used PayYourRent.com. However, looking at your list Joshua posted at "Online Rent Payment Tools" I can say I have had a good experience with ClearNow.

Read every real estate book in your local library.

Join a local Real Estate Investors Association (REIA). My local REIA was a great, inexpensive place to get a solid real estate education. You can find a local REIA here: http://www.nationalreia.com/ click on find a REIA.

Good luck to you!

Be the CEO, not the plumber.

Make the offer!

Trust, but verify.

Glad it worked out for you!

You should always enforce your lease, otherwise tenants will continue to push the envelope. If your lease says they had to notify you and did not, then take appropriate action based upon your relationship with the tenant.

On a side note, I have always allowed pets as they are a money maker. But, I do not allow pit bulls and such for insurance reasons. I charge a $100 non-refundable pet deposit and $10 more per month in rent. Plus, I have to meet the pet before they move in or acquire it. Don't fall for the "its a mixed breed" line.

"When looking for an invenstment property, do you consider location?"

Yes! Location, Location, Location applies to investment properties.