All Forum Posts by: Laura George

@Cesar Gomez

Buy some modular storage units. Amish built. And find a commercial small business that will let you sit your buildings on their lot. Like trailer parks. You can actually do all of this on credit. With 0 dollars out of pocket.

My wife and I have 10 years in the buy and hold business. It seems that the tenant pool is constantly changing with the local environmental variables. I always hear stories about forever tenants but rarely see any. Also wouldn’t it be nice to have a tenant that not only stays but also pays and pays on time? Also what about maintenance calls. It sure would be nice not to have to go on nuisance calls about dripping faucets. So what traits and or characteristics would the golden tenant possess?

@Kyle Barger

No!!!! He is a transient. What is he running from and will he go back as soon as it cools off or will it heat up there and he will have to move again.

If he smokes he will probably smoke in your home. I’m assuming he’s a smoker since he hangs out at the lodge and drinks.

@Rachel S.

Yes. We just bought a trailer park and inherited some dead beat tenants. The judge won’t kick them out even for the thousands of dollars in damages. The judge is scared to do the right thing. Very interesting.

There are a lot of good deals out there right now. But it is very hard to manage tenants that someone else qualified when we would have never qualified them.

I think it’s ok to buy now as long as you have the cash to carry for some time. I’m thinking at least until tax season is over next spring.

@Greg Carrier

Hoping you will also share that with us!

@Bryan Beal

Look man. These idiots where I live are not staying home. They are out spreading the virus. If the politicians could leave politics out of this then we could all stay home for two weeks and really get a good handle on this.

The thing is is we have way too many essentials that aren’t essential. I completely understand the small businesses that want to stay open to survive. I understand. We own a motel. We house construction workers. We are empty now and we were full before.

We need to as a nation bite the bullet and close everything except the hospitals and police and fire departments for 2 weeks. This would let us get out in front of this and buy some time. It would be a lot cheaper and easier in the long run. And we need to do an investigation on China and why and how we really got this bug. And hold them accountable. And I’m not talking about some bs commission like the 911 commission where it’s really just a fiction book that cost the tax payers a ton of money.

I am staying home. This virus is real. It is really killing a lot of people. We can’t just pretend like everything is fine. We do not need to go to sporting events.

One thing about this is if trump doesn’t make his voters stay home then they will just go out and get the virus. He will lose a lot of voters. Really how many people that didn’t vote for trump think that this isn’t really a big deal. Trump’s voters think that the media is making a big deal out of this. I believe that trump will lose a lot of voters to the virus because they will just not stay home.

@Scott Passman

Well said. I although we were already in a bubble and the economy needed a correction way before the Coronavirus.

@Bill F.

That’s a great idea. Usually people don’t want to show their homes to the public and they make it difficult for investors. It’s very uncomfortable looking at property with tenants in it. That would be a great solution because the tenants wouldn’t have to spend money and it would mitigate the investor losses. Well said.

@Robert Smith

You can always ask. But you should refer to your lease. If it doesn’t include penalties then good luck.

And you will always be money ahead to get the tenant out as soon and fast and rapid and easy as possible. Your tenant has the leverage until he moves out. Anything that you say or do can and will cost you money as the tenant is moving out. Be fair be kind and try to put yourself in their shoes.

If the tenant was a good tenant and left the place in move in ready condition then I would be happy and just rent the place out to another tenant and then make sure that there was an early termination clause in the next lease.

One of the beautiful things about being a landlord is that the tenant signs your lease. So write the lease to benefit you and then you can always give concessions if you deem it necessary.

@Michael Vu

If it’s your first deal I guarantee you that your numbers are wrong!!!

It’s okay just know that you will make many mistakes. It doesn’t really matter as long as you can make the payments on the note.

I recommend looking for 200$ per month cashflow. Then if your numbers are wrong and you’re only half right then you’ll still get 100$ in cash flow.

As for the renovations. Well...... get ready for a good life lesson of getting kicked in the teeth. But that’s ok too. Just know that the contractors are professionals at not doing what they say they will do. If anyone wants to argue this fact please don’t waste your time. The evidence is everywhere.

I’m a contractor so I know what contractors do and say and don’t do what they say. Hope this helps