All Forum Posts by: Lee Carrell

Thank you all for the excellent advice! I have already learned to never give back a deposit until all is totally (and I mean totally) "said and done"!

Definitely cheaper to get her out without going to court. Although, I will go through small claims to recoup any money that I am out after she has moved!

Last month, my tenant told me that she was moving out at the end of this month. I informed her of the early termination fee that would be due in addition to the rent for this month, since she was breaking her lease. I just reminded her of it again yesterday. She said she would have this month's rent this Sunday.

This morning, she informed me that she gave this month's rent (my rent) to her new landlord! Not only that, she asked me if I could use the security deposit to hire a moving van to move her, since she doesn't have anymore money left to hire a mover!

What would you do in this situation?

I agree with Peter! Get your license, plenty of experience, become a broker, skip the wholesaling and go right into investing for yourself. I sold real estate for several years and if I could do it all over again, that's what I would do! God bless!

Hi Paul!

I stick with gas for cooking, as the temperature is more easily controlled. I like a separate line for frig and microwave also. Not so much to worry about spoiled food if one of the other breakers trips. I have had a tenant continue to trip the breaker when using the microwave along with any other appliance. Rather than rely on the tenant managing their electrical capacity, just put in a separate line. Remember, GFCIs in all baths and kitchen per code.

The worst thing for a buy-and-hold investor is vacancies! Here are some of my principles for keeping the units rented:

• I vigorously screen every tenant and don't get impatient and just rent to anyone.
• I make sure that all of my units are clean, inspected, and in great working order.
• I advertise where the type of tenants that I want will see the ads.
• I rent at market rate or a bit below and pitch the benefits of my units over others.
• I let the tenants know that all they have to do is call me (within working hours) and I will respond ASAP.
• I recognize the tenants as worthy human beings and give them proper privacy and respect.
• I let them know they are appreciated for paying the full rent on time and taking care of the property.

This has worked well for me!

Hi Erica!

Welcome to BP! Doing a search on previous forum posts about any interests that you have is a good way to get started!

Lee

Hello !

The Citizens Service Bureau here in St. Louis, MO is a City government agency that receives requests, complaints, and other information from concerned citizens about issues or problems with various property, street, city utilities, etc. You can report vandalism, vacant properties, drug dealing, potholes, broken streetlights, derelict vehicles, nuisance properties, loose animals, overflow of trash, etc. They will then forward that information to the appropriate City agency to take care of it. I've found that it is quicker than trying to track down the right people yourself! And yes, you can remain anonymous.

You've already received some great advice, I'll just add my two cents. I've dealt with this on both sides of the issue. I've had neighbors who are nuisances, and I've had tenants who were nuisances too.

First of all, assume that they want to do what is right. Then as was mentioned, personally speak to the adults who live there. Not their 8-10 friends, just the tenants themselves. People are more reasonable when they are not surrounded by others that they want to impress. Also, you are showing that you respect them as possibly good neighbors. You may have to speak to them a few times before they make any changes.

If that doesn't work, then you can call the Citizens Service Bureau and they will report the problem to the appropriate organization while you will remain anonymous. If it takes a few calls to them, then so be it.

In the event that doesn't work, then you call the owners and let them know what is going on and that your next step is to call the police. No one likes police attention and that usually does the trick. Then if you have to, call the police. Who cares if they know you called, by this time they already know that you recognize them as a problem.

Not what I'd call a disaster yet! She has plenty of options to either stay or leave without any problems for you, other than possibly finding a new tenant. I rent to single parent families all the time. They can still pay the rent and take good care of your property too!

You don't have a reason to kick her out. Stay civil and friendly and ask her what her plans are for renting the unit. She may have a better plan than you think!

Hi Tara!

Nice to see your enthusiasm to jump in! I'm glad you are willing to take the risk and already have profit in mind. Hopefully, the NGA employees will be good tenants for you. Look before you leap though!

I know the NGA will be moving to north City, but that doesn't mean the property values will immediately skyrocket. Properties will still be based on the going price for homes sold in the recent past. North City prices are not stellar at the moment and seem to always lag behind other areas of the City no matter what.

A 4 family is a big first step for someone without any experience whatsoever. It can be done though, as I have done it myself! If you opted for less than a 4-family, the down payment/closing cost assistance would be very helpful. A 4-family will mean increased insurance, taxes, repairs, rehab, utilities, repayment, tenant headaches, etc. Your mistakes will be magnified because of the size of the building and the number of tenants!

Get all your ducks in a row and good luck to you!