All Forum Posts by: Marcus Johnson

Football is like another religion to me.  Of course I watched and had a fun party with friends and family.   Nothing like it no matter the teams playing. 

Proverbs 22:7. The rich rule over the poor. The borrower is slave to the lender. All I can say is that is what the bible says.

Here's something to think about with real estate say you put $40,000 of your own money into $100,000 property you have the potential to lose 100,000 on the property if something should go very wrong whereas with index funds are mutual funds if you put 40,000 in the most you can lose is 40,000 but in index funds are mutual funds if you keep it in there for a long period of time they will grow due to compound interest and due to the fact that the SMP has returned 11% overage history

I use Rentpayment which is great because I prefer not to have to drive to my bank.

Work. I started a handyman business and made some good money to get started in addition to my full time job.

Also, is it not true that 100% of foreclosures are homes that have a mortgage?

Brandon Cravens His question is legit. Your example should say both investors buy a 100k property value for 60k each. One uses 100% financing and the other 100% cash. Now you have a true comparison.

Originally posted by @Brandon Hicks:

This is possibly going to sound a bit harsh....

You either need to hire a property manager or not be so emotionally tied to what tenants do or don't do.

Tenants are unpredictable.

Go get another 20 units or so and you'll understand that what you're dealing with isn't a real problem....its completely normal.

I've had tenants move out without telling me that I've been in frequent contact with up to the day they moved out.

It's a business...just set the emotions aside and get the unit in rentable shape ASAP and focus on what makes you money. Finding more deals.

To answer your question though...don't sign the new lease until the unit is ready.

 No problem, everyone has their own opinion.  But to answer yours, I don't have emotions tied into what tenants do.  I was very business like when bad tenant decided he needed more time to leave.  He even called the cops saying I was threatening to make him leave, when he signed the lease to leave and do a final inspection on the property.  The cops laughed and said I'm doing nothing wrong and I should have brought an eviction notice.   To answer your question regarding handing the keys over to a PM, I'd say no way.  I'm learning so much and I want to make a successful business.  So far this property has been very profitable.   Thanks

Originally posted by @Dawn Brenengen:

@Marcus Johnson I leave two days between one lease ending and another beginning.  I don't worry that someone will hold over.  I'm usually in frequent contact with them during their last few weeks, and I'm pretty confident that they are going when they say they will.  It's possible that could happen, but a month wouldn't do me any good either.  It takes just a little over a month to evict, so I still wouldn't have the time to get the next tenant in on time.

I can almost always show the home while my previous tenant is in it.  Some are cleaner than others, but I haven't had many who were total slobs/turn offs.

 Finally someone who answered the question I asked?  LOL   I was was just wondering what legal implications could result if a tenant stayed to long and you've already singed new tenants.  Your the only one who answered this question.  

Originally posted by @Mike F.:

Originally posted by @Marcus Johnson:

I disagree.   Two years with the same tenant is better mathematically and finacially, because if your having to change out your tenants yearly, that's twice the amount of vacancies, if your using a PM then you'll have to pay them twice the amount of rent for the first month (Renter's Warehouse requires 1 month rent for example), if your managing the property yourself then that's twice the amount of showings at least and that's time which equals money, then there's twice the amount of maintenance to turn the property over for the next renter, etc......   

As I said solution to the whole thing is to look at this differently and consider properties and tenant matches and management that creates long term tenants. If I had frequent turn-overs all the time I'd personally think I needed to rethink my screening and fundamentally rethink the properties I owned. You can treat the symptoms over and over again or you can cure the disease.

You keep using frequent turnovers.   Please read this again, these are only my second set of tenants I've ever had in the duplex and the first tenant who was grandfather in moved out for a new job after 2 years which is out of my control and the second tenants also grandfathered in, who live there also for 2 years moved out to buy a home which is out of my control.   So the word frequent or over and over again doesn't apply here.