All Forum Posts by: Mario Bellavia

@John Kunick Great suggestion, a vetting period for new tenants, I didn't think of that.  Venmo discourages utilizing the app for selling items to strangers, as the transaction can be cancelled thus allowing the scammer to get the item and never pay.  Although with a rental you know where to find them, lol.  Venmo customer service isn't great either, just playing Devil's Advocate.  I still use it and haven't had a problem yet, but there are articles on alternatives.  I get a txt when I receive funds, it's great!  

@Account Closed Bed Bugs are hard to diagnose, many don't know what they are.  A large percentage of people don't even know they have bed bugs because only a small percentage react to the bites, it's very alarming.  I highly recommend having a bed bug addendum or mention of it in your lease.  My previous company had a 9 page lease which I thought was bullet proof.  My new company has a lease that's about 35 pages, it's very eye opening, and I will be utilizing it for my next renter.  There are so many grey areas for landlords, the only way to protect yourself is with a sound proof lease, photos, videos, etc. and even then you may miss something.  A rule of thumb for treating bed bugs is to treat the affected unit, and inspect the unit above, below, on the sides, and across, that's what we did when I managed a hotel.  

I 2nd venmo @John Kunick I just started it with my new tenant, I love it!  Venmo saves me so much time.  

A friend of mine has a checking account that their tenant deposits into, the account is only for the rent, it's not connected with anything else. 

The management company I work for utilizes a payment software, rent cafe.  The renter sets it up with their routing and check number, and they can set it for automatic payments.  The money is then transferred to my ownership.   

@Account Closed It's hard to prove where bed bugs start, a reason why my company actually has an addendum for it!  It states that the unit was inspected prior to the resident moving in and they initial that it's bed bug free.  Without this addendum to your lease, your out of luck.  If you have an addendum that says it's shared, take it out of their deposit.  Take photos, document everything, if it's gets disputed you need that evidence.  I would treat every unit. I was a housekeeping manager for years and they are no joke, something you don't want to try to fix yourself to save money.  Do your research and hire the best company out there, don't skimp, it will only bite you in the *** (see what I did there).  

@Michael L. thank you for sharing your perspective.  It sounds like you've had a rough ride and your heart wasn't in it to begin with, a reason why so many don't venture into real estate or want to become a landlord, I hear it all the time.  If you make a great salary and don't need the headaches of real estate, you are blessed.  I truly believe that you can be completely hands free of real estate and still invest if you have the right people you can trust, another headache in itself finding the right people, but just like starting any company, once you find the right people it makes everything easier.  Best of luck to you.  

@Rachel N. look at the positive side, you found BP.  Some people never find it, or never come to the realization that you are coming to.  It's like pulling a bandaid off, it may hurt in the short term, but long term it will pay off.  I'm in the position I am today because of the guidance of my father, if it wasn't for him I would be paying rent right now or have bought the biggest house I could afford.  

Section 8 is a blessing and curse @Bogdan Naescu I would count it as a loss and move on unfortunately.  The building I manage has 10% committed to below market rate units, many are section 8.  The section 8 office is a nightmare to deal with, always late with rent, etc. etc.  If a tenant doesn't pay their last months rent, we can't send them to legal because legal is to evict someone, and what's the sense if they moved out right.  However with a market paying resident, we could send them to collections.  Personally I would contact my attorney as a last ditch effort to see if there is any hope getting the money, they may be able to advise you on the phone without charging.  I have a great attorney for real estate, I would suggest you having one as well.   

@Kathy Henley I ask myself why I still live where I do, a city that always ranks top 10 most expensive in the us.  I paid $112k for a studio that is now worth $165k with no parking, no washer dryer, no dishwasher, I rent it out for $1400!  Do you know what I could buy with $165 k if I reinvest in the midwest!  I could probably do the same as you, buy an enormous multi family and retire! 

Run the numbers, then run them again, if the numbers work, you just need the push to do it from what it sounds like.  If the seller was willing to drop 33% that fast, maybe they will go lower, or maybe there is something off.  Talk to the tenants, talk to the neighbors, do as much homework as possible.  Don't give yourself false hope with expectations of high returns without doing all your homework.  This is a big move, I've ran numbers in my head before on properties that I thought sounded amazing, when I got them down on paper I was way off.  There was a dirt cheap condo I was looking at, I went to the building and started talking to tenants, I skipped on the transaction after I did my research @Abad Marroquin

Great post @Bill Bodziak for this post I would suggest just going with the shower rod, one that bows out to give you that expanded feel.  Keep cost down and do a simple vanity, new toilet, an over head recessed light, and simple white subway tile all the way up, or throw a shower insert in there and be done.

I have a rental that I'm keeping long term, I did a $1400 Mr.Shower Door assembly, thicker glass and frameless.  If it was a flip I may still have gone with it, but these days you just never know what the buyer is thinking.

For example, my day job is property management.  I help my company with two buildings, one has shower doors, the other does not.  The building with shower doors, during tours, prospects either love them or hate them, there is absolutely no in between. Granted the buildings shower doors are the cheap Home Depot ones, with ugly frames and frosted glass.  

My real estate teacher once told me, buy cheap and rent cheap.  I prefer the latter, buy cheap, fix nice, rent high.  This is also dependent on neighborhood too.