All Forum Posts by: Mark Langdon

Why not ? If I was the Landlord I appreciate you letting me know and maybe it opens my eyes of something I didn't realize.

I keep it all separate in my own name with separate bank accounts. I find a LLC is too much hassle. I just take a large $ 1.0 MM+ umbrella policy out instead.

Rhonda;

I don't rent out condo's so I don't have the exact experience you may be looking for but just please make sure you have all your expenses included. Since you didn't provide a breakdown on the expense side please remember that stuff happens where you have to paint; call a plumber; replace carpeting; wear and tear inside; insurance; taxes; mortgage interest etc. Be careful of those dreaded HOA fee's as you know already you don't want those creeping up. Make sure you have an exit strategy also as if everyone is trying to sell their condo at the same time it could be tough to get out.The ROI sounds good so go for it as long as you did your comp's correctly. Its also a good smaller property to learn the ropes on also if you are a new investor.

Sooner or later they will not pay at all. Do not get greedy with the late fees. They are telling you they can't afford it. Unless you get them on automatic ACH based after each paycheck it's time to go. Help them find a place they can afford. I would feel I am taking advantage of them by collecting all those late fees. Who needs to stay up at night wondering when/if they will pay.

I always do it myself but that's me. I just buy the materials and it can be done in a day. If your not handy than get 3 quotes and pick the best one. Sounds a little high but every area is different. 3 quotes tell you if they are in line. Maybe try Angie's list for reputable contractors where you can see their ratings.

Try to get them or pay them to leave or allow them to end their lease now but don't wait any extra days to serve them to evict.

I'm a quiet one so I would probably be vague and respond "There is only one that is most important to you and it's this one". I don't like people judging me by the number of properties I own.

If I don't like the situation or smell something is up I always drag out the application process telling folks I am continuing to accept lots of applications and will make the best decision at some point in the future with no time frame given. I know how many people fit my places without beating them up/overcrowding etc. for what the home is built for. This is not a first come/first serve application process and I take my time to get the best possible tenants no matter what, no matter how long it takes. I would rather leave it empty than rush to fill it. I screen everyone way before I collect an application fee so they don't get mad if they do not get the place.

I always do a brand new lease. It allows me to incorporate any lessons learned over the year to build a better lease. It usually takes 10 minutes to clean up the dates; price etc. and use the best possible strongest most updated lease you have. Well worth it; just in case some day.

Always tell them the truth and state you are the owner if asked directly. We are all here at BP because we are honest and up front with everything we do and proud of it with nothing to hide.