All Forum Posts by: Account Closed

Make the offer contingent to your financial partner's approval.  It allows an easy out.

I looked up IL on landlordology and see there is no max security deposit.  I think it sucks that you cannot use that for damages.  I personally do not collect the last month.  I do a 3 year lease and if they bug out the last month, I don't really care.  I will get someone else in there.  If you screen well and get a good recommendation from their current landlord, I don't see a big downside here.  But if your requirements are that you collect the last month's rent, do that.  If he is unwilling to pay it, go onto the next applicant who is.  I am very upfront when you put in an app of what my monetary requirements are.

What type of loan would you be getting ahead of time?

 I am finding this discussion very intriguing.  I have 7 rentals and workers comp has never been something I consider.  Of course, my current labor is a homeless guy I am helping but that is another story.  It isn't as bad as it sounds.  He does great work, but just can't manage him money well.  I had figured that if someone got hurt, they would go after my home owner's policy and then once exhausted my umbrella.  I will do some digging into workers comp law in NC and see how I feel about it.  The reality of the situation is that I am not able to hire a legit company that would have this to work on my homes.  In the near future, I probably will, but just not now.  I think many people are in the same boat.

Microsoft Excel and Word.

Workers comp huh?  I have to admit this is the first time I have ever seen a question like this.  I cannot speak for Florida law, but I would be willing to bet that when you higher independent contractors, you don't need to worry about workers comp.  Pretty sure that only applies to your employees and it is provided by the state.  What is the justification of your investing partner for this and does it really matter once the deal is done?

So mail it to the address of the rental.  Most tenants forward their mail to their new location.

Does it actually detain or retain water? Is it in good shape? Is it on the property you are trying to purchase or is it community property? Every newish development has a detention basin for rain runoff from the streets. If it looks like it 1) holds water instead of draining it into the ground or 2) is in bad shape, consider that in your purchase. The community will most likely be responsible for any repairs and they can be pretty steep. That usually means a special assessment if there is an HOA.

 I am going to give you great advice here.  You live in NJ.  It is a liberal uptopia with extremely left wing judges.  I agree with the sentiment of what you say.  It doesn't matter what is in the lease until someone takes a legal action.  I do it all the time with clauses in my lease.  The difference here is that a judge will just invalidate a clause in my lease.  No real damage.  If you take 8 months rent (not sure why you would anyway) as a security deposit, you are breaking the law.  Big difference my friend.  Many eviction judges think you are a billionaire slum lord and will take it out on you.  They city/state has unlimited funds to go after you and if they decide to to do that, your life will suck.  

On the other hand, if renters had great credit scores, they probably would be buyers.  I don't care so much about your credit score as long as your credit shows a history of you paying your bill.  Think cell phone and cable.  If they won't pay their cell phone and cable bills, they probably won't pay their rent.  Ignore medical bills.  They cannot be collected anyway.

 Liability huh?  That is a new one I must admit.  I can say this.  Don't follow my advice.  I am not an umber pro and clearly I am not Donald Trump.  If you want advice, ask a real estate billionaire.  He will know what you really need to do but I doubt he will give that level information away for free.  Unlike me..  However, since I don't know any billionaires, and I doubt you know any and really doubt the guy begging for advice on how to fund his down payment on a property don't know any, they are stuck with the less successful people like me.  But once again, don't take my advice.  You typically get what you pay for in this industry.  Have a fantastic day.