All Forum Posts by: John Thedford

@Sonia Chopra where investors seek to get at least 1% a month of the purchase price. Buy a 150K property hoping to get at least $1500/month rental income. Some call it the "1% rule". I often hear people speak of it. I also use for a quick mental evaluation to determine if the property MIGHT be of interest to me.

@Account Closed what they DID do is write an account number across the check. That number is NOT my account, but rather the one they mistakenly credited. 

I do not trust that website. I looked up a lot of properties I own and the numbers were not even close. And in SW FL, where I live, I avoid paying over 150K for most houses because they won't meet the 1% guideline though I did make an exception last month on a purchase because seller carried most of the sales price. 

My friend says he is making a killing! I want to start but all my units are annuals. I just sent rent increase notices, and if one goes vacant I am going to convert and see how well I can do with it. 

@Account Closed dealing with them once--and having an incompetent person on the other end was one ordeal. Even though they found where they credited the wrong account, they did not fix it. Then two weeks later--harassment from Synchrony Bank. More garbage. THEN--to find out they screwed with my FICO and it DROPPED 101 POINTS! I wonder if I have a lawsuit?

I only use my Lowes card when I need items for my business. I charged about 160.00 in April. I do this because I get the 5% discount if I pay when the bill arrives. In May, I got the bill and paid it. Starting a few weeks later, I get a statement stating I am delinquent. I call Synchrony bank. They credited THE WRONG ACCOUNT. After dealing with someone for over 30 minutes, they found the mistake. I thought the problem was fixed. Two weeks later I start getting harassing calls from synchrony bank. I tell them I dealt with this about two weeks earlier and the mistake was supposedly fixed. Apparently not. So I told this new person what the mistake was. After about 30 minutes on the phone, she says she found it and WANTED FOR ME TO HOLD FOR SOMEONE ELSE. I said no! You know you made a mistake no fix it and QUIT harassing me. Now I get an alert stating my credit rating DROPPED 101 POINTS! WHY? These worthless people reported me as delinquent. DON'T DEAL WITH LOWES IF THIS IS WHAT YOU GET! And INCOMPETENT BANK THAT CREDITS THE WRONG ACCOUNT AND THEN SCREWS WITH YOUR CREDIT REPORT. 

Legally yes UNLESS they cannot provide documentation.  You CAN ask for a letter from a medical professional on their letterhead stating the need for the ESA. If the person applying cannot provide that you can deny them. BTW--just because they have an ESA it has no effect on damage to the property which the tenant is still responsible for. 

I intend to transition a couple of my LTR to STR if they go vacant. Prices are skyrocketing here. So is insurance, taxes, maintenance-everything. I am having to raise rents substantially but so far, not one tenant has left. If they do, I intend to convert that property to STR. If I decide it is too much work, etc I can easily revert to an annual rental. My friends that do STR love to brag about the big money they are making, so I intend to find out!

SW Fl is a great place to live and invest. No state taxes, great weather, relatively low crime, etc make this place the paradise people say it is. 

I would have an attorney write a letter ASAP demanding to close or be sued. That does not mean you have to go through with the suit, but may convince the seller to honor their obligation.