All Forum Posts by: Michael King

I just mail them to the bank with a letter asking them to deposit the check into my account. The hardest part is walking to the mail box and pushing that little red flag up. 

@Danny Greene I recall listening to a BP podcast where they interviewed this young guy and he was skyting about how low he'd gotten the price of a place from some old lady and made a fortune on the deal. He knew exactly what he was doing by screwing her over and I was disgusted by him. Wish I could remember his name or the podcast number. But then again, I wish I could forget, too. 

I wouldn't refi the mortgage unless you are doing a cash out refi. Without looking at an amortization schedule, I'd say it will cost you more than you'd save.

As an example, I just refinanced my primary down from 4.375 to 3.0 on $260K. It cost $2K in fees, but I will save that over 1 year. Save the headache, put that $2K into repayments.

@Bernard Sanga Another thing mate, some people just won't deal with banks. Call me crazy.

My one tenant that I inherited paid cash to the PO. Now I own the place they have to go buy a money order and mail it to me. I'd prefer them drive it to my bank and put it straight in my account, but the husband is probably wanted for a cold case bank heist. 

@Carl Payne if it were me, I would look for an LTR tenant. Also get the ball rolling on the bank - surely they have a COVID contingency plan in place? I am tired of seeing every company that I do business with loud and proud advertising their COVID plan and how they are helping me. 

Bottom line is Carl, you need to take action if you're in trouble. 

On a side note, given that there are no bookings in the forseable future, how much would you charge for a week's stay?

I looked at the title and thought, "Buella".

I drove into a lovely and very famous neighborhood here last year. When every person in the street owns a pitbull (the most gentle of all dogs on the planet, apparently), and the AC units are in cages, I focus my business plan on other neighborhoods. 

Someone recently posted their LTR got broken into between tenants and lost $6500 in appliances and mechanicals. While that can happen in any neighborhood, a neighborhood that has cages around the AC units seems to be pre dispositioned for it. 

Yep. Yet he won't tell Lowes or Walmart to let you walk out with a stack of stuff without paying for it. 

Welcome to socialism.

I do my own garage openers, but then again I'm not a long distance investor. The openers are $128 at box stores, I bought several on sale for $64 a piece. They take about 5 hours to install when you read the instructions, but pretty easy. I think $700 to have 2 installed is a great deal, but I think $700 for an outlet is outrageous. I'd get several more electrician's to quote. They'll probably only be tapping into the garage light fitting anyway. From an electrician myself, no way should you pay more than $150 for the outlets. You only need one double one, anyway.