All Forum Posts by: Michael King

That's good info Crystal. I ran into a similar situation in MO - deal fell apart, seller would not release $3K earnest money. Until I called his agent and threatened legal action, that is. Which I hated doing, but I hated being out of pocket the $3K more. Wouldn't it be nice if we could all just get along?

I wonder if MO has a similar clause as the one you speak of.

 Sorry for the delay Brett, it was with Carrollton Bank in St. Louis.

@Kirk R. This is interesting Kirk and appreciate the heads up. For those positioned to buy, this could mean a smorgasbord in the near future. 

I thought the EIDLs had a cap? Like not nearly enough money to buy a car, let alone a house.

Yes what's up with the manufacturer's warranty. And they can wash clothes if you explain that portion to them. I grew up with a clothes line; maybe you can string one up somewhere? Thinking about 1 of my tenants, and yours, makes me think I'll do an IQ test for tenant applicants. Yours are looking for any excuse to not pay.

Supposing they decided they weren't going to pay rent. How much would that first month's rent be? Would you be out of pocket more for the cost of a dryer or one month's rent? 

If it was me, rather than stand my ground, I would get them a dryer one way or another (check craigslist) so I wouldn't have to deal with the headache of harassing them for payment. 

@Tyler D. Like others have pointed out, the 1% rule is not the be all end all. It's a good starting point to help you identify early in your research of whether it is going to work, and how it stacks up against other properties. I have several properties that didn't hit the 1%, in fact they are at 0.75%. And they cash flow. Am I an instant millionaire with them? Uh, no. But over time, they'll be paid off by someone else and they're buying me a bunch of beers while I wait. 

I'd make it an eat in kitchen, especially since you've got to go to the studs on the present kitchen. It may cost you more in time and money, and it may not increase the rents by enough to justify it, but you'll increase the desire for someone to have that home. Desire = motivation to live there = money in your pocket and probably a longer term tenant.

I did zero cash out. My bank is Carrollton in St. Louis; a small regional mob.  

How could he delete his facebook from jail?

If you want your friends to soon be your former friends, then buy it from them. 

There's a good saying, "Never do business with friends or family." I have found it's very true.