Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Michael Rossi

Michael Rossi has started 45 posts and replied 4385 times.

Post: WOULD YOU RENT TO THESE PEOPLE?

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

...or bolts sticking through your tongue, or pants 10 sizes too big, or a trashy looking car, or inappropriate dress, etc, etc, etc. BTW, it's also not illegal to discriminate for hiring based on these things. People are free to choose to look any way they like. However, if they choose to look like a freak show, I am also free not to rent to them!

Post: WOULD YOU RENT TO THESE PEOPLE?

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171


I would say that only a fool would fail to judge an applicant on every piece of information they are given. While you might say that people shouldn't be judged on their appearance, I disagree. People generally look like what they want to be. If they wear pants that are so large they must be held up with one hand; if they have tats on their face and hands; if they have a bolt sticking out of their tongue - they're trying to tell you something. As a landlord with a LOT of experience, I can tell you that those are signs that the person is irresponsible and the chances that they are a druggie; criminal; or lazy deadbeat are significantly higher than a more "normal" person.

Your brother has set himself up for a difficult professional life. Who's going to hire someone that is covered from head to toe in tats and has metal sticking out all over their body? I know I wouldn't (unless I was running a tattoo shop). How many professionals or business people do you see that look like that?

I'm glad that I AM a judgmental [REMOVED] - it helps me steer clear of a LOT of very bad tenants!

Post: How to not run a rental business

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

Well, I think it's just semantics. The landlord is definitely a failure because he paid WAY TOO MUCH for the property. OUCH! Whether he will actually fail or not (as in 'go bankrupt' or lose the property to foreclosure) is another matter entirely. I agree that you can't assume one way or the other.

FWIW, I think the OP has a GREAT philosophy on the matter! Take this great gift as long as it lasts and don't worry about the owner's financial situation. If the property is eventually foreclosed upon, no big deal. It was a great ride while it lasted!

Post: 4 plex with Bad Renters

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

In this case, I don't think I would have called the police at all. The druggies were doing a great job of getting rid of each other. The only thing I might have done was to make sure they had plenty of knives and ammo (just to expedite things).

Post: How to not run a rental business

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

This is EXACTLY why the vast majority of newbie landlords fail. They don't understand the operating expenses before they buy; pay too much for the property; and lose a boat load of money.

Having said that, if the owner has a very good job and has some pride in his credit, he'll probably eat this loss for years! Enjoy your subsidized rental - subsidized by a failed investor!

Post: Should I allow Section 8?

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

I also take Section 8 and have found Section 8 tenants to be EXACTLY like other tenants. There is absolutely no difference. You've already had this tenant in place for at least a couple of months. How's the tenant doing? If you're happy with the tenant, then I would definitely accept Section 8.

Post: WOULD YOU RENT TO THESE PEOPLE?

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

I would do a THOROUGH background check on them just as I would on any couple. You need to KNOW what their criminal record is - NOT GUESS ABOUT IT. You also need to KNOW their eviction history and you need to VERIFY their incomc. Tats and piercings all over are a warning sign.



Who cares? If you base your business decisions on applicants looking like a "couple in love" - you're going to be out of business VERY SOON!



Yes, you can usually judge a book by it's cover. If the cover of the book lists the title as "Cooking", then you can be pretty sure it's a book about cooking. Likewise, if the tenant is covered in tats and piercings and looks like a freak - you can be pretty sure that they ARE A FREAK!

I know this is your first post and that you're new, but you need to RAPIDLY get up to speed or you're going to get badly burned. I would suggest reading every post in the landlord section of this forum!

Post: When and how to reject an applicant?

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

I believe in being a little more direct. For example, if I find out that the tenant has a recent eviction (within 7 years), I simply tell the tenant that they are being rejected because they have an eviction. If they have a felony, I'll tell them we don't take felons. If they are dressed like a gang banger and look like a freak show, I just tell them that we don't take people that look like a freak show! (freak show is not a protected class)

I do agree with Rich that I won't betray the confidence of another landlord, employer, etc. If I'm rejecting them because of a bad reference, I'll just give them a vague reason.

As for the written denial, that is only required if you deny the tenant because of their credit. For anything else, you can just tell them that they're being denied.

Post: 4 plex with Bad Renters

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

If you do have to evict druggies, be prepared to repair a lot of damage. Angry drug dealers are VERY HARD on property.

As for determining whether the tenants are drug dealers - definitely ask the police. However, even if they say no or don't know, you still need to determine the facts for yourself. It is VERY obvious if a property is a full blown drug house. A drug house will have people CONSTANTLY coming and going. Make a few trips to the property in the afternoon or evening (druggies are lazy and will sleep in). If you see a steady stream of cars that stay at the property only about 3 or 4 minutes - IT IS A CRACK HOUSE! No other investigation is needed.

Post: 4 plex with Bad Renters

Michael RossiPosted
  • Real Estate Investor
  • Ohio
  • Posts 4,583
  • Votes 1,171

You need to determine the FACTS before you spend $210,000 to buy the place! If the tenants are all drug dealers, you could EASILY get into a nightmare that you may or may not be ready to face. Do you have a concealed carry permit and carry a gun? Are you prepared to have no income from the property while you evict the drug dealers? How long does it take to evict tenants in Minnesota for non-payment of rent? What happens in Minnesota when a property is designated a crack house? Can the police seize the property? In Ohio, they can board the property up for A YEAR!

You need to KNOW if this is a crack house and you need to KNOW how you'll legally get rid of them if it is.