All Forum Posts by: Michael Rossi

I would start small with a SFH, duplex, triplex, etc and MANAGE THE PROPERTY YOURSELF. Even if you eventually want to have a property manager, you need to know how to do it so that you understand what the management company is doing to/for you.

Good Luck,

Mike

EXACTLY RIGHT! It's always been that way. In fact, when people call looking for a rental, I always ask them what they're looking for and a shockingly large percentage don't know. If they don't even know how many bedrooms they're looking for - they definitely won't be renting anything!!!

In my experience (with literally thousands of applicants), handing out applications is a COMPLETE WASTE OF TIME (and paper)! If a person wants the rental, they'll fill out the application on the spot. If a tenant doesn't want the unit, they'll often ask to take an application with them - to which I respond NO! I tell them to call me when they're ready to rent and I'll meet them to fill out the application (which almost never happens).

I use the 5 Minute Rule when it comes to tenants. That rule states that tenants have an attention span that lasts no longer than 5 minutes - LIKE A 3 YEAR OLD! If the tenant walks away from your property without filling out your application, within 5 minutes, something else will fill their miniscule pea brain and thoughts of your rental will be gone forever.

Also, your application is WAY TOO LONG! Mine is one side of one page and collects all the info needed to properly identify and screen a tenant. Anything longer simply discourages tenants from filling out your application. Again, the 5 minute rule comes into play. If it takes the tenant longer than 5 minutes to fill out your application, they'll become frustrated and quit. Your 4 page application likely looks to the tenant like a copy of War and Peace. NO WAY could they read anything longer than a comic strip and no way could they fill out a 4 page application.

My suggestion, use the KISS principle - Keep It Simple for the Stupid (applicants)!

Good Luck!

A refurbished appliance for $300? Is it made of solid gold??????? Look a little harder. You should be able to buy used appliances CERTAINLY for less than $100 and much less if you put a little effort into it.

It's not a smokescreen for cap and trade. In fact, The Chosen One has decided that he's not waiting for cap and trade. He's decided to simply institute massive new government regulation via dictitorial fiat through new EPA caps on carbon emissions STARTING NEXT WEEK! That's what the smokescreen is for.

If anyone thinks that this is only going to cost a family $2,000 per year - I've got a bridge to sell you! Every single aspect of your life is going to be taxed - your utility rates; everything you buy that is made using electricity or oil; everything you buy that is transported via truck, ship, or rail. In other words - EVERYTHING!

Furthermore, the Socialist in Chief instituted new automobile CAFE standards that will require company average fuel efficiencies for ALL VEHICLES SOLD (including trucks and SUVs) to increase by 10 mpg by 2016! How is that going to happen? Is the Ford F-150 suddenly going to start getting 35 MPG???? No! They are going to FORCE people to buy teeny weeny little environmentalist wacko style cars to meet that standard. The ONLY way to accomplish that is to make it too painful to buy a full-size vehicle. Unfortunately for landlords, rehabbers, and many others, a "smart car" (which is the size of a large pumpkin) AIN'T GONNA CARRY A SHEET OF PLYWOOD!

PRICE! Everything else is fluff. You can rent just about anything, located just about everywhere IF YOU BUY AT THE RIGHT PRICE.

Having the rent due on the first with no "grace period" isn't a viable option because many government checks don't arrive until the 3rd.

My rents are due on the 1st, late after 5pm on the 4th. I post the 3 day eviction notice on the 5th. If the tenant pays during the 3 day notice period, I charge a $50 late fee.

I'm not giving my bank information to ANY TENANT!

1. Full time in the rental property business (if you consider 12-16 hours a week full time)

2. 7 years

3. Several dozen houses, apartments

4. Local REIA

5. Nothing

Don't look now, Rich, but the entire government is commie. The AMT is only the tip of the iceberg when it comes to taxes that are going to kill ANYONE THAT IS PRODUCTIVE. The Bush tax cuts are getting ready to expire. The just-passed "healthcare" (wealth redistribution) bill has a new 3.9% Medicare tax on unearned income (rental income, dividends, etc). The VAT is coming. Cap and Trade is coming (or the taxes will be imposed via EPA). Major corporations have announced HUGE expenses due to the Healthcare law - WHICH WILL BE PASSED ON TO THE CONSUMER.

A TOTAL ECONOMIC COLLAPSE is RAPIDLY approaching! I know that you're prepared, so am I.

After the collapse, let's take our country back!