All Forum Posts by: Pam R.

I just don't get it. My kids are little - kindergarten and first grade, and I don't even do everything for them. They want to sell Girl Scout cookies to people - they call them. You left your gloves in our miniscule, small-town library? You run in and get them. I even make my first grader write her own thank you notes. I couldn't imagine someday calling their landlord for them. Bail them out if they were broke - probably. Call their creditor? No way.

I agree with Bryan - take the check to their bank. If your lease allows them to pay by check, you can't change the terms now. Although I would post your Pay or Quit notice the very day they are late in February. It's not a good sign they are significantly late and suddenly want to pay by check.

We accept checks - but now I'm thinking I need to update my lease that if a check bounces, only money orders will be accepted.

@Account Closed - Can you install propane on the property?

Our tenant called the day rent was due, said his check didn't come in (Social Security), it would be a week late. When we didn't get it, my husband posted our first Pay or Quit notice. That got his attention. He called, freaking out. Said he would borrow the money from his mom.

The next day - the mom calls us! The hubby had a nice conversation with her about her son, and she said she'd write us a check. Seriously - his MOM called us? Did I mention that her son is over 40 years old?

Thank goodness he has kids that live with him - the reason his mom is willing to cover his rent. And she lives 3 houses down from him, and doesn't want him and his kids moving back in. At least we know she's incented to make sure his rent his paid every month. :)

Our tenants generally mail us the rent. Two of them have their bank mail it (one of them is set-up with auto-pay). One writes a check. The other wants to pay in cash, so we stop by and pick it up once a month. He is responsible for calling us to make arrangements to stop by. That's a bit of a nuisance, but we deal with it. We do not invoice anybody - they all know their due date.

Hi Andrew - if the lot already has well and septic, why wouldn't you build on it? That saves a pretty penny. Also, you definitely need to check zoning - where I live, new lots cannot be smaller than 2 acres. Some places also have road frontage and flag lot requirements.

Hi Kevin. Welcome to BP! I'm in the Columbus are too. I agree with Jean - Grove City may be too narrow. It's nice to have places very close to home, but if you are going to have a PM anyhow, expand your options to surrounding areas.

Good luck!

Pay off the student loans.

As long as you can sit tight on that rental, tenants will eventually get it into an equity positive situation. (Obviously, this assumes you have money for repairs/expenses). So if you do nothing with the rental property - over time it will be worth something. It can become an asset.

Your student loans will never be an asset. They are a constant liability, both in decades of monthly payments as well as impacting your debt-to-income ratio.

Plus, it would take far longer to pay down that $188k vs the $110k.

$110k in student loans is a heavy burden to bear. I imagine getting it out of your life would have a significant impact on your future financial opportunities.

IMO

Good luck Jonathan.

@Jerry W. - Nice story. I once had someone (not a tenant) hand me $100 that she owed me from 10 years earlier. She'd never forgotten - had just never had the cash, and clearly felt guilty. I think there's more people like this than we realize. This guy is a shining example of that.

Given those two options offered, I personally would take less than 2% for a more desirable location and better tenant base. You can still make money at 1.5%.