All Forum Posts by: Michael R.

I have a guy that installs newer high efficiency units in the nicer areas of town. He saves the used ones and resells them for lower end rentals. He charges 800$ and that includes the furnace and install and he's licensed.

I just replaced 2 working furnaces in my low income rentals. I installed 2 year old used units. I don't bother with new because there is a good chance they might walk off anyway sometime in the future. I paid $800 each (material and install)

It killed me to have to change a working unit but both were pretty old and the heat exchange was cracked. I did not want to put any of my tenants in a dangerous property.

I never am able to get a full deposit up front. Usually Ill ask for half, then an additional $50 a month. I tell them it like a savings account because when they move out they will get a nice deposit back if they leave the place in good condition.

I have checked their site from time to time. Stuff in my area is overpriced. Their financing program has way to many junk fees in my opinion. I can get a house for what they want for the downpayment..

No one is responsible for there own actions anymore. Up here in NY there hold us responsible for nuisances caused by the tenant, ex loud parties, drug activity, etc. For each incident your property is assessed a certain number of points. Once your receive a certain number of points the city contacts you and they call you to a meeting and ask what you are going to do about the situation. (they don't tell you that your property has any points until it to late) Usually they ask you to evict the tenant. Really there is no logic involved because the tenant just moves a block over anyway. I don't see why they don't just fine the tenant or threaten to take away their section 8 or other "benefits" instead of placing the burden on the landlord for someone else's actions.

Where is her fiance? Jail?

If she was on Sec8 or some other govt program I might consider renting to her, but if you have other qualified candidates why even consider her? Just send her a letter stating she was denied because of her credit and move on.

Also I have found if you have a bad feeling before renting to them, dont let them move in.

As a buyer I would not buy a quit claim. Does the property have a mortgage on it? Was it a HOA foreclosure?

Sometimes I send out 400 letters and get 40 responses, sometimes I send out 200 and get one response. Just the way it goes I suppose. I have only had a few angry callers in the past few years. I market mostly to out of town owners in low income areas.

I have been marketing to owners of single family houses and duplexes for a few years now with pretty decent success. I have been finding owners that are behind on taxes and sending out mailing to them. I would like to try to find a 10 unit or so building. How can I find owners of these types of buildings? Where I invest is mostly single family properties so large multis are not as easy to find on the tax rolls. Any advise?

I vote for no bailouts as well. These same people who are underwater now would not be crying if they were experiencing appreciation.