All Forum Posts by: Mike R.

we are in a bit shock that one of our nicest tenants (nicest person you could ever meet) committed suicide yesterday and not sure what to do.  The police said that their work is done but that there is blood on the carpet etc.  Anyone ever deal with this situation?  

curious how you handle utility bill backs.  specifically we have a 6 unit that has water and sewer as the largest expense (and increasing significantly) so our thought was instead of increasing rent we would begin a bill back.  any recommendations on bill back methodology AND how to approach the tenants would be appreciated.  thank you for your time. 

in our leases we place a payment waterfall schedule.  monthly rent payment received will credited as follows 1)utilities 2)fees and penalties 3) rent.  so they may send a check for the full rent amount but if they still owe a late fee or utility payment that comes out first.  essentially this ensures we pay the utility companies first (no shutoffs), fees and penalties are paid next because you may never see the actual $ to cover these costs given  it is hard to get a court to evict someone for not paying a late fee/penalty.  lastly rent is credited.  so if they owe a late fee of $100 and full rent payment of $1000 is sent , they actually did NOT pay the full rent (1000-100) because we deducted the late fee before crediting rent.  NOW we can go to court to evict for not paying rent.  thankfully we have never had to go that far but it is there if we need to.  

Hello and thank you for taking the time to read/respond to my question.

what do you believe are the top 3-5 characteristics the perfect property management company must have?  Essentially we are trying to determine if we want to become property managers and want to know how to set us apart from the competition. 

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Asking if a down payment is needed suggests to me that there is more research needed and I believe it is best done before money is spent.

Not tying to be a jerk, but I strongly suggest that you do more homework on multifamily investing before you make any offers.   Good luck

I wouldn't waste my time with a home warrenty..more likely than not, if there is a problem the backer of the Warranty will find a way not to pay for the issue

just search this website.  You will find what you need

We always take the longest term we can get because it gives us flexibility .  You can make a 30yr mortgage any length you want by paying extra each month.  You can always skip a month or two of extra payments if you want to go to Hawaii