All Forum Posts by: Ralph R.

@Tyler Krathwohl. Try a portfolio lender. They may or may not have that requirement but they usually count the income from the new property as well as the old one. Helps you even more. Slightly higher interest and balloons involved as well though. RR

@Marilin Matos. I forgot to mention if your acting as an investor there is no such thing as “Really wanting this deal”. If your investing there is no emotion and you can walk away at any time. You should never invest based on emotion. After you get 50 units you can buy one for other reasons if u want but wait till you are solidly situated. Don’t do that now. RR

@Marilin Matos. You will never get “big”as an investor by “acting small”. Forget the small ticket items and split the Roof cost. Remember once a defect is discovered in most states it has to be disclosed to future buyers. You may not get the property but it’s not going to help the guy sell it in the future if he disclose’s the roof issue. His realtor should know that and should advise him accordingly. If they have already discounted the property for the roof then your stuck as he probably isn’t going to budge on the price. In that scenario I wouldn’t budge either. But I’m different. I’d put a new roof on it and sell for top dollar. That way you get more for the property and take the roof expense against your capitol gains. If you put the roof on as an owner occupant that changes that. RR

@Kyle Eden. Forget it unless you want to loose the sale. RR

@Max T. I had mice build a nest in our oven once. They built it in the insulation between the oven box and the outer panel. We didn’t know anything was wrong until my wife turned the oven on. It killed all the mice. A while later it started to smell. I hunted everywhere. Finally I took the oven apart and found the mess. A couple years later it happened a second time. But this time I knew where to look. It’s a sweet smell and doesn’t go away. The stove was an older one with a fiber insulation. I never knew how the mice found their way in there. RR

@Ryan Proffit At no point did I say raising the rent is wrong. There are methods that can be used that make it easier to swallow for the tenant. Everybody on here has suggested ways to deal with one of these tenants. Nobody has suggested leaving rent alone. I suggested that the method you were using was going to cause trouble. That’s all RR

@Ryan Proffit. What that poster and I are saying your best loss is to terminate that tenant now and move on. Your best loss. Has nothing to do with cap rate or the value of your deal. Cut the loss now and renovate or whatever your doing and move past it. RR

@Brad Davis. Morality is not part of the equation here. You cannot legislate morality nor can you write it into a contract. The land lord has legal obligations here, and those obligations become the legal expectations of the tenant. Morals dictate if the tenants asked for help moving (truck etc) he would help them. If he asked them to move Legally he has to pay for it or provide a truck. If he offered the apartment and they chose to move he’s off the hook legally. Morally he should still help them. The marital problems are their responsibility not his. RR

@David Sisson. If your getting a new stove one thing to consider is get a self cleaning one. Land-lording 101 teaches new landlords that it’s cheaper and easier to let the oven clean itself than it is to pay the cleaning lady $25 an hour to clean it manually between tenants. Land lording 101 also teaches that when the rent is late a notice to cure or quit is nailed on the door. Once the eviction process starts it does not stop until the rent is paid in full. A couple times of this treatment and rent is on time or the tenant moves when the contract is up. She is late with her rent because you allow her to be late. RR

@Bob B. This was the first lesson I was taught 35 years ago when I entered the meat cutting trade. In those exact words. It’s better to mark the price of a steak down and find a home for it than it is to try to get top dollar and end up throwing the steak away. RR