All Forum Posts by: Bob B.

@Robert Gates I would call another roofer.  I try to fix roof issues immediately as they are costly if they aren't taken care of right away.

Ben Carson was raised by a single mother.  He and his brother are both very successful.  No one can argue that they had it much rougher than is today.  Some people strive to succeed and others never will, even with all the opportunities out there.  

Are they good tenants?

Are they paying their rent on time?

Do they take care of the property?

Is the rent at market rate?

Do they have young kids?

Is this like a 2' deep blowup kiddie pool?

Do they have renters insurance?

Will your insurance company cancel your police for a kiddie pool?

Do you have an umbrella policy?

Hopefully it will not ruin the grass.

For me it's not cut and dry. Kids have been locked up for months, it's hot outside, what's the real risk?  There's theory and then there's realty. 

How many LLs have ever been successfully sued as a direct result of their tenant having a blowup kiddie pool?   

I'm guessing you have checked to make sure there aren't any issues with the HOA on rentals. Also make sure there aren't so many non-owner occupied units that you can't get a mortgage when cashing out or selling. Is the HOA solvent?

Check your math first and then get a quote for the garage door repair.  Follow your local laws regarding security deposits.  Why do you feel bad?  If you rented a car and damaged it do you think the car rental company feels bad?  No, they would charge you for the damage.  

As a small time landlord:

If their car is trashed your property will also be.

Never rent to someone who shows up in a moving truck and has to move in ASAP

Be careful with prospects that bash their current landlord

Check with their last as well as current landlord. If possible have them show you canceled checks or proof of where they paid their rent.  Their current landlord will lie to get them out of his property.

Watch out for the prospect that gets several different government checks 

Try to find tenants that you can collect a judgment from if possible

I like tenants that have a family in the area

NEVER hold their baby.  You can't evict a child you have held. (my personal feelings). I don't even acknowledge their cute kids.

Never finance the deposit.

Verify everything. They can fake paystubs off Craigslist

Let them know upfront what your expectations are and do not allow them to dictate the terms of your lease.  

Spend the time to go over then lease and make sure they understand it.

"RUN Forest RUN!!!"

Always, a 2 year lease with an increase starting the second year.  I've never had a pushback and the increase lets them know upfront that they can expect one every year should they decide to stay.  I also have an early termination fee, successfully sued a tenant recently and will collect it shortly. 

Keep in mind that there are a lot of condos that have limits on how many rentals they will allow.  And as Anthony said there are some in the price range you mentioned but the areas can be somewhat challenging.

Neither my CPA or Attorney charge me for an email or short phone call.