All Forum Posts by: Sylvia B.

I keep a file of good quotes, anecdotes, phrases, etc. Mostly from famous people. I just added a new one.

"Debt is like a chain saw. No need to fear it, but you don't use it unless you need to. It can be helpful or harmful, depending on how it is used." @Sylvia B.

What do you know? I'm famous! :-D

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Originally posted by @Mark Van:

@Sylvia B.

Great way to understand both sides...

Thank you. "My way or the highway" is rarely a helpful attitude.

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Originally posted by @Jonathan Tabak:

Good morning and I hope everyone had a nice fourth of July despite the pandemic.

I currently own and self manage properties in towns where residents of those towns (tenants and homeowners alike) are required to procure their own sanitation removal company.

I have two family properties in these towns and until now I have simply paid for one garbage service per building.

Does anyone have opinions on each tenant being responsible for their own garbage collection and pick up and setting up their own contract with these local companies. Obviously tenants pay for utilities on their own and responsible per the lease to keep the property clean and not a mess which we are enforcing.

Obviously it is not a ton of money, but it could be a savings of over $8,000 - $10,000 a year on our end. While to some that is not a lot of money, it is something, and I believe every line of the balance sheet should be looked at :)

Thank you all for your feedback.

$10k per year for garbage? For 2 properties? That's crazy! Even at 1/10 that price I would have the tenants pay it.

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Hubby and I have been completely debt free, personal and business, for over 10 years. We choose to buy SFRs with cash because that is what fits our investment plan and our stage of life.

Debt is a tool, like a chain saw. No need to fear it, but you don't use it unless you need to. It can be helpful or harmful, depending on how it is used.

26 Votes

I agree with @Nathan Gesner! Additionally, if I didn't discover it immediately, and it wasn't previously disclosed as an "amenity," I would be angry and apt to leave a bad review. I will not have one of those devices in a home I live in.

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Wow! I don't know when I've seen so much misinformation in a thread. @Daniel Black PLEASE listen to Natalie!

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My written criteria includes income, rental history, credit history, criminal background, and this:
Applicant’s character. Applicant should be a courteous person who is generally clean and well kept in appearance, and demonstrates honesty, reliability, and follow through during the application process.

I don't rent to rude people.

1 Vote

Originally posted by @Dan Naumowicz:

@Jacob Phillips just like Ronald said, the answer is always Yes.

If you invest in NY or IL . . . .

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Originally posted by @Travis Jacobs:

Okay, so you recommend that I go to a bank and get loans on the 13 SFRs I currently own free and clear? What would I do with the money? Buy more houses? Why? Perhaps to replace the income that I will now be paying the bank instead of putting in my pocket?

We aren't interested in adding more than 1 or 2 more houses to our portfolio, which we can do with cash. So why should we complicate our lives with loans? Our investments have averaged a 14.2% return over the last 8 years, and I'm quite happy with that.

I'm sure you're right, there are "other investments with less headaches," but we actually like what we do. That's one reason we don't want to grow too big. We want to enjoy ourselves.

Don't get me wrong - I'm not against the wise use of other people's money. There is a time and place for everything. But it is a bit annoying when people start saying that leverage is the only way to go, or at least, the only smart way, as if I'm doing something wrong by actually owning all the houses with my name on the deed.

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Originally posted by @Jacob Phillips:

@Laticia Braxton thank you Laticia! Actually it turns out that the woman asking is the Housing Choice Voucher Coordinator for my area, and she is desperately needing more housing. We had a very nice conversation and she echoed many of things you all have said (and that ice read before). I wasnt and still am not afraid of section 8, I just wasn’t sure what all I had to do accept section 8 and there wasn’t sure how to answer her question.

From my understanding so far from my conversation with her, I don’t HAVE to accept section 8. But she is sending me information to help get set up in the future!

Exactly. You are not required to participate in the section 8 program.

I would suggest that if you have trouble finding qualified applicants you might consider it, but be sure to find out ahead of time what you are getting yourself into. Dealing with the applicants is easy - just screen them like any other applicant. But remember, when you accept money from the government you also accept their rules and their intrusion into your business.

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All Forum Posts by: Sylvia B.

Sylvia B. has started 74 posts and replied 1314 times.

Post: Is Dave Ramsey correct? Anyone still around after 10 years?

Post: Is Dave Ramsey correct? Anyone still around after 10 years?

Post: Having The Tenant Pay For Garbage Removal

Post: Is Dave Ramsey correct? Anyone still around after 10 years?

Post: Are you using Alexa/Echo in STRs?

Post: Advice on Capital Gains Tax

Post: Can I reject a prospective tenant because they're annoying?

Post: Someone asked if I accept Section 8

Post: Convince Me Why Buying All Cash Is Beneficial

Post: Someone asked if I accept Section 8