All Forum Posts by: Lam N.

 They pay for all utilities.  

All cash buyer here.  

There is no such thing as one-size-fits-all strategy.  Do whatever that works for you.  

I got an interesting call from one of my best tenants. These are long term tenants. They have never been late in paying rent. They are responsible for all utilities.  It's a 5 bedroom house. 

Anyway, they asked if it is ok for them to have solar panels installed?  They will pay for material and installation.  

Off the top of my head, I said I don't see any reason why not.  Been thinking about it all day.  Still can't think of any reason to say no.

Anyone here can think of a reason for me to say no?

 But this could be applied to just about everything in the rental unit. Tenants could be using toilets to flush down cocaine. The fridge could be used to store human body parts. The stove could be used as a mediaeval torture/execution device by a serial killer tenant. Heck, even the bathtub could be used to wash off blood evidence. 

it doesn't mean we should exclude any of these things in the rental unit. 

 We tell all our tenants about the special soap. So far, none has made such mistake. 

I know I know in some areas a dishwasher is a must while others it is not a must. In places where a dishwasher in a rental is npt standard, hardly any landlord have them. I've seen properties where the landlords simply ripped out a dishwasher after they bought a place with one already. 

My husband and I own a lot of units. And part of our philosophy on this business is to treat it as more than just business. We remember back when we were poor and living in a small house doing dishes was always a pain in the rear. So, we decided to put a dishwasher in every one of our units. 

I'm curious. In the past I have brought this up before and many on here and elsewhere were against the idea. Just curious what are some of the arguments against giving tenants dishwashers? 

Not bloody young enough.  

First rule of REI is do not get emotionally attached to any property. Several people have outlined that this is a bad deal. Walk away.

Do not listen to your instinct or feelings. The numbers don't really work out. This is what separates RE investors from normal folks. We know it's just business while normal folks follow their feelings. 

The overcomplicated process of eviction as well as how much the laws in favor of tenants in Illinois (particularly Cook Co) is exactly the reason why we sold everything in Illinois and moved over to Indy.

 Don't think like that. It doesn't have to be just a dream. 

My husband and I started with $7k about 7 years ago and now we own 8 rental units outright. I would kill to have a $500k ahead start. Good god with $500k and knowing what we know we can turn that $500k into 40 rental units in no time. Grrrrr.... 

Sorry. Sometimes I'm envious of what others have to start with. It's my imperfection talking.