All Forum Posts by: Patrick Daniel

Kenneth is 100% on the mark. Go to a REIA and find a partner who does have money. Even if you only get a 25% cut.

I used to work in property management for units from A-C class units, and we hardly ever put in stainless for rentals. a dishwasher would be a higher concern for rents IMO.

Does your lease go month to month after the set time has expired? I would send them an official notice that rent is going up via registered mail. 

After that, if you do not hear from them in two more weeks, I would give them notice that you are going to be inspecting the place. Try to make it for a time that they are normally there if you know that information.

This week's BP podcast with Andrew Propst was fantastic! His repetitive "stick with what the lease says!" is exactly right. I worked in property management for about 2 years and have been a landlord myself. They best way to get yourself into legal trouble and magnify a financial hiccup due to non-payment is deviating from your legal documents.  

Its hard to tell someone that is going through a hard time that they have to pay or get-out, but your role while running a business / managing a property is to ensure that you are fulfilling your fiduciary responsibility. 

That being said, I have seen leases that will allow for one "payment arrangement" scenario per lease period, as long as there has been a perfect payment record for the preceding 6 months. This helps your good tenants if they come to a bump in the road, but also holds them accountable.

I know that this has been covered before, but not exactly to the ends that I have been looking to find. 

1) What is the legality/tax implications of finders fees and referrals? Can referrals just go under marketing expenses?

2) What has been the most effective way to get people to WANT to refer you over another investor that people know? Have you found certain dollar amounts or putting a personal touch on the referral helps?

Thank you all in advance!

-Patrick