All Forum Posts by: Patrick King

Might be worth a try, but I'd try the good cop approach with the following:  'looks like life is getting difficulty for you guys, so I want to offer some transitional help.  If you guys are moved out within five days, I will give you a check for $1000 dollars.  I'll draw up a simple contract showing my intent to pay, and will only pay that amount once you are completely moved out.'  It sucks, but 1000 today to get them out the door completely could save you headache, time, and legal fees that would equate to at least $1000.  At this point, your options are pretty terrible with getting attorneys, sheriff's department, repairs, etc. involved.  These kinds of folks will absolutely scorth earth your property for $1000's and think nothing of it if they are forced legally to move.  I would try to use the honey over vinegar approach.  

Having used Turo as a host and having had STR properties, I think combining the two would be awesome. I'd cross advertise on both platforms (if allowed) and have them as additional 'arrows in the quiver' in differentiating your property from others. Great idea.

In South Carolina, nobody got the memo....real estate prices are still rising...

I went through two different property managers in DFW and was really dissapointed in both.  I can private message you who to avoid.

This whole situation will be filled with bad actors who never let a crisis go to waste. This is what worries me most. FUD spreading to disparage competition....not good.

You don't know what you don't know....that alone would make me nervous about buying a building with this history.  Do you have to disclose this information to future buyers or renters?  That kind of liability would keep me up at night...

I had a few rentals in the DFW Texas market and always was in the green with what we brought it each month. When you look at all the additional tax advantages and the inevitable inflation of rental prices, you can't go wrong with real estate. One great success we had was a house hack townhome that we lived in for six months and converted the downstairs bedroom into a monthly rental (walled off the hallway, put in a separate entrance). We moved out when we realized we could get $3500 a month all day long on this property (PITI was $2k a month). Sold it years later for about 150k profit. The new owner is a good friend of mine and he currently gets 5K a month rent. In hindsight, I should have kept it.

Congratulations on the new road ahead.  Real estate is a great way to diversify your retirement portfolio.  My advice is to always make sure you take the monthly profits and save them for a rainy day.  Good luck!

I wanted to second Kevin's advice on checking state laws.  Tenant/landlord laws are usually severe (leaning towards punishing the landlord) if the letter of the law is not followed.  Check your state departments website on the full tenant landlord statutes and run it by a lawyer as well.

I started this in 2010 and it's led me to early retirement.  That being said, I caught a very good market and had a decent run of good tenants (with some horror stories mixed in).  If there's one piece of advice I could offer, it is to save all of those monthly net profits and forget about them....when the time comes for a big repair, you don't want to get caught without cash.  Good luck!