All Forum Posts by: Perry Ivy

Mark Douglas to answer your question: I set myself up as a property manager. I am a softy and struggle with confrontation, however all that is avoided if I'm an employee and its "my job". It's against my morals to lie, so I set up my entity(S Corp) and become an employee of the company. In the Corp is a set of rules, not my rules, but company rules. When out in a tight spot I react apologetically and then reintegrate that I'm just the mail carrier, whom also has to abide by the rules. In doing this I can remain friendly, but firm. It also helps on evictions, late fees... I have tried the I'm the owner thing and it was a terrible experience. People will be a lot nicer to you....

Mark Douglas I have had some experience with a similar situation. The main problem is if your planning to self manage. Self management complicates the arrangement exponentially and needs careful consideration/structure. You will either become friends or enemies and neither is good for business. If I was going to do it I would hide the fact that I'm the owner and would instead be the onsite manager that answers to a higher power, this is easy to do if it's in a LLC.

David Magnuson there's a term psychologist use called the ordinal birth order and when they study this subject it is determined that each child has traits set at birth. My point is not to bore you, but to bring up the fact that siblings see things vastly different. Personally I havnt been able to make a partnership work with my baby brother. The lines and roles get blurred very quickly and the next thing you know one of the partners has to shoulder the whole load. What has worked is I own the houses and he works for me, I obviously take care of him, but in the end we are both getting paid for our contributions. It's commonly said, "the only ship that won't sail is a partnership". I would encourage you not to do it.

An old man gave me marital advise he said, "do you want to be right, or do you want to be happy?" I think your wife wants the house close to the school :)

Chris Virgilio congrats on being debt free!! I too am a dave Ramsey fan, but I have used debt to buy property. I have made lots of money in real estate and without a doubt the most I've made was when I paid cash. I bought a house for $3,000 cash that needed some work, through creative strategies I arranged repair for nothing out of pocket. I did the same with a mobile home. The house I live in now was an old burned out shed/horse barn that I remodeled using cash and it has saved me thousands in rent. With all that said.....I have multiple loans and have a credit card that I don't use. Dave's way, nor mine will work for you, but you can find a way that will :)

Glenn Elliott go here https://www.gosection8.com/logreg.aspx?user=landlord and list your house as available. Then let your prospective tenant do the rest. Once you list your house everyone that's on Section 8 will be able to view it. Once you decide on a tenant the tenant will go get the appropriate paperwork and drop of the rent agreement, then you will be contacted for an inspection, they will then set up an appointment to go over the agreement and collect bank info. At this point you'll wait about seven weeks for your check and then it's clockwork. :)

William Congleton welcome to the club :) I have been dealing with this situation too, I've lost a bunch and won a few. Very frustrating, but my realtor says there's no recourse due to it being hard to prove.

M Marie Maxwell gas water heaters are notorious for these kind of problems, I will never have another one. I have changed all of mine to electric. there's the initial cost of rewiring, but the hassle factor is well worth it. I had a tenant that would cancel his gas in the summer and then I would have to get it reinspected and then deal with all of the other problems. Getting calls all of the time to light the pilot light and going through multiple thermal couplings a year is headaches that I don't need. Electric heaters are also cheaper.

Drew Barrett sometimes an ounce of prevention is worth a pound of cure. Nice but firm is the key. The last thing you want is to piss him off and damage mysteriously happens to your property. You can often get a paint less dent removal guy to fix a dent for a couple hundred bucks. There's a time for stern and there's a time to be nice, you can judge what time it is. I personally follow the golden rule as much as possible and it has been to my benefit. A simple conversation can help you understand others expectations and eliminate a whole bunch of hassle. Odds are that he will work out a deal and it will end on a cordial note. Legally I think he has a shaky case and it would be considered an act of God.

I am not an attorney!! Sometimes it's better to ask forgiveness, than to ask permission :)