All Forum Posts by: Pat L.

@Joe Villeneuve

agreed. 

But we meet so many potential tenants that unfortunately have, by self inflicted or bad luck circumstance, no other option. Many are elderly women who are left bereft of any financial support. In fact one tenant went through two husbands that left her broke & now at 68 & in poor health is working two jobs. She has since moved to a cheaper crime ridden rental area.

We often see couples who hook up just to combine their meagre SS benefits in an attempt to qualify. Then there are those on SSDI & from the few I've met it's nothing more than a life sentence of dire poverty. I had one tenant on an SSDI benifit of $871/month, said he worked all his life, fell off a couple of buildings & by 55 was in a wheel chair most of the day. He & his working 67yr old GF (with severe COPD) had lived modestly in a mobile home we had, but they have since moved on. 

"when i get hold I am moving in !!!"

Good luck...a couple we know built their son a beautiful home (& hold the mtg). They also added, wired & plumbed the future in-law apartment space.

When recently visiting their grand-daughter took them on a tour to show them the new furnishings etc in the 'in-law' space. So when the wife asked whose uses it the g/daughter replied it's Nanna & Boppas room. Obviously the outlaws had already claimed the space & had apparently paid for the furnishings. I suggested it maybe time to call in their original mortgage note (at the old AFR <3%) & have them re-finance at current market interest rates!!!

"If you retire at 65 and then can't afford a 20% increase at the age of 85, it's your fault for failing to plan." Sadly a stark reality hitting so many today.

We have several middle-aged 'potential tenants' looking for a rental unit commensurate with their inadequate Social Security payments (after years of just minimum contributions) & random side job renumeration. I have an early 60's working couple, both on their 3rd marriage, struggling to find a modest 1bedroom ground floor apartment for $1300/month.

Then again we have a refugee couple that had their $1200/month rent guaranteed by the sponsoring church for 2 years. They also had all their furnishings, flat screen TV & a used Toyota Corolla given to them. They have now been with us 5 years.

1. @Bruce Woodruff
2. Inherited some & the damages done in the past were on B class rentals, which we sold to fellow investors & now just hold the notes @ 12%, some running 12-15 years. Then again our Veterinarian renter has 3 dogs & she is excellent, our Coast Guard guys over 16 years have been just as careful. Our multi-unit is Cats only & the Pet tenants are middle aged single women with 2-3 cats.

We have a waiting list on our apartments & our high end SFR just had our 5th Coast guard Chief move in for his 4 yr tour. Rents are still very high here & vacancies go fast. Our niece just moved back to NYS from St Petes & is paying $1400/month for a 750 sq ft dump.

Non-refundable $375 + $35/month each pet. BUT It will NEVER be enough to compensate you for the damages they can do. 

$49 here

Yes. 

We had completely gutted & rehabbed a ranch & the new tenant after 4 years left all her 4-5 yr old appliances, new BBQ & patio furniture. She met a guy online & was in a rush to move south & didn't have the time or inclination to sell everything. She had also put in new toilets & all new faucets plus upgraded all the light switch & outlet covers. The old switch plates etc were in a plastic bag in the garage along with our new faucets that she had replaced. The garden shed was full of power tools etc.

The online romance faded in about 24 months & she contacted us hoping to rent again, but we had new tenants. 

Every rental is a book of short stories.

I often drive by the many I sold prematurely to survive in the 80-90's when rates were 18% & I had too many rentals & too much debt & rehabs to juggle while still working. I never lost money but today most of them are in the high six figures to $1mill. I also commiserate about those I was offered for less than $100k, but turned down. They are also close to $1mill today. We just sold another, in 2 days cash, for the listed price, for 3x our cost basis. Wife is now convinced we sold too quickly BUT sometimes it's just time to move on.

had a fellow investor tell me his 2 yr old a/c condenser was icing up & asked me to help check it out. He assumed it needed to be recharged, but I found this gem ... & the tenant insists he changes the filters regularly.