All Forum Posts by: Sean Gallagher

good idea scott, It would be nice to have the lawyer as a future contact as well for any problems that may occur.

Every state, im pretty sure, has their own landlord/tenant code book correct? So say you have rentals in de, pa, va, md, you have you buy a landlord/tenant code book and read them front to back and understand the do's and donts of all those states before making a contract or even starting a rental to do it right. I have delaware's code book and the way its worded is a little tough to understand at times but im doing my best to comprehend, the important parts like max to charge for security deposit, when youre able to have a late fee, how much it can be, when to evict how to execute this.. Its all very complicated so I may have to read it front to back a few times.

My question is how many of you actually do this? My girlfriends mom has been renting for awhile and their landlord never gave them a short summary of the landlord tenant code book which is stated in the book that they should recieve one, do any landlords on here do this?

Trying to avoid problems in the future for my first rental, i know most tenants dont have money to bring lawyers in and pick the landlord apart but thats no reason to slack in areas i could get into trouble for.

I guess I could find a contract already written and modify it to best suite my rental.

this is what I have been taught as well, in the contract there should be a clause explaining that the appliances are in the rental and the tenants are free to use them if they want but then are responsible for any damages that may occur. If they dont want to be responsible for what you provide to them then take the stuff out and let them deal with their own appliances.. Then maybe when they leave you can get some more appliances cheap.. if they still work. So not a bad deal.

What about when the rent is due, what are you guys using for the rent bill. I havent used quick books but is there a feature built in for it? What if you dont have quickbooks, is it a simple printed out invoice.

thats not a bad idea either with the 10%, gives more incentive for him to sell.. it'll eliminate closing cost too. Personally I couldnt do 10%.. maybe 3-5 though as Im trying to do my first deal.

CJ location please? : )

thanks for the reply, you're saying if I was to take over the property a good approach for me would be to lease option it out correct? That has to be what you meant.

I guess it would be tough, why would a landlord offer seller financing and take any less or just a tad more then what its renting.. Maybe he just wants to get rid of the property, like you said maybe he wants out..

I'm still learning so please correct me and give input if you have time, this is just an idea i have thought of. Say I dont have 10% down but want to start a rental asap can't rely on a bank at the moment. So just thinking.. say a landlord has a property that he would usually rent but is looking sell and offers seller financing. We write a contract, of course running the numbers that it would work as a rental for me. Basically its like he is renting it to me correct? But has a gaurunteed contract for 30yr or less or if I was to sell it I could pay him off. Would this work? I have good credit so running that wouldnt be a problem. Maybe this is a rent with the option to buy? Im sure there has to be some type of clause to protect the seller who offers seller financing.

sean

Nope, I'm so frustrated with politics, I've had enough. Everyone just wanting to get into office for power, they throw their money around like its pennies. I should have vote but really I did last year its a big joke I cant stand the way things have been going. I bet tv companies and advertising companies have seen an up swing, oh wow thats cause these power happy political figures are throwing cash around like its nothing. They say what theyre going to do and most dont, my thought is the government will over-rule no matter what we say or do.

I have already read, "Rental houses for the successful small investor" which was ok. Are there better books that cover other areas of this business? Such as the complete business aspect, setting everything up.

The first thing I learned to do was from this site..

Starting my LLC, getting my tax EIN number.

I want to know what information to gather such as a rent roll into detail, how to gather this what to gather, good software to use, I assume quickbooks. This book mainly covers the big obvious picture, its treating the reader like a little kid, "so you want to be rich, most people say they want to be a millionare" yada ya, I just want to be successful, grow, and continue to grow with no ending, gaining experience along the way. The author is buying expensive properties for being rentals too.