All Forum Posts by: Rafael Molinaro

You've come to the right place! There is a ton of information on this site from forums, webinars, podcasts to articles/blogs and deal analysis and so much more. Welcome and good luck!

Thank you for the warm welcome.

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Originally posted by @Linval T.:

@Rafael Molinaro

Welcome aboard the vibrant BP community. You already have some experience and with additional effort, will quickly climb the REI ladder to its pinnacle.

To be more successful, you simply have to work on the other elements to progress your REI pursuit. Below are some quick links to get engaged on this site.

REI books suggested by BPers

http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?utm_source=search&utm_medium=internal&utm_campaign=books

Simply, bone up on the areas that you need to expand knowledge in such as, Forums, Marketplace, Learn, Network, Analyze and Resources.

Feast on the Podcasts, #askbp Podcasts, blogs and webinars

Lastly, this site thrives on interactions and as such we encourage two way exchanges and look forward to educational and thought provoking ideas relevant to REI.

Thank you very much for the warm welcome and the links, i will be checking them right now.

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My name is Rafael Molinaro, i am a Realtor at Living New Jersey, located in the same state, I'm interested in exchange ideas and info about new aspects of real estate investing, multifamily investing, low or no money real estate investing, flipping houses, buy and hold investing, and investing in general.

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Originally posted by @Elizabeth Colegrove:

Originally posted by @Max T.:

First situation: Apartment was advertised at $1400 for a 2 bed/1 bath house. Prospective tenants had 2 pets and we agreed to increase rent to $1430 (15/pet). Lease was written up with the 2 pets allowed and the rent set at $1430. Fast forward a few months. Tenants are a little sloppy but no problems and they pay on time. Tenants gave one of the pets away to a friend and want to reduce the rent by $15. I decline, saying changes to the lease can be discussed at renewal time.

2nd situation: Same tenants/house. One is out of town for the Thanksgiving holiday. The other locks herself out. I come by to open up and charge the lock out fee ($25, as set in the lease).

Am I the mean landlord? My parents would probably be telling me to waive the $15/month and not to charge for opening up. They would advise this on the grounds that I'm more likely to keep the tenants long term. Many on BP who hold firm on the "run it like a business" mentality will tell me I'm doing it right.

I'm looking for the overall consensus here. What do you think?

First off you will NEVER get a consensus here!

That being said I am a very very very jaded and MEAN landlord. So I will vote that you did everything right and I would have done it too :)

I follow my 16 page lease exactly. For a few reasons.

A) it prevents issues again favoritism and therefore violations of favoritism.

B) it EVERY time I violate my lease to be nice it bites me in the TUSH, a centimeter becomes THREE miles. If I hold too it exactly it becomes no stress.

C) Once you waive some stuff, it becomes harder to enforce other items. It also makes the expectation that you will work with them so when you don't, you area mean.

D) If I have to follow the lease, so do you :)

Lets just say I am VERY passionate about my lease being my key to tenant management. So I am very jaded on this subject. Here is 2 articles I have written for BP on this subject.

https://www.biggerpockets.com/renewsblog/2015/11/2...

https://www.biggerpockets.com/renewsblog/2015/10/1...

Good luck!

I would do exactly the same, you have to run it like a business.

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All Forum Posts by: Rafael Molinaro

Rafael Molinaro has started 1 posts and replied 19 times.

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Post: Am I the mean landlord?