All Forum Posts by: Richard C.

$100,000 more than whatever I have, at that particular moment in time.

I aspire to be part of the $500,000 a year middle class.

WARNING - NOT LEGAL ADVICE

In some places, the year built is the year the foundation was built. So even if the house was moved from a different location, if it was moved onto a foundation prepared for it, that might be considered when it was "built."

Sometimes it is the right thing to do, and in some markets, doing the right thing is absolutely necessary from a strictly business perspective as well.

I won't claim to be a big-time operator. I currently own two SFR in addition to my personal residence. This are in VERY small towns. Your reputation is absolutely critically important. Paying to keep things current is good business as well as the right thing to do.

Also, not everyone invests strictly for maximum cash flow. Part of my strategy is have an easy exit lined up if I need it. Keeping the houses updated means I can sell to an owner-occ with minimal lead time.

And if none of the above work, go to the local Capo, assure him of your loyalty, and plead poverty. :)

I wouldn't start by assuming the problem is your tenants.

1. How is your garbage removal priced? By the tip or ton? Either way, it sounds crazy high. Shop around.

2. Is access to the dumpster secured? Unsecured dumpsters have a way of becoming full very quickly.

3 days hotel, to keep a good long-term tenant and avoid a vacancy? I'm not trying to be sarcastic (oh, OK, maybe I am) but do you make any money NOT doing things like that?

It would be interesting to see if you could get that late fee enforced.

In my state, the law is silent on late fees. So in theory you can charge whatever you like, as long as it is in the lease. But what the court will actually enforce is something very, very different.

Yeah, exactly. It is real in the Midwest. In the northeast, it is basically a myth.

Will people find one occasionally? I am sure they will. But if they apply it as a hard and fast rule, they won't find many deals.

Akron.

The 2% rule is a myth arising out of the mists of the South and Midwest.

The are owner-occs of a house he is wholesaling. Landlord rights do not apply.

So how do you do it? Respectfully, with an explanation that it is in their best interests to cooperate if they want the option exercised and the house sold.

And I hope you hear what Bill Gulley is saying, and aren't claiming that you are a final buyer with "partners" as opposed to a wholesaler selling an option.