All Forum Posts by: Remy Balogun

As a landlord, I probably would not be too upset about changing five year old carpets, in fact I consider it gravy if they last longer with tenants.   You would  probably be wasting your valuable time and money trying to go after them.

 Moving forward however, I would advise against renting to anyone with more than two pets, be cats, dogs or whatever.  You can never count on tenants to be diligent with your property.  

No need to address the security deposit issue, I am sure that point is well understood by now.  Just  consider this as part of the learning curve and look ahead  to many years of future  successful investments.  

we have to be careful not to make the section 8 voucher holders some sort of "Bogeyman"

Do your due diligence but use the same standards for all your applicants and keep an open mind. There is nothing to opt out from, no one will force you to rent to any one that do not meet your requirements as long as your decision is not based only on the fact that they are voucher holders.  In fact, the voucher itself is a source of income. A 700 Fico score will not help a landlord when the tenant lose their jobs and stop paying.

I have had Section 8 tenants who have turned out to be three times better than regular tenants.  

I would agree with @Nick B. 's request to @Chauncy R. 

Can you provide some additional details on your dealings with Brad that can help some of us that are interested in him.

Thanks

Remy

My properties are mostly in the Class C neighborhoods but I fix them well and keep them up.  My strategy is really about the Cashflow and these investments serve the purpose.

I have no problems keeping good long term tenants either.  Of course you have to do your homework upfront, I also specifically look for tenants who take pride in their homes, regardless of if they are renting or not.

It really depends on the strategy and the investor's business objectives.

I own my home, of course there are taxes advantages to home ownership.

As a new Landlord, you are still undergoing the learning curve and there are many challenges to managing rentals the last thing you want to do is to compound your headache.    For your own sake, I would recommend that you pass on these tenant, for now.  When you are more experienced then you probably will be able to navigate through these issues and handle then in a more informed manner but you are not there yet.

I do agree, that some felons have paid their debt to society and we all deserve second chances, however this is your investment, and your business.  Making the wrong move at this initial stage can be devastating for your business.  As a new landlord just starting out, I would recommend that you proceed with caution.

With that said, I wish you much success with this rental.

That's a tough one.  I am sure some landlord's probably open to this idea, however I personally would not do it because it may be inconvenient for my tenants.  

The other question is; how do plan to handle issues that arise between your real tenants and the other renters?  

I don't think the headache is worth it.  Again, this is just a personal opinion.

Josh, 

Welcome aboard, I live and invest in the Chicago land area as well, I feel more comfortable investing in this market because I am familiar with it and understand the dynamics of the market.  Real Estate is a very complex venture for a newbie, there are so many moving parts, and because RE is very localized  and hands-on.  Your understanding of what is going on in your local area can be very helpful, in addition, managing long distance do have its challenges.  That is not to discourage you from investing in other markets, just do your due diligence

Needless to say, you have come to the right place, take time to read the forums and ask questions and learn from the best brains in the business.

Welcome again!

Yes, I prefer Egg Shell as well.  I use Semi Gloss for for the most part however if I have to do just trims then i'll use satin.

The flat paint look very dull to me and it is not easy to clean up.  Flat paint in your house may be okay but I would not recommend it for an investment property.

Hi Brie, 

Do you by any chance have an idea of their average hourly rate on plumbing work?

Thanks