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All Forum Posts by: John Pierce

John Pierce has started 2 posts and replied 96 times.

Post: Offer Accepted then recent Crime occurs in neighborhood

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

@Alex Bayer

Where in the Northside?

Post: First Live in Flip in Richmond, VA

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

@Ben A Snyder what part of Richmond are you in?

Post: Rent is late, but tenant has a story. WWYD?

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

I disagree. How long have they rented from you? Have they been late before? If these tenants have rented from you for a while without problems, why throw them out? Send the pay or quit notice to protect yourself, but don't start the eviction unless they don't pay when they said they would (with the late fee, of course). Waiting an extra couple of weeks for your rent is a lot less trouble than turning a unit, and a lot cheaper.

Post: Petersburg or hopewell area? Nothing in Richmond

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

Pick a house and do your due-diligence before making an offer.  Buy based on what you know you can rent it for, not what you think it will be worth post-rehab.

All of my houses are in Richmond, but houses cost 2.5-3 times what they did 3-4 years ago.  I'm tempted to start looking in Petersburg and Hopewell but don't want to drive there.

Post: Changing zoning or special permit in Henrico County near Richmond

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

Special use permits require public notice and meetings to get input from the community.  If the house is in a neighborhood, the neighbors would never let this happen.  County zoning officials probably wouldn't greenlight this anyway as chopping up houses puts extra strain on public services without any significant increase to tax revenue.  Not to mention that converting a single family home to multi-family has some significant challenges that would likely make this cost-prohibitive.  My advice would be not to pursue this, especially not from out of state.

Post: Changing zoning or special permit in Henrico County near Richmond

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

Getting a Special Use Permit is an intensive process.  Are you looking at land, or are you looking at an existing building?  

Post: New Investor, Overwhelmed with Options

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

@Jimmie Darden Sometimes the best strategy is to wait. There isn't much in Richmond that I would want to buy right now. Inventory is the lowest that I have ever seen it. Houses that would have cost $25,000 in 2008 now cost $100,000.

Post: How to handle the Late Fee

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

@Joe Splitrock What kind of neighborhoods do you rent in?

Post: How to handle the Late Fee

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

I disagree with a "per day" late fee. I can envision the hassle that would come along with debating how many days late the rent is with tenants on the phone.

I charge a flat 10% late fee whether the rent is 25 one day late or 30 days late.

Never turn down rent from a tenant. Accept it "with reservation."

Post: Self Property management

John PiercePosted
  • Rental Property Investor
  • Richmond, VA
  • Posts 100
  • Votes 50

@Anthony Theokary

Some of my tenants pay me with Venmo. Some deposit the rent directly into my bank account. My tenants that don't have back accounts insist on driving to my house and leaving money orders in my mailbox.