All Forum Posts by: Steve Smith

There's plenty of GOOD seminar speakers out there, but there seems to be a lot more questionable ones in the recent years.
You can qualify your seminar speaker.
First, there's no reason that a good seminar should run much more than $200 to $400 per day for attendance.
Second, there should NEVER be a "coaching" deal that gets up in the 1000s, especially 5 and 10K. Stupid expensive
Third, there are tape/cd courses out there on specific subjects (management, trusts, finding deals, creative financing, often in the $200 range that have a lot of value. There's also a few in the $1000 to $2000 that have good value, but are a bit overpriced.
Fourth, there's a LOT of GOOD books out there on investing, in the $20 to $50 range.

Now most important: Look at the guru you're buying from. Is he doing what you want to do? Does he have experience (at least 15 years, 30 is better). What are his references and reviews. Check for lawsuits (you'd be surprised how many gurus spend more time in court that real estate. Is there a satisfaction guarantee?

There is no get rich quick scheme. There are no guarantees in life. But it really doesn't take hard work to make it in real estate. It takes KNOWLEDGE.

Now, you can get your real estate education one of two ways. You can learn from experts, buy their books and seminars, or you can learn by yourself with trial and error. The only disadvantage of learning by yourself is that the final exam comes before the learning and that can be expensive! A lot of us have already been there. BUT GET A GOOD GURU TO FOLLOW, NOT A SCAM ARTIST. Most of the good ones are older! They've been around long enough to know what to do, but they are still buying and managing their properties.

For starting, don't try to re-invent the wheel. Keep It Simple Stupid. Get some education and buy a good basic rental house in a good neighborhood, close to you. That first year of ownership will be priceless. You won't make a killing, but you'll learn as time goes on to do quite well.

One more comment..... Too many folks want to get filthy rich in real estate, but most of us just don't need that.

A quick Goggle on Than Merril will tell you all you need to know.

Now, for starters, here's a web site that will give you TONs of good info and education:

assets101.com

Dyches is an attorney that teaches classes and is a full time real estate investor. Good guy and reasonable. AND HERE'S THE BIGGIE: Look at his "resources" page and you'll find other good gurus. AND go to their web sites and look at their resources and you'll find more. Plenty of GREAT resources, books, courses and seminars.

(hope this post does not violate any of the BP rules, checked and couldn't find any limitations on recommending a guru. If so, I'll delete it.)

You have some options.
First, if the original tenants are not there, anyone else occupying the property is trespassing, but how that will fly with local laws is iffy. Normally, you would not have to accept the rent from them and could have them arrested for trespass. Now, if the squatters (let's call them squatters) pay your tenant, and your tenant says their guests, the you most likely have to go with eviction, and can charge the tenant whatever is in your lease for this. (my lease is BRUTAL).

However, there's an argument to talk to the squatters. Perhaps they want to stay and are worthy, but you'll have to find that out. And that would be my first move.

I have a clause in my lease that allows for a tenant for move out early without reason and get their security back, no obligation.... but there are some hoops to jump thru but better that leaving in the night. And it works both way. Rarely use it.

I did once have a situation like this. Rented to the guy with a GF, and he was on the lease... not her. He moves out and his GF gets a new BF and wants to tell me what he's gonna do. The sheriff wouldn't let me kick both out because they were occupying the property. I went to her and basically threatened her (quite dramatic) and she moved him and her out in a week. Yes, I paid a bit, and I knew her. Was it legal? Who knows but it worked. What I really didn't want to do is deal with the new BF who was an Alpha Hotel. And this was a really high end house. 3000 sq ft, 4 level, 5 br, etc., etc waterfront.  BUT is in Wisconsin, which is not a landlord friendly state, but not horrible. I was a long distance landlord. NOT the best situation. Made the best of it, sold it and eventually got rid of the rest of my long distance stuff, and got out of long distance landlording.

Just thoughts.....

With 6 years of history KEEP THEM. They must be doing something right. And, there's an argument to "groom" them a bit an keep them for another 6 years. Thanks them for taking care of the property you bought, ask them what they need, perhaps fix it up a bit. And tell them that you're glad to have them there, but mention since you've taken over, you'll do a better job for them, but expect the rent to be paid right on time or even early, and you have no flexibility in that, plus the late fees will be expensive. Train them so they will pay on time and take care of the property. They're probably great people.

Clayton,

Great advice!

Wow.... interesting. Now, there's an argument to have a clause in your lease that says if anything illegal happens on the property you can cancel the lease. And, if really bad, you can get a judge to do an emergency eviction.
The last thing you want (other than non payment) is for someone to get hurt on your property. Domestic battles can get brutal.

It's bad enough with the differences in just the individual states and counties. Real Estate is a very localized operation, and even advise, unless rather general, may not be good in the neighboring county. And throw in California.... well, that's like a foreign country.

That's pretty poor for a bank.... but proceed thru the bank, most likely the best way, and also give him notice that it has not been accepted. And, I'm sure you have a "holdover" clause that will put some pressure on him.

Assume there's no way the new owner wants the current tenant....?

Your property manager should pay you on the day the rent is due, and either get his commission from that or the next rental period, or better yet from you (set up auto pay IF he performs).
Now, he should respond to you within a few hours, if nothing more than, I'll call you xxxx, certainly within a day or so.
And, you really should be managing your own. STRONG argument for that.... even if you have several hundred properties.

NO, I've just had tenant move out after three years and paint looked like new, and wasn't painted after the previous tenant over 4 years. Yes, the tenant did some minor touch up and I did too, without charging him because he was a GOOD tenant and made me money.

However, if I had to repaint, or cleaned it, I would have charged him.

Dirt is dirt, that is NOT wear and tear. And there is no wear and tear on the walls. We don't expect our tenants to walk on the walls. And if they have kids with dirty hands.... CLEAN IT!

For a starter I'd not just say no I'd say HECK NO! THIS HAS THE SMELL OF A HORRIBLE INVESTMENT!
Can you imagine what quality of tenants this would attract? And tenants are your MOST IMPORTANT ASSET in the rental business, not the house.