All Forum Posts by: Missy H.

@Brian TurnboughIt went well.  I went to see her on Friday and took pictures.  There was no major damage.  It will need new paint and a couple of holes repaired, but all in all, it is in good shape.  She told me that she will leave the apartment clean.  I believe her because she has always kept her apartment clean.  I will give her a few extra days and told her that she has to be out no later than Thursday.  I will go back again on Friday with the handyman so that he can start working.

I have a couple of prospective tenants lined up and will show the apartment in a couple of weeks.

Thanks for checking in.

@Chris MasonI truly hope that you are not suggesting that I am cheating my tenant out of a rent payment. 

I wrote my posting simply to give an idea of what I do to help my tenant avoid paying a late fee.  Somewhere along the way he might be late or have financial difficulties and that extra month's payment will help to cover his lateness.  My goal is to give him that cushion right at Christmas time, whether it's half a month's rent or the whole month.  

His payment due dates are included in the lease and is timed to give him that cushion at Christmas time and any one other time during the month that he may need a break.  

In theory, I would love to collect late fees.  But in reality, I would prefer to have my tenants pay their rent on time.  

I have even changed one tenant's pay schedule from monthly (due on the first) to bi-weekly (due every other Friday, when he gets paid) just so he can pay his rent on time.  He will eventually reach the point where his bi-weekly rent payment will have been paid in advance of the 1st of the month and then by Christmas time, he can skip a payment and use the money for his kids.  He's is happy and I am happy.

This absolutely sounds like a headache.  You may want to cut your losses and terminate her month to month lease so that you can go in to renovate and find a tenant that you have vetted and feel comfortable with.  

@Steve O'MeallyIt really depends on what your comfort level is.  There are some great tenants in rough neighborhoods and bad tenants in terrific neighborhoods.  I invest in both neighborhoods and make sure to screen my tenants well.  

After a learning phase, I now have tenants in place for a few years that pay on time and take care of the apartments.  

@Lee Faulcon

Call a lawyer and start the eviction process.  Why would you even wait two months if you don't know them AND they did not pay rent?

Hi @Thomas Manningwelcome to BP.  My BF works for ConEd in gas.  We are practically family!!!!

Anyway....I own a house in Long Beach that just barely beaks even.  I bought it from an emotional standpoint because I LOVE LB!!.  However, with that being said, I would not do it again simply because the numbers are not right.  

First and foremost, use the Rental Property Calculator in the Tools tab to see if the price is right on a property that you are looking at.  You can only pull 5 reports as a basic member but if you decide to upgrade to PRO, you can pull unlimited reports.  Listen to the BP webinars hosted by BP's own Josh Dorkin and he will give you a step by step guide on how to use the calculator.  

Professionals say that you make your money when you buy.  So get to know the prices in the area that you are looking at and run those numbers comparing the local rents.  

Good luck and don't hesitate to reach out if you have any questions.

@Herbert FuscoWelcome to BP

I invest in Albany and live in northern NJ.  I would be happy to discuss RE with you.  It just so happens that I have to go to Albany tomorrow and could meet you for 20-30 minutes or just talk to you on my drive up.  Feel free to PM me with your contact info.

I know that there is a REI meet up in Latham but can't remember when. I have not attended, I just remember reading about it. You may want to do a BP search on "Latham" to see if you can find it.

Good luck

@Anica NewboldHi and welcome.  It seems that you have two great backgrounds for RE investing.  Marketing experience if you want to get into wholesaling and the RE/PM experience.  That is a great start.  I am sure that you will do well.

My suggestion..... read BP everyday and try to reply to at least one post per day.  It is not always possible to reply but with your experience, I am sure that you have plenty to offer.

Good luck!!

Hi @Desiny Smith

Welcome to BP. I invest in Albany and think that there are certain parts that would be worth your while if the price is right. You should do research on the MLS or reach out to a RE agent to get a feel for prices in the different areas.

I currently own a duplex in West Hills and am in contract for another duplex near St. Rose.  These, as you may know are two different neighborhoods, with different housing styles and different prices - but both of them have the potential to cash flow equally.  

I am from Long Island but currently live in NJ.  Albany is good for me as it is 2-3 hours drive away and I have a friend whose house I stay at when I go up.  I also look at Watervliet and Cohoes but I have not yet invested there.

Good luck and let me know how you are doing and what you decide.  I am always willing to help answer your questions if I can.