All Forum Posts by: Bill Robinson

Complete side question:

I am curious as to the organization to which you are renting and the arrangements of the lease. I have a couple places that might be great for a something like this.

Heat -- You probably don't crank the heat all the way up and then open every single window in the house in the dead of winter. Tenants do. What tenants don't pay for they use in amounts you can't fathom how they managed to use that much.

How would you be financing the buy and repairs? What kind of numbers are you coming up with as far as a buy and hold?

Dan Taylor -- Can you use the gift cards when buying from the bid room? The way I read your post is seems to say that you can't do that.

The apartment wasn't flooded due to negligence. It is flooded due to massive rains. And no, absent negligence the landlord is not responsible for the tenants furniture, etc. That is why tenants should get insurance.

Lynn pointed out what I couldn't find a nice way of saying. Tenants like to find ways to sue landlords.

Who hired the crew?

Kevin Young I'd be interested in understanding the training and process you use to train your tenants to make the deposits.

For instance:
- Do you supply deposit slips? ATM cards?
- Do they go to a Wells Fargo location for the deposit?
- What kind of rents are the tenants paying this way?
etc.

Just to share -- Early on we wanted to be the "understanding landlord"... we are doing much better now as the "by the book landlord".

We used to try and work with our tenants about why they were going to be paying late. We don't anymore. Their rent is due, the eviction notice arrives every time on time. It took a year of moving out the problem tenants. Now we get 15 of 16 rents on time as opposed to 8 of 16. I even send letters in November reminding my tenants that the best gift they can give is the roof over their family's head. It isn't worded that harsh, but the point is made.

Are you also unable to get cash-out refi's or helocs on the debt free properties? Are you trying to secure loans where the only recourse is the investment property being purchased? Have you spoken to any smaller local banks?