All Forum Posts by: Arnie Guida

Originally posted by @Marcia Maynard:

 Can't beat your "buy" price! Lucky you!

I'd rather have my Mother back than the property...

Thanks Dawn. Just feeling a little overwhelmed right now . So many decisions. What to do first, what can wait... I'll figure it out, I guess. Like I said, just venting.,, Thank you.

Realizing real money needs to be spent on an inherited 4plex. Years of deferred maintenance. Roof Siding Windows Electrical service upgrade Much more.... I'm thinking 30k easy, maybe 40. I know, I know... Many variables... Just having a beer and venting...

Thank you, but that's not what I asked.

I've been told that my long held beliefs are not true. I've always thought that at the end of a 1 year residential lease, that it automatically becomes a month to month lease with the same terms, such as in late fees. I've been told that I can no longer charge late fees unless there is a new lease agreement.

Is this true? I guess I need to check Wisconsin State law...

Thank you, 

Arnie

How boring having a PM would be, it's so entertaining to be a Landlord!

Tenant of several years, usually late but pays the late fees...Lately it's gotten much worse...Yes, yes, I know, but a successful Landlord friend would always say to me, "It's better working with what you've got than getting a new tenant."

But the situation is terminal now, the patient is in ICU on life support, so to speak, with no signs of recovery. It's over.

Anyways, I go to serve the 5 Day Notice yesterday, just bitter cold outside, sub zero for the next couple of days, and how does this guy come to the door? Yep, gym shorts and nothing else...no shirt, shoes or socks, nice and toasty in there! (he pays the heat).

Jus chillin, watchin the box...

Ahhh, priorities...

SLAMS the door in my face...oh yeah, I'm the bad guy... 

Went to my fave restaurant, had a couple drinks and a nice meal.

Why would I want to miss this stuff?

http://ignitemylifenow.com/

https://www.carletonsheets.com/

http://justaskbenwhy.com/

See if you qualify:

• I have had an individual income in excess of $200,000 in each of the two most recent years and reasonably expect an individual income in excess of $200,000 in the current year.
• My spouse and I have had joint income in the excess of $300,000 in each of the two most recent past years and we reasonably expect joint income of $300,000 or more in the current year.
• Joint net worth with my spouse in excess of $1,000,000 excluding our personal residence.

Oh my...

The real estate market is just like the stock market, 

There are aggressive plays and conservative plays.

"Most are low lives"? Really Ben? (actually, it's low life's... ;-)  )

Where in THE hell are you buying? Or maybe you need better tenant screening skills. I'd also recommend stop trying to find the cheapest repairs possible...if the guy's full time gig is busing tables, but but does "carpeting on the side", maybe that's your problem with "contractors". Stop being so cheap and trying to squeeze every last penny out of the property. Fix it right the first time with quality repairs and you won't have to do it again, and again, and...

I'll stay in the nice neighborhoods, with a rate of return most here would laugh at, but I'm not "puking into a helmet", and most days don't even know I have income properties. Very little turn over, very little repairs...my biggest challenge is, "What should I do today?"

One thing many are forgetting...

Not everyone is a one trick pony, their are more asset classes, and more to do in life than real estate. 

For the maximum leverage crowd, you must have short memories. My painter had a helper...nice guy, late 30's..."I had a 5 bedroom house and 15 properties"...then the downturn around 2007-08 came, all that wonderful leverage that guys like Joe Villeneuve take every opportunity to post in every thread they can, left this guy bankrupt, being a painter's helper, working for me.

I have enough properties, most are free and clear, there are other asset classes and more to do in life besides real estate. There are only so many hours in a day, and the clock is ticking.

Be careful with leverage. There's nothing wrong with owning income properties free and clear. I sleep like a baby...

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