All Forum Posts by: Arnie Guida

I've been frequenting two local family owned restaurants for years...and I can't see how they stay open. 

These are both inexpensive restaurants. They have their peak times, but I'd say 90% of the time they're less than half full. I can't see how they can stay open. They're both on a main drag in town, very nice locations...the property tax bill alone has to be huge...

One owner I've gotten to know, and the family is big into other types of REI, so this is just a write off, they just enjoy the biz?

One common thing for both restaurants is that neither owners were born in America, does that have something to do with it?

I don't know, both are high vis, very clean, well kept, big places on a main drag on town. 

As I've said, the food is very inexpensive. 

I don't get it.

I wish there was a way to ignore the Introduction and Starting Out forums...

"Hi, I have no money and don't know anything about real estate, can you tell me how to be rich in 2 months?"

Every effen day...

There's prolly 50 of em a day.

It's SO tiring... and clutters up BP

It has lessened my interest in BP.

...and we are mere days away from our prop tx bills here in MKE...

Oh, the excitement!

I love checking the box, "Multiple Tax Bills Enclosed", I get to feel like such a big shot...

:-)

I say that because of my previous thread about a tenant giving some homemade fudge with last month's rent. I was invited to share Thanksgiving dinner with one of my tenants and his family at their apartment. I was deeply moved by such a generous act. I declined as graciously as possible, letting them know how much I truly appreciated their offer. I did have other plans, but would have declined as it would have been inappropriate, and getting too close to a tenant...as a landlord, we need to keep a business relationship with our tenants. Again, I realize this may sound like bragging, but that is not my intent. I just want to illustrate that if you screen well, get quality people in your buildings, treat them with respect, make timely repairs, keep your building up, being a landlord can be very rewarding, and I don't mean financially. God bless all of you this Thanksgiving. Arnie

Originally posted by @Marcia Maynard:

Landlording is not for everyone. 

For me the role of landlord carries with it the expectation of interacting with tenants and doing so with open and honest communication. Be firm and fair in your tenant interactions, screen well, have a clear and comprehensive rental agreement, take swift action if a tenant does not comply with the terms of the rental agreement, know landlord-tenant law better than your tenants, take reasonable precautions, have sufficient insurance, have a good professional team which includes an attorney, maintain good business practices, respond to tenant needs in a timely manner, be respectful and courteous, be a community player, and landlord with integrity. Do all of that, and there is no need to be anonymous.

Read this until it is second nature.

Thank you, Marcia.

Wow!

I was going to ask for the latest, but I see you've sold it, 

and wow, congratulations on the price!

I'm...surprised...for that neighborhood.

Isn't it funny how it works? 

As you age and pay your buildings off, the mortgage payment money now turns into paying to have things done instead of doing them yourself.

You're young, you do things yourself...repairs, maintenance, lawn care, snow removal...kinda because physically, you can, and financially, because of the mortgage payment, you can't afford to have it done.

You're old, mortgages are gone, but physically, and maybe, mentally, you just can't/don't feel like, doing it anymore.

In a way, it's good, it keeps you in the game, or you'd burn out, either physically and/or mentally.

I bring this up because we've just had our first snow, and instead of getting in my truck to go and do snow removal at my buildings, I'm on my third cup of coffee, browsing the internet with the knowledge that my snow is taken care of by a hired service.

Feels good.

Maybe I could winter in Florida...

Ok, ok, there's a 5gal bucket with salt, a scooper and a shovel at every entrance. 

I sent a text to all tenants letting them know what's going on, that I'll be using the same snow removal service as last year, and that the salt and shovel are just an additional convenience, and to let me know when it gets low.

Just got a text from my snow service that he's going to take care of it.

Thanks everyone,

Arnie

I've done it, I haven't done it, I've done it...

Do you keep salt by the door for tenants to use? I've kept a 5 gallon bucket by the door now and then, but usually it gets over used, and that crap gets tracked into the building.

I have a service for removing snow and plowing, but I'm talking about the occasional light snowfall or freezing rain when the service isn't needed, and a couple minutes of my time to throw some salt is all that's needed.

I bring this up because of a text I received today about ice at the entrance of one of my 4plexes. I drove over and took care of it.

I think I might do it this year.

Do you keep a bucket of salt at the entrance of your multi?

Another new record, same tenant. Just got the email notice, the rent has been paid. Wow... I wish they were all like this. I must be a great landlord...(ahem). ;-)