All Forum Posts by: Steve Ehrman

@Maria M. We have opened a deposit only account in a bank near our properties. Some of our tenants deposit cash into the account and send us a picture of the receipt.

@Abi Horton we have found a very good inspector. He costs us $600 per property, but has saved us from several very expensive mistakes.

So e people say we are crazy to pay this much. It is just a business expense. Find a good inspector.

@Thomas Balielan. Whenever we get a request for a service or support animal, we tell them that we follow all federal, state, and local laws and regulations. I then tell them that they can put on writing a request for a reasonable accommodation. This would involve a vet record to make sure the animal is up to date on shots. It would also involve a statement from an MD or other medical personnel on services and support the animal will give. Then we tell them that we will submit all this to our attorney to make sure everything is in order.

@Matthew Perry. I always pull city inspection reports. Then I pay $750 for my inspector that will give me intimate details including where he sees potential code violations. This has kept me out of several potential money pits.

BTW I ALWAYS pay my inspector the rush fee even when it is not a rush. Always find any excellent inspector.

@Joel Case. https://www.nbcconnecticut.com/news/local/ct-lab-confirms-marijuana-laced-with-fentanyl-is-a-new-public-safety-threat/2658007/

@Terri-Leigh Huleis. How much is her mortgage? Was that also paid off when you paid her $60K for the house?

That seems a central point to the whole deal. I have been reading the posts and this is the first time I have seen it mentioned.

@Arpit Guglani. Are you looking to hold the rentals in Knoxville long term? I would believe over the long term the better play is Knoxville.

@Alex Ng. Downriver Metro Detroit area. We picked up a duplex for $130K. Probably $20K repairs. Should generate $2400 to $2700 per month.

@Harita Konjeti. We recently had a collections attorney speak at our REIA. He said that we should always get money judgements on bad tenants. He will pursue payment for many years. He files against wages and tax returns. He even kept one open for 15 and collected when the tenant received any inheritance

@Derek Fike. The Detroit metro area is what I know. CoC can be as high 20-25%.>, with the right property.