All Forum Posts by: Mike NA

I heard rumblings that there is a class action suit going on. Does anyone know anything about this?

I've got property with Countrywide and it is starting to look bad for them. What happens to me if they go bankrupt? How will I be affected?

Thanks.

Hi everyone. I have a problem that I hope you can help with. I haven't gotten rent from a tenant in a while and have made phone calls and sent letters to no avail. When speaking to a neighbor, I asked if they knew about this tenant and they said that they didn't think anyone was living there.

I dropped off notice saying I'd be going to check on the property for inspection and then visited the unit the next day. It appears as though this person no longer lives there. There are a few things in the property such as a dresser, mattress, box-spring, and garbage, but nothing else really.

It looks to me like she is gone.

What should I do? Can I just haul her crap away and move on? I don't see the point of using a lawyer because whe's already out. She does owe me around $800.

What should I do?

I'm leaning towards just hauling the stuff away and moving on. She broke her contract by not paying and from my phone calls, letters, and the word of neighbors, she's a ghost.

Anyone?

Where do most people get their real estate leads from. I am ready to start seriously going after income properties and wanted to know what sources I need to start hitting up.

Post any lead sources - good and bad - and tell me why they were good or bad. This would be very helpful to me. Thank you. 8)

I wanted to get a feel for what people typically raise rents by every year. Are rents increasing 3% / 10% / 20% ? What does the law say about raising rent? Are rents increasing more in some parts of the country over others?

I'd like to hear where people are from and what they typically raise their rents by every year. Thank you.

I have a few multi-families and I've used umbrella policies to cover them. In the future, I plan on going with a corporation. I've been told that I'm okay either way.

Not sure I'd go sharing all that info with everyone. lol.

I'd like to also know about the potential revenue from one of these machines. I know there will be issues, but there are always issues.

Thanks for the info. What you are saying makes sense. Are probate properties difficult to deal with? Can people buy them somehow before they go to open market?

Patty - I'm starting to think less and less that its me, and more and more that it is the city. Maybe things have slipped so far in St. Louis that it will take years before things really start to pick up.

There has been so much rehab on the buildings. I guess the next step is to start educating the people of St.L how to act as a tenant, and how to properly pay bills.

My problem has not been an issue of rents being too high. It is just a mattrer that there are simply no qualified renters. Every application we get is really weak and extremly risky.

I agree with you, though about changing strategies given the state of things.