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All Forum Posts by: Tom C

Tom C has started 40 posts and replied 1025 times.

Post: Tenants requesting advanced rent returned

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

Not a bad idea Eddie, but what stops them from pulling the money out when they feel the need?

Post: FHA 90 day rule Suspended?!!?

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

Summer,

Per my broker, this only refers to OO, not NOO and according to him, even if FHA rule did apply to NOO, most banks have their own rules put in place that require now 1 yr.

Post: Tenants requesting advanced rent returned

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

MIke, You just give it back, correct or are you saying that it's now implied that now these folks are now on a 6 months lease?

Post: Tenants requesting advanced rent returned

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

No there is no discount for prepaid rents. I agree with you guys. I have a bad feeling about this. Some how I have to make it very clear that, that this is the only time I will grant this request or I will not accept rent in advance again. I do not want to become a bank, unless I can figure out how to make money off it, and the little bit of interest I get certainly doesn't even make up for my time and gas to drive over to give them Jan's rent back. I have very mixed feelings about this whole situtation.

Post: Tenants requesting advanced rent returned

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

Just wondering what everyone's opinion on this is. I have a mom and daughter who usually pay rent 6 months in advance, due to the fact they cannot control their spending. Well they called this morning and they have had car trouble and would like Jan's rent back. Of course I told them I would do it, but I can really see a real downside to this also by allowing them to do it. I have no idea what the laws are in regards to something like this since we have a month to month lease.

Any opinions?

Post: Your thoughts on what makes a property “in a war zone”.

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

We have one of the strangest CC laws that I have ever heard of. You don't have to qualify with the gun that you are carrying and you only have to reapply every 5 yrs. I do not have my CC permit yet, as long as I am in working, Ohio has an affirmative defense to carrying concealed, as long as you carry large sums of cash or work in high crime areas, you are considered a “prudent man going armedâ€.

I don't agree with our laws. As police officers, we are required to re-qualify every year and you must qualify with the exact weapon/ weapons that you are carrying on or off duty. One instructor that I spoke to qualifies all of his students with 22 cal six shooters. That is ridiculous. Anyone carrying a handgun should have to qualify with the weapon they are carrying.

Both my wife and I are going to go through the 12hr course. She is a nurse and she carries all the time, since she works 3rd shift. I’d rather have the permit, just to avoid the legal expense of being charged and then having to prove the affirmative defense.

Post: Your thoughts on what makes a property “in a war zone”.

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

I carried my duty and off duty weapons first 9mm and then 40 cal. for too many years. It was more of a burden then anything else. I perfer my 380 cal Walther PPK. It's small enough I can put it in my pocket and I don't have to deal with a holster and I can promise you that I can drop someone just as fast, from pretty much the same distance.

Post: Craigslist Scam

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

I actually had a guy "Calvin" walk someone around the outside of a house that I was rehabbing. The wantabee tenant showed up a few days later when I was there and he wanted me, (the maintenance man) to show him around. Then he proceded to tell me about Calvin trying to rent my house out. Luckily this poor guy didn't give Calvin a deposit.

I quickly posted notes on the windows stating that if Calvin is showing you this house, he is does not own it and he is a scam artist. I also posted a notice on CL warning Calvin that if I catch up to him, that I would break his legs.

I never heard from Calvin again.

Post: Where to buy $12,000 houses?

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

You can buy plenty in Cleveland and Youngstown, but your not going to get $600 a month, more like $375 to $400 and rehabs will range from $5 to $10K.

Post: HUD reduce section 8 rent!! 110% FMR to 90%

Tom CPosted
  • Real Estate Investor
  • Ohio
  • Posts 1,067
  • Votes 84

Eddie,

It's sounds like you are going to have to make a choice, whether to accept it for another year or not accept it and tell them to go fly a kite. What kind of rent are we talking about, how much? I currently do not have any Sec 8.