All Forum Posts by: Tom C

This will make the cost of services go up. Any time I use a contractor for cleanouts or just crap work that I don't want to do, it's a cash transaction. If I have to 1099 these guys, a $300 clean out just went up to $400 bucks. I guess as it was suggested, instead of paying "Joe's handyman" for work all year. We pay Joes cleanout, Joe the painter, Joe the trash hauler... This is the only way I see around this situation.

I was a little concerned when I bought my first duplex also. It's not in the best neighborhood, compared to my SFR's and frankly it's a duplex. A lot of people would prefer not to live right next to someone. But then I considered, the price I got for it $17,500 and what my current homes are renting for and how those are in high demand.

Also, a huge plus for this duplex is that both sides are 3 bedroom. There are many family's in need of 3 bed rentals, but cannot necessarily afford the rent of a 3 bedroom house. My 3 bedroom homes rent for $600 a month. The 3 bed duplex, $435. That makes it attractive to a larger family.

Consider what the last owner paid for it and most likely were stuck with that note to pay on. At least you are getting it at a much better price and you can allow one side to sit empty for a month or so and still not take a big hit.

If one of your rentals get to the point of those places on TV, then you are not spending enough time at your properties and you need to get out of the business.

In Ohio, the spouse has to be on the title as J/S. We don't have a choice unless you put it in your company name. Why do you think there isn't much talk about the program?

A little off topic, but possible good advice.

When talking to dirt bag tenants, presentation is everything. Most people when they see me, wouldn't believe that I am a landlord. MikeOH gave excellent advice years ago as far as what you tell the tenants. I am simply the property manager for my father in-law, who is the person with the cash. I take my orders from him.

I do most of all my own work. I look like your typical dirt bag construction worker, drive an older 4x4, carry a 2x4 in my gun rack and a 380 concealed on my side. I relate well with these people and rarely have problems in a little city that is known for drugs, gambling, prostitution, corruption and a high murder rate.

If you are not a bad *** or at least present yourself as one, you cannot be successful in my area. Most of the landlords in my area, show up driving nice shinny cars, where dress pants and a lot of gold. Rarely do they even come around their property, many won't even come into the area's they own homes. They are happy to get rents 1/2 the year, which I couldn't believe when one told me so.

I take pride in knowing that I run my business, not some property management company. My tenants know that as long as they follow the rules, I will personally take care of them and make sure they have a safe place to live. I believe this is why I get and keep good tenants mainly by word of mouth.

Also just because she is certified, doesn't mean your house is certified to run a day care. Has the place been inspected and passed by whatever board in your state controls day cares?

I am assuming that you are the landlord of the elderly couple? If so, I have been in your position. Go talk to the trouble maker, since his landlord won't do anything about it. First try to play nice and if that doesn't work, put the fear of god in him.

Make it clear that he is disrupting your business and anyone who bothers your customers is causing you problems and the last thing he wants to do is cause headaches for you.

You maybe surprised how fast you can build a relationship with this dirt bag if you first show him that you care, talk to him whenever you see him outside. Make sure he knows that every time you get a call from your tenant, you will be knocking on his door to have a 'chat' with him.

There really should some kind of recourse for landlords who's business is being threatened by a slumlords tenants, but without getting into all kinds of legal fee's. So far I have been semi successful by just going over and talking to the dirt bag tenants this will at least help ease some of the tension.

Joe,

I haven't found a lender who knows how to do these loans, but I can tell you that in regards to Fannie buying loans from a bank, unless you have above a 720 Fico and DTI of less then 27%, Fannie will not go above 4 loans and I have been told by 3 different brokers, that if your old lady is on the title of the house, she is considered part of the loan too and therefore, will be maxed out when you are maxed out. Even though, Fannie supposedly up'd the total loans to 8. I haven't found anyone willing to go over 4 notes.

keep in mind, I was just told by a commercial broker that he 95% sure that had a client that would do a wrap into a commercial loan, only after spending countless hours gather paperwork, for him to come back and say he couldn't find anyone to do it. I told him that he couldn't do it and he was positive he could. So take everything you are told with a grain of salt. So many of these brokers and loan officers truly don't even know their own line of work.

I couldn't agree more, just don't be taking my profile Pic... :)

My first deal was a HUD.. No problems with the closing of the deal at all. Had problems trying to get it insured, since it was in such bad shape as most HUD homes are, but the transaction went easy. Fannie and Freddie have more requirements then HUD.