All Forum Posts by: Michael Healy

Isaac Blocher my instinct is to go with the small local bank because they have been totally great on the lending side. It's nice to have them say, "oh we know that property well" etc. I'll ask them about security sub accounts

Thanks Flavio Zanetti I did search but didn't find this exact thread. Very helpful

What are your thoughts on the best banks for rental business accounts? For personal I have a big national behemoth but am thinking of a couple different options: 1. The same big behemoth for ease of use and consolidation 2. A different big behemoth that offers more specialized small business features and for clear separation of church and state 3. Small great service local bank that does my lending and to which I anticipate going back to again and again for new deals. Various considerations include ability to easily sync with Quickbooks or other accounting software and otherwise easily transact business online, electronic rent payment options (eg chase quick pay), low/no fees, and ease of access to lines of credit for major capital projects. Appreciate any perspectives

What about any examples of kindly, gently defending against "landlord mission creep?"

Greg S. Thanks that occurred to me as well. Such events are rare in my own experience as a homeowner. And if I could get the kind of immediate on demand service that some people's tenants seem to expect, I'd be shocked.

Peter Mckernan this is helpful perspective. Tenant training seems to be key. Teaching a wo/man to fish would be my approach.

Thanks,Tom V. I definitely hope to find such a tenant. Other than the fact that I live two hours away from my properties, the least helpful place you want me if your bathroom is clogged at 3am is there trying to do something about it myself. Though I do know how to operate a snake and have done so on many occasions...

Thanks so much Roy N. !! Would you pm me and would you mind sharing the basic outline of your house rules? Awesome stuff

So, something has always bugged me a little bit reading these forums and blog posts. If someone is self managing a few MFH, why does everyone seem to feel they have to run over at 3am to deal with a clogged toilet? What if you're just not handy and/or don't particularly care to be on call in that way? Aren't there emergency plumbers or handymen who can be hired for quick urgent jobs? Tell me about your solutions that are midway between full on property management and being chief cook and bottle washer for your tenants every whim? Also, is there a point where it's up to the tenants to solve their own problems and how do you draw that line--eg if there's noise or loud music in the neighborhood or other quality of life issues that don't apply to the physical integrity and function of the property. When do you say, "I'm sorry you're going through that; let me know how it works out of if you need additional ideas." or "let me put you in touch with a good handyman." I feel like the choice between full PM and self management is painted in drastic black and white terms. Surely there's a middle ground? Tell me your stories!

Next question is do I put seller financing up front in initial offer or hold back as negotiating tactic?