All Forum Posts by: Theodore B.

Mike M are all your properties multi family? I currently have single families and wanted to know what type of fees do you have to pay for property managment services?

One thing you can be glad about is that they moved out and did not stay and you had to evict them..not only would you have to pay court fees, but you would have to wait until you got them evicted before you could rent the property again. I would go ahead and get the place relisted and get it rented asap to start recouping your cost

Will K...man 4K for rent, I thought LA was high!

Hi Yee,

I have been networking with someone in Los Angeles and he has been doing some flipping and LA, is pretty much up there with Orange county. I too, would love to know how people do it starting out, heck is it even possible. I went to try and buy a home in LA and found it extremly difficult because I always had to compete with the investors who can go above and beyond the asking price on many homes in my price range.

Nice..I do bank account deposits as well and most of them do cash so it limits my delay time. I even had some paypals, but I get charged for that so I had to stop that one QUICKLY!!!

Hello fellow property owners!!! Wishing you all a Happy 1st of the month, should be our FAVORITE DAY OF EACH AND EVERY MONTH!!! Wishing you all timely rents and no evictions!!!!

Hey David, me again I saw your lease agreement statement, I understand that everyone has something different, I have included mine below as a suggestion. I read yours and you had a lot of information that I think the tenat could get lost in. I say keep it short and sweet. But hey just a suggestion.

"If the rent or any other charges are not received by the landlord on or before 5 days after the rent due date, tenant must pay a late fee of $50 in addition to the rent. If rent is not paid in full by the 6th day, eviction proceedings will begin.

Payments received by the landlord when there are arrearages, shall be credited first, meaning any outstanding balance, and then applied to the current amount due."

Hey David,

I will answer your question this way.."Have you ever been late on a credit card payment and called the company asking to remove the late fee?"

I have tenants that pay me late here and there, but for the most part are timely. I understand we are in this business to make money, but without the cooperation of our tenants we would not be in business.

Another way to look at it is when you have an issue at your property and its an inconvenience for your tenant, they will be more willing to be patience with you because you in turn were patience with them in receiving the rent.

I know in my lease agreement, I give them a 5 day grace period to pay the rent after the 1st of the month and if they go past that, I charge a late, fee, every once in awhile I will waive the late fee, if its a special situation and they usually pay on time, but if you get that request a second time, then be sure to enforce that late fee. I hope that helped.

Hey Ryan,

I am also from Detroit. I am also looking to network with other investors looking to do business in Detroit. I have done some investing in the area and I would be interested in speaking with you to see if our interest are similar. Feel free to contact me to discuss