All Forum Posts by: Anthony Wick

I read all those you mentioned. But The Millionaire Next Door started me off and got me going more than Rich Dad.

Politicians and police; bought and paid by your local hotel association. This bothers me greatly. There is absolutely no “justice” or reason for a $35,000 fine. Ridiculousness at its finest.

@Nicole A. Here’s what we don’t know. How long tenant has been there. Have they ever been late. Are they clean and keep the place in great order. How long is left on lease. If they’ve been asked how their July rent will be on time. Actually, we don’t know much at all from original poster. But you and others have jumped to “they will burn you and you have now given them 3-4 chances”? I’m not leaping there until I hear “they just moved in a month ago and are also a pain in the *** tenants”. My way, they get a single chance for possibly an isolated incident. Your way; zero chances ever, tenant gets evicted, tenant is angry at you, possibly trashes place, your rental is empty or simply not paying any rent. Am I going overboard on scenarios? Yes. But I’m not making any more guesses than anybody else with limited info here.

I see some people here have NEVER had an unexpected expense in their life. A lot of you seriously would NEVER give a single grace period or second chance to a tenant? I like the idea of putting in writing this is their one and only time they are allowed to be late. And guess what if they're late again, as some of you have stated is a certainty? They used their one chance. It's late fees galore and eviction notice immediately. 

1. Like almost everybody, buy multi family early and often. House hack, house hack, house hack. Trying to talk our kids into that very idea right now. 

2. Hold onto that property in 2008-2012 (SFH, in California. Ouch!)

3. Do at least some of your own rehab to learn, and my learning is; do NOT go cheap. Of course, do not go most expensive, but that middle ground will save money in the long run.

4. Pay yourself first. Save 15% of your income starting from day 1 of your day job. Then buy that income flowing/mortgage saving multi family property (go ahead and ask your parents for that down payment, and pay them back with the savings). 

5. Find a partner that thinks the same as you. You can't buy real estate if your partner isn't on board and he/she is a spender while you're a saver. 

I heard a podcast the other day that basically said; "if you have a good tenant, don't sweat the small stuff and keep them happy". Basically, if you're ok with the tenant otherwise, and they pay on time, and don't trash your property, these are small and cheap fixes to keep them happy and keep your property rented with no vacancy. 1 months vacancy will be more expensive than all these fixes combined, and then some. 

I don't think it was mentioned yet, but once you lower the price and get a decent tenant, then you can always get that 3-5% raise in rents in subsequent years/leases. In my limited experience, I've found people don't really like to move if they can help it. I certainly don't. So much better to start a little slower but build up speed and keep good tenants than to go vacant for any months. 

Can you start eviction proceedings now? I have in my leases that any illegal activity could result in immediate eviction (by preponderance of the evidence, not by conviction). Might as well get rolling on what you know is coming. 

I had the same issue. Verbal and email 60 days out that they would renew, but laziness meant they didn’t sign lease for 2 more weeks. Can you schedule a time with them and physically bring them the lease to sign? Some people need their hand held and forced at other times.

http://web.assess.co.polk.ia.us/cgi-bin/web/tt/infoqry.cgi?tt=home/index Enter address, treasurer tax statement, tax installment. Shows many years of actual property taxes paid on property.