All Forum Posts by: Mark N.A

The problem with Section 8 is that if it is not cut it must still be paid for.

And YOU, Mr. Landlord, will eventually get the bill in higher property taxes. Quite possibly coupled with rent control.

Don't like it? Then move. Oh, that's right, you can't move your rental. So complain to your congressman! Oh, that's right, you have ONE vote, compared to your tenants, all of their relatives, all of the people that work for Section 8, and all of the votes of every other taxpayer who's not an evil greedy profiteering Landlord like you.

Don't get me wrong, I have tenants on various government programs, but I can also read the tea leaves: and they tell me that one way or another SOMEONE'S gonna pay.

I don't mind 3/1s IF I can add another bath either now or later. Although it's not a cheap project, it does give me additional options.

Around here 2/1s - either apartments or SFHs are becoming functionally obsolete.

"Know your market".

There's no doubt that it takes certain unique skill sets to maintain one's equanamity in this racket.

But speaking from experience, I know there are worse ways to earn a nickel, and worse people to deal with than evil tenants, mendacious lawyers, petty civil servants, obstreperous bureaucrats, dishonest vendors, thieving contractors, lying business partners and ......

Geez, maybe I better rethink this whole thing.

It is impossible to make 'something' out of 'nothing'.

Do you have a job? If not, get one. If you already have a job then find another job working nights. Then find another job working weekends.

It sucks, I know from personal experience. But after a year or two or three you will have something real to use for achieving your goal.

Sell the house. If you're in a good market you might be able to sell it yourself and save the 6% broker's fee.

I've never had good results letting tenants do any work in trade.

Besides potential trouble with the IRS, what is your liability if they get hurt 'working' for you?

>>I'd live in a SFR, 4plex, condo, anything. <<

Each one of those options has their own particular pros and cons. With a SFR you'll pretty much be left alone to rehab 24/7 if that's your preference. If you've got neigbors on the other side of the wall you'll have problems with noise.

With a multi you'll immediately have income, but you'll also immediately have management issues. Managing property can really suck.

Stay away from condos or anything with a homeowners association.

Your best move now is improving your education. Here are two blogs that I liked so much I read them in their entirity from start to finish:

Mike Rossi writes (or used to, anyway) 1minutetorentalpropertyriches.com. This is the real world of property management.

J Scott writes 123Flip.com. It tells you exactly how he moved to Atlanta and started succesfully flipping houses. If someone lives in a similar metro and cannot follow suit, then someone is not cut out to be in REI.

There are many more resources out there that you can benefit from, but in the end your success will most likely depend upon the three Ps: Patience, Persistence, and Perspiration.

Good luck and keep us posted.

If you were properly insured you will get the damage fixed plus lost rent from your carrier with a minimum amount of effort on your part.

Your tenant, on the other hand, has lost his home and possessions. No doubt he needs money to put down on another place.

I say refund his deposit promptly. Many states will award treble damages to an aggrieved tenant and if this goes to court you will look like a greedy LL, especially if the fire really was accidental.

If it turns out later your tenant was somehow at fault, let your insurance carrier know and they may pursue the matter. Meanwhile CYA.

When one is just 'starting out' one should utilize every avenue available.

That said, if one doesn't know the difference between shoe polish and shinola one will not be in this business long.

My low-income tenants do not like gas and would rather have electric baseboard heating (actually they'd rather have central but that ain't -happening).

I have one old and large 3 bed with high ceilings where I added electric baseboard heaters but also left a couple very nice gas space heaters just in case. They haven't used the gas in two years.