All Forum Posts by: Tyrell Perry

Supply chain has already been disturbed. Was looking to purchase windows last week and none were in stock at Home Depot or Lowes in the desired size. This could be mere coincidence or corona virus related. Nevertheless, given the US import relationship with China, I think you'll see more of this which will result in landlords and contractors having to make more visits outside the big box stores and having to spend more on material costs.

@Jim K. "The ghetto will beat your illusions out of you"...funny but true. The jab jab uppercut combo can be brutal. As Mike Tyson said, "everyone has a plan until they get punched in the face."

Here is your solution:

https://www.amsbilling.com/

Tenants have the option to pay at CVS, 7-Eleven and designated check cashing locations. After enrolling the tenant, AMS provides you with a tenant statement in PDF format. Provide that doc to the tenant via email or hand deliver. When the tenant wants to pay rent, they go to one of the locations listed above and provides the cashier with their tenant statement. The tenant statement has instructions for the cashier to follow to generate the tenant account. Following tenant payment, you receive an email with the payment confirmation details. There is a surcharge of $4.99 per transaction which the tenant can pay by adding the fee to their rent or you can pay by the tenant only paying their base rent. They have an online portal as well. Rents get transferred to your bank account around the 13th of the month.

LA doesn't think like New York and Cleveland damn sure doesn't think like NYC or LA. It's a next meal mentality there. Systems must be in place for the work and credibility of everyone to be checked and verified. In the lower class neighborhoods, it's imperative for the landlord to never get comfortable and try to run operations on auto-pilot. That behavior is typically what prompts the beginning to the end.

Send it to me. I'm looking. 

TenantCloud. It's built for real estate accounting.

Your standard lease agreement should mention that the security deposit can never be used to pay rent and that it's forfeited should the lease agreement be terminated before the outlined expiration date. If it doesn't, make sure it does moving forward. 

I'd deliver the 3-day notice and discuss a 7-day window to move before the eviction is filed. While discussing the 7-day window,  advise the tenants on the difficult to lease should the eviction be filed. If they're receptive to the 7-day window, proceed in that direction and contact them after 3 days to make sure they're still on board. 

If you get a response along the lines of "we need some extra time"...file the eviction or give them an incentive such as making a contribution to their moving costs. Ideally, your contribution should not exceed the eviction fee. If you proceed in this manner, be sure to fork over the fee following their departure or on the day of the move when you physically see the moving truck and their belongings exiting the door. Be sure to get everything in writing with their signature acknowledging the termination date and the locks to be changed to bar them from access. 

A tad tardy to the party but I made it nonetheless. Definitely enjoyed browsing through the 12 pages of posts as there is a lot of value add from both sides of the aisle.

@Account Closed I understand why you’re resistant to the negative energy as I too despise Negative Nates/Nancies. With that said, value can be found in the posters who oppose the sub-$30K properties. They are correct in that you should proceed with caution. 

As an buy-and-hold investor with 30+ units in Cleveland and Canton, I can assure you that this segment can be challenging but definitely not impossible for the out-of-state or out-of-country investor. I’ve always been both during my 3-year tenure as a landlord. Besides time differences and travel time, the requisites for both labels can be identical.

I’ve come to learn that every tenant and property comes with its unique set of benefits and nuances. There are tenants that always pay rent on time, never report a maintenance issue (that can be good and bad) and even alert you about ongoing developments in the neighborhood or at the adjacent properties. Then you’ll have tenants that always make complaints on why there rent is late yet they always have a repair to be made due to negligence. Likewise, some properties are needy and others are not. For the sub-$30K market, the duplex and triplex is the ideal target with the latter being the preferred option.

While I wouldn’t trade away my experience, if I could do it all over again, I’d align with an investor that had significant holdings in my target market’s sub-$30K space prior to the first purchase and/or scaling. With everything in life, there is a learning curve and you’re going to expend resources learning the craft yourself or having someone assist you with the journey. Having someone who has been there and done that can help you make critical decisions that saves tens of thousands of dollars in the wallet and on the mind. This can come in the form of property selection, contractor selection, tenant selection, repair alternatives, property taxes, insurance, etc. 

Also be wary of scaling too quickly. If major repairs on multiple properties come calling at the same time, it’s not a pretty sight financially or psychologically. Be nimble, adaptable and willing to identify positive/negative trends within your portfolio. Best of luck!

Like much in life, war zones are not created equal. Not only will they differ from city to city, they will also differ from neighborhood to neighborhood within the same city. If you're looking to invest in a war zone and want to minimize risk, compile your list of war zones and then start asking around so you can rank the desirability of each amongst each other. I have two buildings where drug posts are in close proximity. The police are usually aware of the activity but it takes time for them to build their case and do a raid or for shootings to occur which warrants the police attention. When investing in these areas, screen tenants vigorously, have cameras and call the police and cite trespassing when the druggies come on your property. Druggies don't like police so if they notice a pattern of the police coming out when they're on your property, chances are they'll find somewhere else to go.

There is no mention of moral equivalence in my comment...simmer down bud