All Forum Posts by: Victor Patel

I fully agree with what Nicholas said.  Your first year will more than likely be learning the ropes.  You may not get any cash flow but you will get an education that Harvard, Stanford, or any Ivy League school can provide.  

Once you get over the learning curve it can become very lucrative.  Don't lose hope.  It's a great business!

Hopefully you took a security deposit.  If so I would keep the deposit and move on.  Even if the tenant decides to stay it will become a problem down the road.  Keep the deposit and cut your losses and keep peace of mind.

It sounds like a communication issue.  Perhaps talk to him and go over your requirements in more detail.  Let him/her know specifics such as area, size, price range, value add, turnkey, any deferred maintenance issues, cosmetics or full rehab, etc. 

What is a "good tenant"?  Did they pass all of your other requirements...credit score, job history, income, eviction history, etc?  If so, I would be very careful to decline the application.  Perhaps you can have the tenant provide insurance and name you as additional insured.  That in itself might be an issue too.  I would tread this very carefully.  Perhaps you could provide the ESA documentation to the insurance company and have them provide in writing to accept or decline the insurance.  That might be a way out for you.

A "great" tenant is one that pays on time.  Treat the rental as a business.  As a broker specializing in rental properties for the last 20+ years the worst stories I have heard came from landlords who became friends with their tenants.  

It is important to keep the landlord-tenant relation as business only.  It will be less of a heartache in the future.

For this one instance I wouldn't worry about it.  Going forward, if the tenant is "problematic" as you say, I would probably not renew the lease.  Also, for the future post a 24 hour notice (showing date/time of notice) on the door and take a picture.  Also, call or email the tenant to have a trail of the notice.  That usually works for me.

Troy,

Some landlords prefer Section 8 while others will shy away from it altoghether.  I am a real estate broker and investor in the Cincinnati area.  I have dealt with a many section 8 and non section 8 tenants over the years and got to the point where I didn't want to deal with section 8 anymore.  While the rent is guaranteed, I learned that the maintenance issues far outweighed any rent guarantees.

Section 8 conducts yearly inspections which is great.  Some issues are to be taken care of by the tenant and others by the landlord.  If the tenant doesn't take care of their issues than you become responsible.  9 out of 10 times you become responsible.

I always conducted my own inspections well ahead of any section 8 inspections to get ahead of the game and fix any issues that may arise due to section 8 inspections.  However, maintenance costs seemed to be never ending.  There was always a leaky faucet, clogged toilet, broken light fixture, lost keys, overgrown grass, trash in the yard, etc.  Many times the tenant would not pay their portion of the rent on time if at all.  

Not trying to sway you one way or the other but just trying to give you my experience of 30+ years as a landlord and broker.  Reach out if you have any questions!

These issues were less prevalent with tenants that were not on section 8.  

Hello Kevin,

I've been a broker in Ohio and KY specializing in rental properties for over 20 years.  Most of my clients are repeat clients from CA and NY.  Most are from the SF Bay area (my former home).  I am also an investor.

I believe it is most important to first narrow down a market in which you want to invest and then find a broker/agent who is knowledgable with rentals in that area.  He/she would have access to good lenders, title companies, PM companies and know the best areas to invest in based on your criteria.  

If the Cincinnati market is your choice I would love to have a conversation with you.  

Cynthia,

I agree with Chris.  I am also an agent and an investor.  You need to create a "tag" for each side of the business.  I currently use Follow Up Boss.

Phil,

I am a real estate broker in the Cincinnati area.  Originally from the SF Bay Area (East Bay).  I have been a broker in Cincinnati specializing in rental property for 20+ years.  Over the last 10 years or so my best clients have been from the Bay Area and a handful were from NYC...that should say alot.  They refuse to invest in NYC and the Bay Area.

I have also been an investor since moving to Ohio. It is a very landlord friendly state.  Evictions are quick and easy.  No rent control.  I think that is something that needs to be taken into account when purchasing rental property.  

Please reach out with any questions.