All Forum Posts by: David Schlatter

We use all Valspar Meddalion paint. It covers really well matches really well and cleans up if you need to scrub hand prints from the walls. We use Ceiling white on all ceilings and all Walls we use Raffia Beige on everything in Eggshell. It is a light tone tenants can add color by curtains ect. We can go in 1-5 yrs later and touch up wear marks or mishaps and not paint the whole wall. If we have to you can get by just painting a room or a wall. We never have to remember what color or sheen? A little higher priced up front but it has been excellent for us. We paint around 200 gal a year. Hope that helps. Good Luck!!

When we started my Banker laughed at me. That was 10 yrs ago. My wife wanted to flip so she could close her Daycare. We found a house for 28,000 knew we would need 10,000 to rehab. We used a credit card that had the checks for cash advances at 2.1% for 12 months. We had a $40,000 limit on the card. When we finished it in 8 months, a whole story in it’s self. When it sold we paid it off. My local banker followed closely, however it took until our 4 th flip till he would loan on one. Even then he would only loan on the purchase repairs were on us. So the credit cards got used a lot. Now we have a line of credit we can use. Just remember it has taken 10 yrs 45 flips and a lot of perseverance. We also use a private lender a lot for our rentals.  Good luck.

Thank you for all the replies. She claims she will have it paid in 30 days. The apt is clean but she brings a lot of drama with her. So we will see what happens or be prepared for Jan 1. Thanks again David

I have a tenant that is behind in Rent. She was always erratic on paying. Would get 1/2 a month behind then would give me 2 1/2 months rent plus the late fee. She is currently 2 1/2 months behind. I have been trying to get rent from her and now all the stories start. She claims she has a check that the bank is making her wait 14 days to clear. She asked if I could stop today and she would give me a copy of a letter from her bank. When I stopped she handed me a letter that was a COVID document for eviction moratorium From the State of Iowa. 
I called my lawyer he said he has been to court 3 times in 3 weeks and has lost all 3 cases. He even had proof that the tenant did not meet the requirements on the document. The judge wouldn’t even listen to it. I’m guessing I’m probably out of luck, just wondering if anyone else has had this problem or success? My lawyer served a 30 day notice to terminate a lease and goes to court Friday for that. He is going to let me know how that one goes.
Before you start in about should have screened better etc. I did give her a chance she had a couple questionable items but no huge red flags. She has been with me 2 yr. no I’m not going broke over this just frustrating. We have 56 other tenants that are current. Some just work the system better than others. 

David Schlatter

We had a fire and ended up with a huge discrepancy on a 4 plex. I had to get 2 bids to build new from 2 contractors, I had just had it appraised, plus a realtor wrote a letter of valuation. I was able to use that to get the correct valuation, and get my check. This did take 4 months and 2 meetings to get my check. This was for Actual Cash Value insurance. Since then we have filed appraisals on each property with my carrier. I hope this helps. 

We started out in the beginning with an llc. My wife and I are the 2 managers. After 5 yrs we switched to a series Llc. We have never had a loan in our personal name. We used a local bank then this year we switched to a portfolio loan and 3.75% 5 yrs arm. We currently own 30 separate properties. Some loans are with a local private investor but all are in the Llc’s name . We do put any expenses towards the Llc just like you said. Tools, computer, miles on vehicles, wages. We started in 2007. I hope this helps. Good luck!

I’m curious as how you lost money? What other expenses are not being listed? Our slogan is “We win or We learn” we never lose!!

I only do a year lease upon move in. Then all of our leases switch automatically to month to month. I always give them the option to sign a renewal, None have. We have had very little trouble and very little vacancy. I would rather keep the tenantif she has been a good one!

Thank you for your advice, I just did not want to let it go. I think I will go ahead and prepare a letter. Thanks again

I just got word today that a long time tenant that currently rents a single family home from me in a small rural town, had to have the police come stop a domestic dispute 2 days ago. I guess they moved their 24 yr old daughter in with them in December. While she was going through a divorce. They arrested her a month ago for drug charges and now she is out on pretrial release to her parents. However her boyfriend and her got into a fight 2 nights ago and weapons were involved and the dad was involved as well. The Boyfriend was arrested and the dad was called self defense.  My question is, she was never on the lease, or any notice that she was moving in, plus I don't want this type of reputation on my properties. In the 5 yrs, they have never been late on a payment or had any issues. I think it is more about the daughter. Would you send a written warning, Or ask them to remove the daughter? Or just terminate the lease and move on.  This information came directly from the town police chief, he called to inform me. Your thoughts would be great. Like I say we have over 17 rentals in this town and have a great reputation, I just don't want to start to tarnish it.