All Forum Posts by: Walt Payne

I really appreciate the time spent explaining this by @Bill Gulley and @Dion DePaoli and I agree that if the podcast remains it should have a clear disclaimer with a link pointing to this thread. It is similar to a recent blog I complained about, but in a much more harmful way than that. This not only effects the impression of condoning acts of questionable ethics, it effects leading people down a path of unlawful activity.

3/2 is easier to rent, though it rents in the same price range.

@Kene Ezeonyebuchi   @Sean Gearhart 

Welcome to BP!

There is a BWI Meetup group that has a number of BP members involved, and several others in the area. That would be a great place to start, along with the podcasts, blogs and forums here.

@Sarah Lewis 

Several considerations. Just in case the decision wasn't hard enough for you. 

If you refuse to extend, what makes you think they will pay at all? It would not be uncommon for tenants to decide that you are a jerk and that you can go &*%%^ yourself. They could probably find a homeowner friend who would act the part of a previous landlord, so they would not need your reference. They might even trash the place.

If they "find tenants" to take over the lease, it is meaningless. New tenants must meet your standards, not theirs.

I suspect that what amount of vacancy time is allowed varies by location to an extent, but I doubt if you would be allowed two months.

If you give them what they want, you are allowing them to manipulate you in a very bad way. Not a good way to deal with tenants. It sets a very bad precedent for future dealings with them and other tenants. I would accept all of the negative possibilities that go with refusing to re-sign, and pursue them for every bit you can get if they break the lease. Even if it costs you more than you get. Even if it means an uncollected judgement logged against their credit is all you get.

Get a reputation for being a hard-nosed but fair landlord, or tenants will dictate terms to you and you will lose. That is my two cents.

Of course not, I think he was referring to yours as the PhD thesis, long but full of great information. ;)

@Account Closed  obviously @J Scott had you pegged correctly. Your answers smack of the old saying "Don't confuse me with the facts, I've made up my mind".

The "preposterous parameters" I provided are historical FACT, so if you can't provide examples then your hypothesis is flawed. Then again, telling me that CDs will do the job is about as accurate as your original comment that leverage is always more profitable than paying cash. 

Some of the shorter posts leave out critical information, and some of the longer add irrelevant stuff. Length alone is not a good indicator. 

Right, let me go borrow at 3% and buy some CDs, that will make me a fortune. Why didn't *I* think of that?! 

CD's never match loan rates. How is that relevant? And we are not talking 3-5%, we are talking high rates of 20%.  3% is easy to beat, 20% not so easy.

Throughout this whole discussion you have done nothing but belittle others and state how obvious it is, yet provide no hard evidence of what you say. At 58, I have significant historical perspective, and saw exactly how thinking like yours ruined the fortunes of many on several different occasions. But of course you know something the rest of us don't. Maybe you should start offering Guru Bob's Leverage course. Maybe you can teach Donald Trump how to use leverage properly.

@Account Closed  You are borrowing at 20% because that is where the interest rates are at the time. They do vary over the years, and "ALWAYS" includes years that have high interest rates as well as low ones.

Of course, it is hard to make a point in a discussion with someone who simply responds "If 20% mortgages are common I'm sure I can do well with my $800, 000." without explanation or justification. If it is so easy, I would like to know how. I would not be surprised if interest rates will get up there again in my lifetime, and I might need that information. 

I had a house that was built with pre-fab concrete basement panels, but not the upper walls. They fit together well, came already insulated, and were set up with channels for wiring to be run, metal studs for drywall, etc.  And they cost less than block or walls poured on site.