All Forum Posts by: Wy Kay

@Chris Wilkening

It's very subjective based on many factors that make up a person's investment profile. Income, assets, age, conservative or more risk taker, sophistication and financial goals just to name a few.

So take it with a grain of salt, just do what works for your own investment profile, personal and financial goals and you will do just fine without any specific ratio limits set by someone named Dave Ramsey.

@Jay Hinrichs

Would actually agree with you in this specific case but speaking from my own experience, it's definitely not without risk.

What happens if the tenants approach him next month with another "financial emergency" and they "can't" pay the rent until the next month? Is he really strong enough to stand up to their manipulation of sob stories and heart string pulls?

Point is, there is no guarantee of future rent payments as is being assumed when it comes to such slick and manipulative tenants. He might find himself in a deeper hole by going along with the current situation. Or maybe not...

@Luis Prieto

Sometimes, landlords have to be clear and honest with themselves whether they are running a business or a charity organization. As you can clearly see and as you describe, when you give an inch they will take a mile, all on your account and without any conscience.

Start the non-payment/eviction process asap before they take you for a bigger ride.

Don't accept any more sob stories or excuses from them, not even one more. When tenants give a sob story or excuse, seasoned landlords will respond with their own sob story or excuse how they need the rent to pay the mortgage, insurance, repairs and etc.

@Gabriel Manson

There has been much talk and interest on using shipping containers for housing. Shipping containers for housing is not a new concept.

The bottom line is that it just isn't cost effective or practical enough after all said and done which is why you can go by any multi family construction site and you won't see them using shipping containers.

@John Mader

Why is it any different than allowing tenants to pay rent with stocks and bonds - they have been around for years already, so why isn't it commonplace?

Just turns your rental income from something relatively stable into something relatively volatile.

If you feel Bitcoin is a worthwhile investment, then by all means, take your rental income and buy as much Bitcoin as you want with it but why would anyone mix them together from the get go? They are completely separate investment vehicles with one being easy to predict what will it be next month and the other very hard to know what will it be next month - mixing them together isn't exactly good business sense.

And practically speaking, you cannot pay your repair guy or plumber in Bitcoin, nor the mortgage and insurance. The value changes from day to day and nobody can run a real estate operation or any other business with that kind of constant value fluctuation and unpredictability that comes with Bitcoin.

@Steve Kresse

The point of a lease for you as a landlord is not to obligate yourself to anything but to protect your best interests.

From a landlords perspective (NOT the tenant), a lease is solely in place to legally bind and obligate the tenant to pay you a specified amount that's due monthly, the length of time of the lease as well as the conditions and rules you set forth for the tenant to abide by. It should also contain various clauses to indemnify you as the landlord from potential liabilities.

If you are offering an extra service, that's great but don't make it a legally binding obligation for yourself by adding it to the lease.

@Jolene Trimm

Two family homes are exempt from the new laws.

@Dennis Cosgrave

In NYC, people are saying that multi-family property values have plummeted 30-40% since June 14, 2019 when the new laws kicked in but not enough time has elapsed since June to really see the new comps. By year end, we should have a better picture with more multi-family sales data coming out. It's not expected to be too positive, they really hammered the landlords this time.

@Jenna Columbus

Application fees are for a couple reasons.

1. It's a screening tool to weed out the ones who aren't serious about signing a lease. If an applicant puts down $50, it shows they are serious and not just a tire kicker applying to everywhere.

2. Why should the landlord be paying for it? What happens if you have to reject a few applicants, are you still willing to pay for all of them?

@Scot Sorenson

A lease with a name and signature is enough to commence legal proceedings against the tenant for non payment of rent or eviction. But you will need an SSN and potentially other info to collect on a judgment or outstanding balance if it ever happens. Also, if you don't have a valid photo ID of the tenant, can you confirm with 100% certainty that it's the same person named on the lease?