All Forum Posts by: Zac P.

I could be wrong, but from my understanding, you are not liable for that. However, it should defintely be tended to in a timely manner. I always keep a mini fridge handy to run to an apt if a fridge goes to out to hold them over until it's repaired/replaced.

I won't say what has already been said. I will say that these coin op laundromats can be great investments. Don't ever get in a contract with a large company like Coinmach. They get you in long contracts that are impossible to get out of and auto renew every 7 years. Oh yeah, there's only like a 30 day window (every 7 years) to give your notice that you do no want to renew. Crazy, but that's business I guess.

Leveraging can be a double edged sword. It can enable you to build a real estate empire, but it could also bankrupt you. It all depends on your goals. Right now, I am weighing my options. My loans are all on ARMs which we all know rates are going up. However, I'm young and am wanting to grow quickly. I usually apply extra principle payment to the loans each month, but keep most of the cash flow for reserves and more buying. Good luck!

I think anyone, regardless of how busy they are, can find the time to do what they really want to do. Trust me, you really need to "want" to read this book! :)

If the rentals aren't connected, then you are probably fine. I'd be afraid to give tenants different rent prices if they were in the same building. Based off of the info I was given, and I could be wrong, you could get in trouble for that. Doesn't sound like this applies to you in your situation. Fair Housing is nothing to take lightly.

Work on your lease to where you can give notices and eventually evict based off of this. We have a "Home Business" clause in our lease. It basically states that you can't run a business based out of your rental if it involves people coming and going excessively. Give them a lease violation. If it happens again, they have violated the lease agreement and you have grounds for eviction.

My question would be, can you get busted for doing something like that based off of Fair Housing Laws? Let's say it was a duplex and you rented one side to a "minority" large family for $500 and then negotiated the other side to a single, white, working professional for $450? Wouldn't that be a form of discrimination?? I wouldn't risk it and would just keep the fair market rent to same for everyone.

I usually do a good job, but finding good tenants and keeping them there long term.

KY, at least in Lexington, it takes around 3-4 weeks. It all depends on what day everything falls on (which determines court dates).

Someone above already mentioned about Fair Housing Laws. One of the "protected classes" is age/familial status. Discriminating against this can lead you into big trouble which can lead to major fines. I would suggest attending a Fair Housing Seminar. It's crazy all the stuff that us landlords can get in trouble for, but it's the world we live in. Good luck Nicole. :)