All Forum Posts by: Zack Howard

@Alec Weissgerber stop trying to be their parents and telling them what to do? If you get your money and late fee every month they ain't breaking a law. Would I live like that? Absolutely not, but it's not my place to tell a tenant when to pay their bills. If you don't like it when the lease is up make them get out, but imo as long as your getting your money, and even more, I wouldn't stress it to much. You being like this is causing them to push back with the repair crap when there is no reason for it, they are basically saying "fine if he's going to mess with my life I will mess with his!" And you have no reason at all to be like that imo.

My number is about 10k but that's just living and enjoying costs.. if I hit 15k the extra 5k will cover health and unexpected costs and I will feel good enough to retire.. until that 15k mark the grind continues!

@Zachary Wright I lov Zillow... For looking... I would never put a property under contract unless me or someone I know has seen it and it's verified to Match the pictures. Sometimes people take pictures when they move in and use those pics 8 years later to sell, knowing the house is in shambles currently. People are shady you have to look after your own first and foremost!

If I stuck to a 3x rule I would never find a tenant in podunk Indiana. I shoot for a 2.5 but if it's a little less and they have a credit score over 600 I let it slide. If they don't have expensive car notes and a credit score over 600 I think I'm still leaving them with more than enough to get by.

@Richard Swift it sounds like your trying to over leverage. You already did a home run deal there is no reason to try and leverage it to the guilt when the market is as sketchy as it is right now. Keep that equity as a buffer incase the market drops and let pay down do its job. Save all you can and look forward to the next deal, starting out is the slower days remember everyone says it's like a snowball that starts off slow and then starts growing much faster later down the hill. Later down the road you might find a good use for that extra equity that makes sense to pull it out.. deal number 2 probably isn't the best time to try that

@Chris Allen I charge a pet deposit nomatter what. I wouldn't do a new contract of everything, just kind of an add-on/new addition saying "as the main tenants you here by accept liability for this guest____, his animals, and any and all legal issues that could arise from your allowance of said guests". if you really want to you could make them do a new lease depending the laws in your area and include him but I personally understand helping a buddy of family member out and want to make my tenant happy any way I can. I allow it but my butt needs covered nomatter what may arise.

@Chris Allen imo this is somewhere land owners get to professional. No reason to make a big deal about a tenant helping a friend. Just get it in writing saying they live there and your tenants accept responsibility for them incase of damages (they can say in court well that guy did it, he's not here I'm the one being sued) and get away with it. Just make sure your tenants know they are liable for any damages or disturbances he causes.

@Wy Kay where I am I will Carry because we have stand your ground laws. Where you are I would be willing to loose a months rent rather than a life in prison. Move to a logical state or don't even consider it.... You could be getting beat half to death and if you used it you would go to prison not them. It's not worth the risk in a democratic ********.

@Frankie Betancourt there is better options to get that cash. this way your going to pay a crazy high interest rate. A personal line of credit could get you the same cash for 1/4 the interest, assuming you have decent credit. If you don't have good enough credit for that your trying to go to big to fast, and will see what makes people fail imo.

I live in Indiana about 45 mins from Indy. If you can't find your deal there try looking a little further away. just today found a new listing for a 4plex for 140k full of long time tenants that looks promising. the investor competition away from Indy is near nothing so they sit with no offers for awhile just waiting.