Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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This is why you should shop around for one that gives a rebate. My agent, who is a Buyers Broker Specialist, charges 2% of the asking price, plus 10% of what he saves you up to his full commission. ...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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I require 1 month of rent PLUS $200 to $400, depending on size, to cover cleaning. I've been bitten a couple of times by people not paying last month's rent. They seem to think the security...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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How, then, do I communicate to them what price range of a home I'm looking for without giving them numbers?
I've closed with a couple of attorneys before, none of whom I knew, and I couldn't...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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When it comes to owning rental property, there are some simple tips to understand. First, you need to research market rates for rents. Once you have your rent, you need to find out how much...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Outside of the address what else would you tell your broker? Do you mean that you don't share your plans for the property with them?
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Well, they don't really need to know. Unless you tell him upfront, not to discuss with selling agent, as some agents can be very chatty. You really don't want the sellers to know you are an...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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I looked at their credit history. I didn't necessarily care what their credit looked like more what kind of loans the defaulted on. If the only thing they had was a foreclosure I look past that. If...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Their initials and a stick of gum will keep your set for life.
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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That is great information.
So, you're saying that I could have a sentence in the rental contract stating that the security deposit is not a replacement for the last month's rent and have an area...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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My standard deposit is 1 month of rent. I typically end up doing 2 months rent for people with foreclosure's etc.
I really think the risk is low for people with foreclosures if that is the only...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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.....
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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I'll certainly do this, thanks.
Thanks for the great advice.
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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what do you guys think about a doublewide? i can get a 4br/2ba built in 2005 and on almost an acre for about $42k. similar properties in the same town (rural country type of town) rent for $800 or...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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So, essentially, your rent is due by the 4th, correct?
How late does a tenant have to be before you'll serve them with a pay rent or quit notice?
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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No, its due on the 1st, but there is no penalty for 4 days so they effectively have a grace period. 5 day notices go out on the 6th unless its a holiday or weekend, then it goes out next business...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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lawyer, though you may find good rental agreements (often posted by lawyers) for your state online. Remember, you can get very sued or jailed if someone demonstrates that you're discriminating...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Yes, if you didn't pay your January rent, you could be on the street before the month is out.
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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I understand that your official policy is that rent is due on the 1st, but if I'm a tenant, what keeps me from thinking rent is due on the 4th and treating it accordingly every month since there is...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Of course. And it can be through no fault of the tenant. They could lose their job, fall ill, etc. Shit happens.
Depends on the individual. Different people have different goals.
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Depends on where you live I looked into them beforehand some bad of them are:
Most management companies will not touch them so you have to do it yourself.
Most are rented to the worst of the...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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You have a lot of questions, and thats ok as long as you proceed correctly.
Firstly, if you plan on using an agent, let them do the work. Find one who works for a company that has a property...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Not in the People's Republic of California.:)
Thanks a lot for your advice.
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Outstanding advice! Thank you!
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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You might get more specific advice if you put down your location, laws vary from state to state and there are different things to need to know for various areas etc.
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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In Arizona, if a tenant doesn't pay rent when its due, its possible to have them evicted by the end of the month if you follow the law and timelines of the contract.
California is a different...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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I was a slumlord once... One day a nice young Christian upstanding lady moved in and paid me cash money--1 month's rent and 1 month deposit. I was thrilled and began calculating the return after...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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looks like your not ready to be a landlord,
http://realestate.msn.com/article.aspx?cp-documentid=13108384
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Oh, and if you are thinking of investing in California, RUN!
Many things vary by state but don't let a tenant deposit directly into your bank account. Depending on your state laws, if they deposit...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Good luck
Never say how high you're willing to go on a property. The more you pay, the more they make on commission.
Trust.
Private sellers typically do to? Maybe in your neck of the...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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site built homes that rent for $800+ and dont need a lot of work are usually over $90k so over double the cost of a doublewide. i would also be paying cash.
sqft for sqft it seems like...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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When you say by the end off the month do you mean literary with a unlawfu detainer? If so that is pretty fast in CA it varies it seems pretty straight forward from my experience I had. If the rent...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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I couldn't agree more. On my last purchase which was a shortsale the seller sent my offer to the bank not because I had the highest offer but because I WAS an Investor. My realtor assured them that I...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Its a good idea to factor in a vacancy rate. 10% is a good number IMO.
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Exactly. The state can regulate things like that. Based off of our contract which is in compliance with the AZ laws, rent is due on the first and late by the 5th. Late fees kick in on the 6th day and...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Great information. Thanks a lot.
So, how much is your standard security deposit in relation to a month's rent?
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Gotcha, makes sense.
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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Indeed!
Assume 2 Re Agents: 3% Commission on Sell Price of $250k = 7,500
Assume 2 Re Agents: 3% Commission on Sell Price of $275k = 8,250
Of course the Re Agent will make the sale & tell...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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What are some of you guys' specific criteria for screening tenants?
Anybody use information not garnered from the application to screen with such as the cleanliness of the applicant's car, their...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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I plan on setting my security deposit higher than a month's rent to discourage tenants from thinking that it counts as the last month's rent.
Also, I will not be giving them anything in writing...
Calling all successful landlords: Real estate investing questions
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Thread created 02-21-2013 by EagleRiver55
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I have read that in addition to institutional and corporate investors, regular "mom and pop" type people are buying houses in cities like Las Vegas, Phoenix, Miami etc due to low prices and low cost...
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