Thursday, August 9, 2007
Good Deal?
I had a woman call today wanting to sell her rentals to me because she has "had it" with tenants. She said that she had a 4 unit building and a single family house. She wanted $80,000 for all of them. That got my attention, because that is close to being a very good deal. I asked her to describe the apartment building and it became clear very quickly that this was a house she illegally converted to a 4-unit apartment building (no permits, no variance). In addition, the owner paid all utilities. NO THANKS! I never buy buildings if the owner pays the heat!
Subscribe to:
Post Comments (Atom)
2 comments:
Question for you that I just thought of from a post a few days ago.
I assume that you have considered it, but why do you not have your tenants mail you their rents? I would figure that the downside would be people giving you the old "check is in the mail" routine or forgetting, but if you took a hard stance on rent's due on the 1st, late on the 5th (or whatever) and started eviction proceedings, most "good" tenants would figure it out before too long.
I've never been a landlord so I don't know which way is considered the established procedure, but when we were renters we mailed our rents in.
Dan,
In addition to the things you mentioned, I pick up the rents in- person because I inspect every unit every month. Just a quick walk-thru but it keeps the tenants on their toes and if I see they're tearing the place up, I can give them notice to leave. Also, I have a lot of low-income tenants. Many of them don't have checking accounts. They get their government check and cash it at one of those check cashing businesses. Getting my money as soon as they get theirs is best for everyone!
Mike
Post a Comment