Landlord Need Advice

Comments(5)

• 
  finniganps14th April, 2008

  Was this an accident or set on purpose? What does your lease say with regards to damages? Does the renter have rent insurance - if so, ask them to file a claim with their insurance carrier. Additional information is needed here.

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  d_random14th April, 2008

  In the future I would dump that carton sheets lease and get the book "Every Landlords legal guide" at http://www.nolo.com. It has lots of landlord forms and leases in the book and on cd to print out on your computer. Landlords are the most sued folks in the real estate profession. You need a good lease.
  
  [ Edited by d_random on Date 04/14/2008 ][ Edited by d_random on Date 04/14/2008 ]

• 
  wahid16th April, 2008

  As long as the rentals pay for themselves (all expences not just the motgage) then i would say it is worth it. If the property value doesnt decrease you are good.
  First your tenantsare paying for everything and at the end of the year you get the deductions not your tenant. so they pay your taxes and you get them back at tax time in 1 form or another. they pay down the principal on your loan, thus increasing your equity. So in the long run your net worth is increasing, you are getting tax deductions & write offs without spending a penny of your own money. If you are holding your properties under a LLC thats a plus. Also dont forget you can write of extra perks (expences).
  
  I usually try to get my purchases with no-money down so every dollar is a profit. Even though i like to get at least $150 Dollars a month profit. Work on learning some techniques to to this and you wont have to worry about a thing. there are ways and there are deals out there.
  
  Happy Investing!

• 
  wahid16th April, 2008

  You are welcome. you guys should try investing in foreclosures. At the right price you can finance the purchase price and the fix up cost, all with no money out of your pocket. I personally have done it several times. all you need is a good hard money lender. email me and i can give you some more info & a few links. the have some on this site just look under lenders

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  d_random16th April, 2008

  $150 per unit is really good IMHO.