Depositing Rent Checks

[Omegaboy13]

What does your lease say about that? Technically, you can call the building dept or HPD or whatever you have in your parts and report the issues. They will issue a violation to your landlord.

But if you lease says your are supposed to do those things yourself, then you signed it and that is what you have to do.

So my situation is that he owns a 100+ acre parcel, and he build a monster house up on the hill about 120 yards from my house. He built the house we live in because he got tired of family occupying his house on vacation, but once he did that family pretty much stopped utilizing him as vacation destination. So he decided to rent the house out.

Nice little 2/1, nothing fancy. Just me, my wife, and two dogs. He and I have become friends, we go hunting together, his wife works at the animal shelter so we get free boarding on vacation(then she takes them home with her at the end of her shift), we fish, I take their kids to school sometimes, etc. I guess I just needed a place to vent about it so I decided to hi-jack this guys thread. We've both become frustrated on equally opposing viewpoints and now the friendship has kind of ruined the landlord/tenant relationship because he knows he can get away with it because we're "friends". I'll probably just move in a month or two.

 

[lakersfan45]

That would be a very complex process. Why would you do that?

Vacancy in a commercial building can cripple you fast. The grass isn't always greener on the other side.

Yeah that's his argument but he's thinking about it. He owns the building that his own company is in, which is 20,000 sq ft

 

[Krav McGraw]

So my situation is that he owns a 100+ acre parcel, and he build a monster house up on the hill about 120 yards from my house. He built the house we live in because he got tired of family occupying his house on vacation, but once he did that family pretty much stopped utilizing him as vacation destination. So he decided to rent the house out.

Nice little 2/1, nothing fancy. Just me, my wife, and two dogs. He and I have become friends, we go hunting together, his wife works at the animal shelter so we get free boarding on vacation(then she takes them home with her at the end of her shift), we fish, I take their kids to school sometimes, etc. I guess I just needed a place to vent about it so I decided to hi-jack this guys thread. We've both become frustrated on equally opposing viewpoints and now the friendship has kind of ruined the landlord/tenant relationship because he knows he can get away with it because we're "friends". I'll probably just move in a month or two.

Financially, does he need a tenant? If not, he may be tired of having one around and couldn't care less if you leave. Maybe he even wants you gone.

 

[Count Zero]

I would never rent to section 8. That's asking for trouble. Credit check, landlord check from the 2nd to last place tenant stayed (as current landlord may give a good reference to get rid of their asses), paycheck stubbs to make sure that their income is high enough to support the rent. Also, look at how their car looks like when they look at the place. Chances are if their car interior is littered with fast food trash and other shit, the house will even be worse.

Real estate can be a good investment, but dealing with tenants can be a fucking pain in the ass. It's best to avoid the bottom of the barrel slum homes to invest.l

Take gender into account when assessing via car, imo:

 

[SCADA]

Fuk checks...EFT's are where it's at...

 

[ralphc1]

Where be this place where tenants get evicted in two months?

Wisconsin. It varies from county to county. They have to be 30 days late to get a judge to issue a notice then they have 30 days to get out. Some have gotten a motel liscense which allows immediate eviction but zoning prohibits it in many areas of the city.

 

[FlowWithTheGo23]

I'm pretty jealous, but I hear so many nightmare stories about tenants.

 

[DoctorTaco]

Has to be one of my favorite things. I know it sounds silly if not avaricious, but I mean it in the sense that I rent property to good tenants. They send their checks and that is all the contact I ever have. They don't complain or even ask me to do anything (mostly because I haven't raised the rent in a few years).

Perhaps I've just been lucky, or I screened very well. In any event, I think this is just a little evidence that life can be drama-free, if not easy, with work (I had to buy the property), diligence, and maybe a little luck. Although I think putting in the hard work helps guarantee a bit of luck comes your way.

Years ago I had an unspoken agreement with my landlord- we had wiggle room on when rent would be sent in, and in turn we never hassled him about fixing or making repairs. My roommates and I kept the house in clean working order and that was that.

 

[BoogerDawson]

Oftentimes those have the best returns. High risk high reward.

The areas can be bad and dangerous. It only takes one bullet.

But I do agree with that they can produce a lot of cash flow. I know someone who owns a bunch of homes that he bought cheap, maybe $20K or even less. They're all paid for. However, I just don't want to venture in these high crime areas and also deal with difficult tenants.

 

[BoogerDawson]

Take gender into account when assessing via car, imo:

haha, I'll keep that in mind. You may have debunked my suggestion.

 

[BoogerDawson]

My dad has a ton of property in SoCal. Recently a couple moved in refused to pay rent for 6 months then when my dad evicted them they destroyed things in the house. So now he has to go to court and deal with a huge headache. I'm trying to convince him to sell all the houses and invest in a big commercial building

My dad also had a rental house in SoCal. He had some nightmare tenants whom he had to evict. They trashed the place, and one month's rent didn't pay for the damage. He took them to court, and got a judgment, but it was difficult to collect. Tenants can file bankruptcy, and then you're fucked.

 

[Nonsense]

One of my pet peeves is when the owner of the condo we rent doesn't deposit our cheque until the 15th or 20th when it's dated for the 1st. Sigh.

 

[MadSquabbles500]

Wisconsin. It varies from county to county. They have to be 30 days late to get a judge to issue a notice then they have 30 days to get out. Some have gotten a motel liscense which allows immediate eviction but zoning prohibits it in many areas of the city.

That is it? The courts dont give 30 day adjournment for tenant to find lawyer, and then 30 more days for the lawyer to review case right after he shows up to court the very first time?

WOW, that is a like heaven. What are the rents in Sconsin anyways? What are the rents in Madison?

 

[MadSquabbles500]

My dad also had a rental house in SoCal. He had some nightmare tenants whom he had to evict. They trashed the place, and one month's rent didn't pay for the damage. He took them to court, and got a judgment, but it was difficult to collect. Tenants can file bankruptcy, and then you're fucked.

Yeh, but you do it anyways to mess up the credit of the tenant, and he will have hard time getting another rental or even a loan. Let them suffer.

 

[MadSquabbles500]

I'm pretty jealous, but I hear so many nightmare stories about tenants.

It is still better than nightmare stores of co-workers and bosses because at the end of the day, you have a nice asset, and you are the master of your own destiny.

 

[seamus1979]

I have just left a rental property after living there for four years
The landlady did no repairs during my occupancy and I never paid late
Now she is trying to keep my whole deposit
There was a cheap carpet installed when we moved in
Now after four years its tired looking
She's trying to claim full costs of redecorating and recarpeting the whole property
I'm so glad I have finished building my own place now

 

[dabausplaya]

It is still better than nightmare stores of co-workers and bosses because at the end of the day, you have a nice asset, and you are the master of your own destiny.

You're not the master if you have a squatter paying you zip.