Even real estate investors (especially those who fix em up and rent em out) need to get away from the stresses of life once in awhile. Maybe it’s time for you to take a walk in the country, and get back in touch with that inner place where you can be yourself.
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Do you take time away from the stress of real estate investing? (video)
Monday, November 15th, 2010Creepy tenants and landlord/tenant rights
Tuesday, August 24th, 2010Gary Sutton of Newsradio 910 WSBA, York, PA asked me, “What if you have a creepy tenant like the one in the movie Pacific Heights? What are the rights of tenants?
Michael Keaton in Pacific Heights represented a new landlord’s worst nightmare. He was a master at manipulation of landlords, and pushed the boundaries of the law without actually breaking them.
Laws Favor Tenants
Of course, there is a lot of gratuitous Tinseltown nail-bitting tension in the film, but it does faithfully present one fact that all landlords must face. The laws generally favor the tenant.
Laws may vary from state to state, but in general tenants are required to:
– maintain dewlling units
-dispose of trash
-use in a reasonable manner the electrical , plumbing, heating, AC,
etc., and all appliances
– not destroy, deface, or damage the premises
– not disturb the beighbor
– allow landlord access to the property
Landlords are required to:
-supply a written copy of the lease to the tenants
– comply with all building codes
– make requied repairs so that the property is clean and safe
– maintain in safe working order all electrical plumbing, AC, etc.
– provide recepticles for waste removal
“Practical” vs “Legal” Remedies
As Carlton Casler points out in his book “Arizona Landlord’s Deskbook,” the best remedy to problems with tenants is often by utilizing the “practical” approach rather than the “legal” approach.
For example, instead of incurring all the costs of time and money to legally remove a deadbeat tenant, by telling the tenant that if he is out at the end of the month and the property is reasonably clean that you will refund allow his deposits. Or, if he has no deposits, you give him $100.
Would that solution work for a tenant like Michael Keaton?
He’d probably prefer a fist fight with the landlord or a shootout with the cops.
However, outside of Hollywood the practical solution works pretty well.
Upcoming radio interviews
August 25 at 8:08 am, I will be on Jeff Anderson’s show, KSDR 1480 am, Watertown, South Dakota.
August 26 at 11:05 am, the Ron Ross Show, WJBC 1230 am, Bloomington, Illinois.
September 15 at 8:05 am, the Dan Ramey show, WBEX 1490 AM, Chillicothe, Ohio.
Owning a rental house is better than having a pension
Tuesday, June 29th, 2010Owning rental houses far exceeds the benefit of the pension that you may receive from your job. I worked for the state of Arizona for 13 years, and I will one day receive a pension of around $1,000 a month.
But, does that really provide security?
Each year the value of my pension will go down because it is not tied to inflation. So, after 10 years I’ll still receive $1,000 a month but because of inflation, it may be actually only worth $100 dollars a month because the cost of my groceries, my clothes, health care, and other costs have all gone up each year.
Rental houses provide a better pension. If I get $1,000 a month in rent profits, it not only keeps up with inflation, but it exceeds inflation.
Which pension program would your rather have? One that increases in value with the passing years, or one that decreases in value?
Wednesday, December 31st, 2008
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The Door of Opportunity is Open
Tuesday, August 19th, 2008‘
It’s easy to get started investing in real estate, but there are few basics you will need to get going on the right foot.
For further guidance read my latest ezine article entitled “The Door of Opportunity For REI is Always Open, But Bring Along Good Credit and a Desire to Learn”.
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Book Review of "The 4-Hour Workweek"
Saturday, April 26th, 2008.
Ever wonder what it would be like to trade your 8-5:00 job in for a 4-hour workweek job?
Is it really a feasible option, or just wishful thinking?
The book follows many of the principles used in establishing a fixer upper house business.
To find out, see my review of Justin Ferriss’ book “The 4-Hour Workweek” at ezinearticles.com.
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