Quote:
Originally posted by Meloman
Wow. I guees I've been lucky so far. I own a 4 plex and live in one of the units. So I have 3 tentants. So far we haven't had too many problems at all (knock on wood).
When I bought it we had everyone sign new contracts that included late fee penalties.
Had someone just a few months ago pay there rent 3 days late. They got a letter in the mail stating how much of a late fee they needed to add to there next rent check. The following month was on time including the penalty payment and they haven't been late again.
I got lucky and the property I bought was a very slight fixer upper and since my brother (and partner) is a contractor everything gone fixed easily. Plus the property is excluded from rent control. And most importatnly here in San Francisco property value increases constatnly. In the 2 years we've owned the property it has all ready gone up about $200K-$300K in value.
We just refinanced and lowerd our morgtage. We're definetly going to get another building in probably another year...just need to save up a bit more for the down payment. Anything decent in SanFrancisco costs at least a million so u need a good down payment first.
Anyways...good luck with your property.
P.S. A good way to screen tenants before they move in is to do credit checks.
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Right On Melo ! There is nothing Like Real Estate for longterm investment
