I've known some such dirt bags, and they don't bother to file a return because they know they aren't getting any money. But... everything helps. In 20 years if they forget and do file a return, bang, money is headed your way.
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Be sure to read this post! Beware of scammers. https://www.indianagunowners.com/threads/classifieds-new-online-payment-guidelines-rules-paypal-venmo-zelle-etc.511734/
Rent Moratorium, any of you stuck with deadbeats?
- Thread starter edporch
- Start date
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I've known some such dirt bags, and they don't bother to file a return because they know they aren't getting any money. But... everything helps. In 20 years if they forget and do file a return, bang, money is headed your way.
We had three rentals at one time, we've since sold them all off a number of years ago. BUT...we did the every 4 month inspections like clock work. WE did them, didn't hire it out. We checked the screens and windows, made sure the commodes flushed properly, fixed any leaky sinks, changed the furnace filter, and once a year we drained the water heater, then asked the tenants if they had any issues. NEVER looked in a closet. NEVER had bug issues. Had some seriously bad tenants though and that is why we said screw it and sold the properties.
I used to work with a guy that will go full Rambo on deadbeats. He'd remove outside doors in the dead of winter, then challenge or out escalate any backlash. He take a dump truck over when they're out of the house and haul off all their crap. Brutal but otherwise entertaining stories.
Timjoebillybob
Grandmaster
- Feb 27, 2009
- 9,394
- 149
In large part, yes those days are gone. At least among people that you don't know. I "rented" out a part of my home to my nephew for summers when he was in college, handshake agreement. If I was going to do the same for someone I didn't know well? Hell no.
Quite a few years ago when my Granddad passed away my Uncle went into the funeral home and made arraignments. At the end the director told him the total price and asked how he wanted to pay it, my Uncle said well I can pay x now but the rest will have to wait until we go through the estate. The director said okay and stuck out his hand. They shook and my Uncle asked about the paperwork, the director said if your handshake isn't worth anything neither is your signature. But the director and his father had buried a few of my family before that, along with knowing some of my family outside of work.
Same guy was selling a classic corvette, my dad at work knew someone who was buying it and he asked my dad to give him a ride to pick it up. The guy brings a paper bag with cash and they show up at the guys garage. The director asked if he wanted to take it for a drive and check it out, the guy buying it said nah I know you and your cars I trust it's as you said. And hands him the bag of cash. The guy just takes the bag and tosses it in the front seat of his car. The guy asks you going to count it? The guy selling asks do I need to? My dad said he just stood there shaking his head over the whole thing.
The smaller scale rural landlords I have been acquainted with are pretty careful about their renters. When they rarely have an available place, they start asking around. Family, friends, good tenants from their other places, etc.
I was once told by a landlord in the vicinity that he would let a property set empty, before he would put an add in the paper or anywhere else for his rental property.
It would be different if I were dealing with one or two people that were the actual owners of the property. This property is owned by a property management company that oversees thousands of rentals and they send in whoever, to do whatever, as their "inspectors" and they actually word their notices for this as if they prefer you not to be home (and they make it difficult for me to schedule it for when I WILL be home). Most of my other landlords were happy, and acted like it, if I simply paid the rent on time and never contacted them. These guys are a different story entirely.
They also didn't fix any of the fairly critical issues with the property that I told them about when I moved in, like the massive holes in the siding where one of the previous occupants melted it with their grill. So... Keeping the place in tip-top condition doesn't seem to be the goal. The owner of the company also told me outright when I asked them that this place was built from day 0 to be a rental and they expected to have sold it by now but it's been holding up better than anticipated (the house would have been 7 years old at that time).
My honest belief is that as a property management company they do it/say they do it as a feature to the landlords they represent as part of whatever cut they take from the rent. In reality, they've only inspected this place once between Covid and me ducking them. They've been in about once every 12-15 months for other reasons anyhow. I don't think they actually care about the house as long as the rent checks keep showing up.
When I buy something from someone, I count the money out to them. It doesn't matter if I've known them for 30 years or 30 minutes. If they count it again, fine with me. I find that it's an easy way to behave with honor without risking any awkward feelings about it.
I've had 2 people tell me I couldn't test drive a vehicle before buying. I told them they were sadly mistaken about that and I ended up driving both cars. One guy I believe was sincere that a lot of people show up and lie and say they can drive a stick and can't (and I actually sold one to a guy like that, but he refused to test drive it when offered... I took him for a ride instead... and he stalled it 5 times getting it off the property later after he'd paid...
), the other guy was trying to hide that his car was garbage (backfiring at WOT, popping and banging on mild acceleration, wondering steering, etc) and then blamed it on my driving (also a stick car). Claimed I didn't know how to drive a stick and got all hissy with me about it... I left banging gears in front of his house in the one I showed up in... 
That car was full of bondo too. Guy was a class act. 
Timjoebillybob
Grandmaster
- Feb 27, 2009
- 9,394
- 149
Generally how I do it as well. I don't even think the seller even looked in the bag. As for the test drive, knowing what I knew about the guy and his cars, I'd probably be willing to take his word on condition. This was also 40 plus years ago. Well some of them weren't "classics" back then but some were. At the time they ranged from 30s up to mid 60s or so. IIRC the vette he was selling was a mid 50s.
JeepHammer
SHOOTER
Went the same way manners, morals, common sense and hard work/responsibility did...
EVERYONE talks trash, but most do very little and contribute nothing.
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U.S. Supreme Court ends CDC's pandemic residential eviction moratorium
The U.S. Supreme Court on Thursday ended the pandemic-related federal moratorium on residential evictions imposed by President Joe Biden's administration in a challenge to the policy brought by a coalition of landlords and real estate trade groups.
I’ve got some properties in Indy and some in Fort Wayne. My PM was able to evict the deadbeat in Fort Wayne without issue. The Indy PM said stuff about the moratorium and said they wouldn’t be able to evict them.
As mentioned before, due diligence goes a long way.
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As mentioned before, due diligence goes a long way.
Sent from my iPhone using Tapatalk
This time Kavanaugh wasn't an idiot.U.S. Supreme Court ends CDC's pandemic residential eviction moratorium
The U.S. Supreme Court on Thursday ended the pandemic-related federal moratorium on residential evictions imposed by President Joe Biden's administration in a challenge to the policy brought by a coalition of landlords and real estate trade groups.www.reuters.com
Well, the drama from this has died down.
The deadbeat's mother sent a check to pay his rent.
And with the Rent Moratorium ending, now it's just back to my wife being landlord to a loser I told her she'd regret it if she rented to.
The deadbeat's mother sent a check to pay his rent.
And with the Rent Moratorium ending, now it's just back to my wife being landlord to a loser I told her she'd regret it if she rented to.
Threaten mom with the idea of her dear sweet baby moving back in with her....she'll keep those checks flowing.
I hear you on that.
It's hard to get decent tenants who'll just pay their rent with no drama.
The drama has died down for the moment on this.
This rental is one that Nancy inherited from her late father in Rensselaer.
I warned Nancy not to rent to this POS or she'd regret it.
But even you know enough of how she is when she has her OCCASIONAL bout of stubbornness, there's no talking to her.
(99% if the time she's rational, but has her moments)
The problem is, this guy is part of the extended family of the woman her father was with for many years before he died.
He rented to some, employed some, and some of them were no good and caused him trouble.
I KEEP telling her to break away from these people.
Myself, I'm down to just a couple of small commercial rentals up north in Rensselaer that I let sit until I can get decent tenants.
Commercial is a little easier to deal with than residential, as it's more just business.
Take care.
hoosierdoc
Freed prisoner
Could be worse. Israel had been trying to evict these non-rent paying people for fifty years
www.france24.com
Israel’s top court delays decision on evictions of Palestinian families in Sheikh Jarrah
Israel's supreme court delayed a decision Monday in the case of Palestinian families facing expulsion by Israeli settlers in annexed east Jerusalem, an issue that exploded into armed conflict in May.
www.france24.com
Can I ask a slightly off topic question?
Those of you with rental properties, how did you get started? Did you get a bank loan and use rent to pay the mortgage or did you pay cash for the homes? Basically how did you kick it off?
Those of you with rental properties, how did you get started? Did you get a bank loan and use rent to pay the mortgage or did you pay cash for the homes? Basically how did you kick it off?
My wife and I purchased a really run down Victorian home in a historic district with cash. I spent the next three years learning how to fix things, while living there, spending what would have gone into a mortgage updating the home. We ended up selling the home and using the proceeds to purchase properties in Indy and Ft Wayne. Looking back however, we should have utilized the proceeds to put down payments instead of purchasing in cash. We were debt adverse back then and didn’t fully understand how to best leverage cash.
I’m new to real estate, but learning quickly. I’d be happy to share what little I know.
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