As a landlord myself, that is some crazy stuff! I can't imagine trying to get away with cowboy antics like that. Rental units ARE passive income, as far as taxes/accounting goes. Not so much as far as maintaining the place, of course, and constantly dealing with renters. Less so, typically, with professional renters - never had a professional renter myself. Good luck with the disputes, I'm sure you'll come out fine.
Exactly, the tax office considers it passive income not a business. Business owners have a high return and should give the landlords the least hassle possible if they want to keep renting because landlords are not running a business, they have a low return, low risk passive income.
Good info, thank you! I came here because I am having issues with the landlord where I reside, but you’ve now peaked my interest in the arbitrage business. Got yourself a new subscriber here, and I look forward to gaining more knowledge from you.
I’m currently being sued by a former landlord that lied on me and triple charged me for 4 months of rent I do not owe because I haven’t lived there in over a year in a half
I am shocked at the corruption that has gone on, I have always trusted in the last 10 years have been absolute major distress because I don't know anymore who to trust and have learned there are many that are hurting the vulnerable for their ownselfush greed and use
I was so blinded and naive to how much and how often this happens, also them coming in when they want, " with NO EMERGENCY AT ALL!! And not even say a thing to us
I'm hooked to your videos and words of wisdom. I am getting into rental arbitrage as I type, but in Costa Rica. I would love it if you could do a video on doing this internationally. Also would like you to go through key points and wording you put in your leases to ensure the ability and understanding you can do short term rentals with the property.
Will be good to add the language in the Lease " if landlord fails to meet its obligation within 10 (?) business days to perform a repair, tenant has a right to do the nessesary repairs and deduct the cost from the next rent payment (s) due" Of course in this case, tenant will have to notify Landlord first that he will be doing the repairs and deduct the cost. I also have a couple questions to you: 1) how do you keep up with all your leases? Do you have a database/ Excel sheet with most important information - when the renewal is due, rent payments, who is in charge all repairs...? 2) Do you have an accountant? I am in the beginning of the rental arbitrage journey (learning, researching the area, getting everything ready), I feel comfortable about everything except accounting part as I don't have this knowledge. How should a beginner approach this aspect? Thanks a lot!
I have a current situation where a landlord isn't making repairs, doesn't have a required Certificate of Occupancy, and is violating my tenants rights in the state of Alabama. My city, Center Point has issued a violation for this as well as a stop work order for not being up to code. My landlord just wants me out. I want to make them pay.
and this is one of the reasons why it's always better to be the owner of these properties because, at the end of the day, your Airbnb business is dependent on the good intentions of outsiders, where if you are the owner you wouldn't have this problem.
Yes and I know I have housing and can't move they're already putting I didn't pay rent on my door the very first month which was a lie, is a lie now I'm waiting for the office to open, hopefully a simple" mistake"since there has seems to be many through the years to intentionally cause repeated distress in my experiences
Also my landlord at the house had Claus that she isn't responsible for damages to tenant things nor there guest, however the house has a infection of mice. They eat on me since the day I moved and my furniture and she never mentioned to about the mice
What if you live in apartment and you always pay your rent but your landlord management company is always threatening you with an eviction but then when you call the courthouse and ask about it the courthouse tells you there is no such eviction going on under your name.
Keep records of everything, communication, receipts, notices, etc. In most states the eviction process can only start after the property has given you a notice to resolve you issue within a set timeframe (usually a 5-30 day notice). Once that notice timeframe has passed and the issue wasn’t resolved, then they can go to the courthouse and file an eviction. From there you have to be served the complaint and a summons to attend a hearing.
@@rodgerdodger2459 Important to mention the sunmary process has to be replied to before a hearing and it has to be replied to properly. Everyone involved has to receive the reply
Sup Sean. Think you can you make a video on what are the things you look for when reading/signing a lease? I’m looking to get started in the business and I think this would be super informative. Wish you well
Landlords can promise you anything, but don't believe them until you see it materialize. Don't take the place until the promises are complete to your satisfaction, and certainly don't sign nothing! I design a contract, make sure you recorded everything, but be sneaky about it. Personally, I wouldn't take a place just on someone's verbal promises alone. If they say one thing and it hasn't yet materialized, I personally would just keep shopping
That’s a great video, I am in New Zealand so it a bit different doing business there, worried about regulations from the council though, will need to get a few more properties to diversify my risk and make a huge amount of passive cashflow 😆
For my situation, the leasing agent knew my business model and said it was ok. I toured the unit and it's recorded of me telling him the model. Now that I've moved in he calls yesterday and says, I now have to pay $75 for each occupant that stays in my unit. How would I handle that?
Hi we need help with our landlord doing the same. He doesn't wanna fix anything we bought alot of this we needed to fix the house there's holes on the wall and floors outlets don't work no light in our kitchen and we found out the that he was charging us way to high compared to the other tenants and bank cam3 knocking on everyone's door and said the place is under foreclosure
Hey sean I was wondering when you think the course will be ready? I’ve been saving up to get started with my first Airbnb and look forward to being one of your first students
Wow! This is another thing that has happened to me!! And it was used for power and control! I assume because I still to this day, it stresses me out and I don't know why
Same here I don't know if my comment got posted because I know the landlord's family still tied into my RUclips a past one, also using some higher-ups that are using their skills wrongly to harass, causing my life great grief in misery years upon years!! The worst the place is immaculate always paid my rent kept to myself, the worst is never knowing why to this day, because of sickos like this it is hard to trust anyone decent
I have court for a final hearing on Monday may you please please reach out so I may get your guidance on the way I'm proceeding? Landlord has sexually harassed me asked for drugs and is evicting me for non payment not because I didn't pay because it's retalitory
How often do tenants prevail against landlords in court? That sounds illegal in Texas to have courts judged by people who haven't even passed the bar and aren't lawyers. How do they know what they are talking about? It is just their opinion and impressions? That is lawless. I agree, if the landlord seems shady, mentally off, immature, irresponsible, hateful, just don't bother. If the building is obviously unkempt and rundown, or obvious simple repairs are neglected, you see the type of place you are dealing with. Some people have no choice but to step into these traps, but your life could be in danger, you could be evicted without cause, and have a miserable time. You are entering into a close relationship with the landlord, so if you can see eye to eye with them, that is good. You don't want to go where you feel intimidated, disrespected or scared. You don't want to have to fight with them for basic maintenance issues. It is by no means a passive income. It is a job they are getting into which is called property management.
Excellent Vidio: I live in Toronto,, Canada. I have dealt with a non-compliant landlord over black mold for the last 15-months. The Landlord used the Covid-19 situation as a way of not remediating the black mold . Please advise me on a lawsuit. I have made a Health dept. the report, also the municipal standards.thanks, john
1. Read your leases and have signed a proof of concession agreement 2. Interview your landlord to look for signs of a bad business relationship Good luck Sean
Thank you for sharing this. I have a landlord that refuses to fix the mold problem where I live. I paid to have a professional come out and confirm the building needs to be condemned. He still will not fix it. I gave him a copy and have taken many pictures. I am struggling find a lawyer. Any advice? Also where can I leave questions about the air B&B business? I am looking to invest soon.
Carrie I’m having the same problem! I’m in Santa Barbara. I can’t believe this...I hope things work out for you. Don’t let them take advantage of you, it’s not right.
Sean, Great video as usual. Just wondering how did you wind up getting involved in the Philly Area? You are now in my neck of the woods and I thought you only dealt in Texas.
He swears up n down I have paid rent for two months. I been stress out on this n accidentally forgot to put a signature on my rent n sent it out. I found this out the last minute n still got another check out on time paid. The landlord wait a month n says I never paid it n I have photo copies of both checks n the one that had a irregular signature on it. I even call the company n left a message cuz they never pic up. All it is they text to say u didn't paid n when u do show proof they piss off n hang up. Still say u didn't paid.
Can you please share what $ amount you can sue for? lawyer fees damages (isn't this limited to 3x the claim amount)? Sucks as these instances seem like a lot of work, stress, and time for almost no upside
I am living in section 8 housing and I have to move. Every time I find a new house the owners always getting back a bad report on me. I am beginning feel like it's not just the owners but it a possibility that it could be section 8 too. I aware of any of the things that's reported on my rental history. So I do I find out who is saying what.
can you help me and my daughter I’m a single mom and we don’t get child support and my landlord put us in harms way by putting somebody with pages of harassment on the record next to us and then of course we got harassed for six months and then I got tax there’s criminal charges pending the landlord doesn’t wanna take any responsibility. We also try to use us as beat to get her arrested. They told me it’s dyer nixon property management. on top of that I know the fire alarm weren’t working and they went to them. They didn’t do anything and I had to go to the fire department and then they came out and put fire alarm and go up and I called codes. They said they don’t have enough manpower be in a investigated now because the cops been over several times and they refused to put a padlock number to get into the main entrance for protection and he said that he paid $4000 for that door and he put anything on its warranty they don’t care for the safety of the tenants and apparently it’s never been coded for a multi family apartment complex. Please help.
This is NOT legal advice as I'm not a lawyer so seek a professional but what I've done for one of my family members in CA who was in a bind is request a copy of the lead based paint disclosure (if property is older than 1978) and also pull up Megan's Law sex offenders who live in the area. In my lived experience, none of the landlords I've ever dealt with were diligent enough to present those disclosures so just another idea.
You have great content, but these ads during the video are amazingly annoying. It's the only channel I follow where there are anywhere from 2-4 ads per video. Ugh.... Very distracting from the message of the vid.
@@AirbnbAutomated I'm just surprised a 12 minute video requires FIVE ads. Way too many IMO. I just have to be in the right space to watch them now, ie ready to click out of each ad instead of just watching the video. If they could have just one/two ads in the beginning and a banner ad somewhere during the video like other channels do it would not be so distracting. Again, IMO.
Did you ever disclose to your purpose of leasing their properties? If you never did then you took advantage of these people on technicalities on the lease.
The way you handled these scenarios and are sharing your insight on the experience is incredibly valuable to rental arbitrage hosts.
My landlord lied to the courts and committed fraud in court. I'm counter suing
Thanks for sharing!
My landlord (apartments) sued me. And then they lost. Badly. As a token of my appreciation, I will be returning the favor 🙂👍
As a landlord myself, that is some crazy stuff! I can't imagine trying to get away with cowboy antics like that. Rental units ARE passive income, as far as taxes/accounting goes. Not so much as far as maintaining the place, of course, and constantly dealing with renters. Less so, typically, with professional renters - never had a professional renter myself. Good luck with the disputes, I'm sure you'll come out fine.
Exactly, the tax office considers it passive income not a business. Business owners have a high return and should give the landlords the least hassle possible if they want to keep renting because landlords are not running a business, they have a low return, low risk passive income.
They have NO IDEA who they are dealing with Sean. Give em what they deserve. Way to go!
Good info, thank you! I came here because I am having issues with the landlord where I reside, but you’ve now peaked my interest in the arbitrage business. Got yourself a new subscriber here, and I look forward to gaining more knowledge from you.
I’m currently being sued by a former landlord that lied on me and triple charged me for 4 months of rent I do not owe because I haven’t lived there in over a year in a half
Adoring, Smiling and Learning..............awwwwwe Sean, Sean, Sean thanks for this priceless knowledge. You're "Awesome Sauce"
I am shocked at the corruption that has gone on, I have always trusted in the last 10 years have been absolute major distress because I don't know anymore who to trust and have learned there are many that are hurting the vulnerable for their ownselfush greed and use
I’m dealing with this exact issue. No attorney in WA wants to touch these cases.
Thank you for the knowledge I'm dealing with shady landlords now and this helped!
I was so blinded and naive to how much and how often this happens, also them coming in when they want, " with NO EMERGENCY AT ALL!! And not even say a thing to us
I'm hooked to your videos and words of wisdom. I am getting into rental arbitrage as I type, but in Costa Rica. I would love it if you could do a video on doing this internationally. Also would like you to go through key points and wording you put in your leases to ensure the ability and understanding you can do short term rentals with the property.
Will be good to add the language in the Lease " if landlord fails to meet its obligation within 10 (?) business days to perform a repair, tenant has a right to do the nessesary repairs and deduct the cost from the next rent payment (s) due" Of course in this case, tenant will have to notify Landlord first that he will be doing the repairs and deduct the cost.
I also have a couple questions to you:
1) how do you keep up with all your leases? Do you have a database/ Excel sheet with most important information - when the renewal is due, rent payments, who is in charge all repairs...?
2) Do you have an accountant? I am in the beginning of the rental arbitrage journey (learning, researching the area, getting everything ready), I feel comfortable about everything except accounting part as I don't have this knowledge. How should a beginner approach this aspect?
Thanks a lot!
People have to remember landlord can just stop being landlords
Thanks for all the valuable insights as always!
I have a current situation where a landlord isn't making repairs, doesn't have a required Certificate of Occupancy, and is violating my tenants rights in the state of Alabama. My city, Center Point has issued a violation for this as well as a stop work order for not being up to code. My landlord just wants me out. I want to make them pay.
Do you get respond already ? What you did I’m in the same situation
Massachusetts has to be the worst
and this is one of the reasons why it's always better to be the owner of these properties because, at the end of the day, your Airbnb business is dependent on the good intentions of outsiders, where if you are the owner you wouldn't have this problem.
Wow!!!
Yes and I know I have housing and can't move they're already putting I didn't pay rent on my door the very first month which was a lie, is a lie now I'm waiting for the office to open, hopefully a simple" mistake"since there has seems to be many through the years to intentionally cause repeated distress in my experiences
Also my landlord at the house had Claus that she isn't responsible for damages to tenant things nor there guest, however the house has a infection of mice. They eat on me since the day I moved and my furniture and she never mentioned to about the mice
Thanks ❤
What if you live in apartment and you always pay your rent but your landlord management company is always threatening you with an eviction but then when you call the courthouse and ask about it the courthouse tells you there is no such eviction going on under your name.
They sound like psychos. I would ignore them and keep records to prove they are lying about whatever they are evicting you for.
Keep records of everything, communication, receipts, notices, etc.
In most states the eviction process can only start after the property has given you a notice to resolve you issue within a set timeframe (usually a 5-30 day notice). Once that notice timeframe has passed and the issue wasn’t resolved, then they can go to the courthouse and file an eviction. From there you have to be served the complaint and a summons to attend a hearing.
@@rodgerdodger2459 Important to mention the sunmary process has to be replied to before a hearing and it has to be replied to properly. Everyone involved has to receive the reply
Always great nuggets thanks Sean💪💪
Sup Sean. Think you can you make a video on what are the things you look for when reading/signing a lease? I’m looking to get started in the business and I think this would be super informative. Wish you well
Landlords can promise you anything, but don't believe them until you see it materialize.
Don't take the place until the promises are complete to your satisfaction, and certainly don't sign nothing!
I design a contract, make sure you recorded everything, but be sneaky about it. Personally, I wouldn't take a place just on someone's verbal promises alone. If they say one thing and it hasn't yet materialized, I personally would just keep shopping
That’s a great video, I am in New Zealand so it a bit different doing business there, worried about regulations from the council though, will need to get a few more properties to diversify my risk and make a huge amount of passive cashflow 😆
For my situation, the leasing agent knew my business model and said it was ok. I toured the unit and it's recorded of me telling him the model. Now that I've moved in he calls yesterday and says, I now have to pay $75 for each occupant that stays in my unit. How would I handle that?
Hi we need help with our landlord doing the same. He doesn't wanna fix anything we bought alot of this we needed to fix the house there's holes on the wall and floors outlets don't work no light in our kitchen and we found out the that he was charging us way to high compared to the other tenants and bank cam3 knocking on everyone's door and said the place is under foreclosure
Very informative video. When an LL sees meat on bone they get greedy. Do you give a personal guarantee on any of your leases or all through LLC?
I have no personal guarantees. I only advise that in rare situations starting out
MORAL OF THE STOREY - NEVER RENT TO PROFESSIONAL TENANTS. self entitled brats.. own nothing, complain about everything
Hey sean I was wondering when you think the course will be ready? I’ve been saving up to get started with my first Airbnb and look forward to being one of your first students
I’m shooting to have the first part of the course out by Sept
What if a landlord harasses you about a nonexistent policy and lied about a material fact that affects your health?
Wow! This is another thing that has happened to me!! And it was used for power and control! I assume because I still to this day, it stresses me out and I don't know why
Same here I don't know if my comment got posted because I know the landlord's family still tied into my RUclips a past one, also using some higher-ups that are using their skills wrongly to harass, causing my life great grief in misery years upon years!! The worst the place is immaculate always paid my rent kept to myself, the worst is never knowing why to this day, because of sickos like this it is hard to trust anyone decent
I have court for a final hearing on Monday may you please please reach out so I may get your guidance on the way I'm proceeding? Landlord has sexually harassed me asked for drugs and is evicting me for non payment not because I didn't pay because it's retalitory
How often do tenants prevail against landlords in court? That sounds illegal in Texas to have courts judged by people who haven't even passed the bar and aren't lawyers. How do they know what they are talking about? It is just their opinion and impressions? That is lawless.
I agree, if the landlord seems shady, mentally off, immature, irresponsible, hateful, just don't bother. If the building is obviously unkempt and rundown, or obvious simple repairs are neglected, you see the type of place you are dealing with. Some people have no choice but to step into these traps, but your life could be in danger, you could be evicted without cause, and have a miserable time.
You are entering into a close relationship with the landlord, so if you can see eye to eye with them, that is good. You don't want to go where you feel intimidated, disrespected or scared. You don't want to have to fight with them for basic maintenance issues. It is by no means a passive income. It is a job they are getting into which is called property management.
Excellent Vidio: I live in Toronto,, Canada. I have dealt with a non-compliant landlord over black mold for the last 15-months. The Landlord used the Covid-19 situation as a way of not remediating the black mold . Please advise me on a lawsuit. I have made a Health dept. the report, also the municipal standards.thanks, john
This gave me second hand stress. Jesus Christ..
Sean.
Do you have a Tenant Attorney(s) in L.A. County, California, that you can refer us to?
1. Read your leases and have signed a proof of concession agreement
2. Interview your landlord to look for signs of a bad business relationship
Good luck Sean
Love
This
So is there anything called an addendum to a lease is that what you're saying we should actually add?
@@marciacanaday20 Yes, you can add an addendum to a lease.
Thank you for sharing this. I have a landlord that refuses to fix the mold problem where I live. I paid to have a professional come out and confirm the building needs to be condemned. He still will not fix it. I gave him a copy and have taken many pictures. I am struggling find a lawyer. Any advice? Also where can I leave questions about the air B&B business? I am looking to invest soon.
What state are you in?
California, Los Angeles area
Carrie I’m having the same problem! I’m in Santa Barbara. I can’t believe this...I hope things work out for you. Don’t let them take advantage of you, it’s not right.
Sean, Great video as usual. Just wondering how did you wind up getting involved in the Philly Area? You are now in my neck of the woods and I thought you only dealt in Texas.
I picked up the Philadelphia inquirer as a client with my other business. That was led me to philly
@@AirbnbAutomated NIce...I have a pretty large deal I am working on as well, any interest in hearing the details to possibly share the deal?
I need a lawyer
What if a landlord swears up n down u never paid rent for two months n I have the paper work that says I did from my bank?
You go to court and then you sue for attorneys fees
He swears up n down I have paid rent for two months. I been stress out on this n accidentally forgot to put a signature on my rent n sent it out. I found this out the last minute n still got another check out on time paid. The landlord wait a month n says I never paid it n I have photo copies of both checks n the one that had a irregular signature on it. I even call the company n left a message cuz they never pic up. All it is they text to say u didn't paid n when u do show proof they piss off n hang up. Still say u didn't paid.
Other than the issues you've been having with a handful of landlords, how successful have your Philadelphia Airbnb listings been?
They’ve done super well. Good revenue, good guests too
Can you do a video how to spot mold
Can you please share what $ amount you can sue for?
lawyer fees
damages (isn't this limited to 3x the claim amount)?
Sucks as these instances seem like a lot of work, stress, and time for almost no upside
Treble damages is three times loss
If you can prove intent you can sue for punitive
I am living in section 8 housing and I have to move. Every time I find a new house the owners always getting back a bad report on me. I am beginning feel like it's not just the owners but it a possibility that it could be section 8 too. I aware of any of the things that's reported on my rental history. So I do I find out who is saying what.
How do you get the reports on what they say about you? If you see holes, put steel wool. Mice can't eat through that.
What do you think about south Florida market
Those landlord are gonna and up in hell with there kids and family no need to waste more money to sue them😂
Make leases illegal?
Are you a Superhost yet?
can you help me and my daughter I’m a single mom and we don’t get child support and my landlord put us in harms way by putting somebody with pages of harassment on the record next to us and then of course we got harassed for six months and then I got tax there’s criminal charges pending the landlord doesn’t wanna take any responsibility. We also try to use us as beat to get her arrested. They told me it’s dyer nixon property management. on top of that I know the fire alarm weren’t working and they went to them. They didn’t do anything and I had to go to the fire department and then they came out and put fire alarm and go up and I called codes. They said they don’t have enough manpower be in a investigated now because the cops been over several times and they refused to put a padlock number to get into the main entrance for protection and he said that he paid $4000 for that door and he put anything on its warranty they don’t care for the safety of the tenants and apparently it’s never been coded for a multi family apartment complex. Please help.
Do you know if you can sublease with section 8 housing?
No, you have to be the primary tenant.
@@Babu-kr3cr Yeah but you can ask the landlady if you can have people over for 2 weeks at a time
This is NOT legal advice as I'm not a lawyer so seek a professional but what I've done for one of my family members in CA who was in a bind is request a copy of the lead based paint disclosure (if property is older than 1978) and also pull up Megan's Law sex offenders who live in the area. In my lived experience, none of the landlords I've ever dealt with were diligent enough to present those disclosures so just another idea.
You have great content, but these ads during the video are amazingly annoying. It's the only channel I follow where there are anywhere from 2-4 ads per video. Ugh.... Very distracting from the message of the vid.
Jeff Feltes Your patience in part helps pay for the videographer and editor. Thanks for hanging through them
@@AirbnbAutomated I'm just surprised a 12 minute video requires FIVE ads. Way too many IMO. I just have to be in the right space to watch them now, ie ready to click out of each ad instead of just watching the video. If they could have just one/two ads in the beginning and a banner ad somewhere during the video like other channels do it would not be so distracting. Again, IMO.
Did you ever disclose to your purpose of leasing their properties? If you never did then you took advantage of these people on technicalities on the lease.
We disclose and negotiate. Can’t do this with 55 apartments trying to be a sneak
@@AirbnbAutomated I thought so. Jealousy tells them to pull a fast one one you. Good luck
F. they don’t want to pay rent . And you giving tips. They destroying our house you says we still need to suffer
can't stand subletting scammers - buy your own property, fix it up and rent it out. Landlord has done all the wk and now your complaining
Can’t stand those guys either. Sheesh