nice landlord to have...BUT maybe you are too nice...considering what they did....Be stronger and firmer next people come in...FINE them big time if they leave you a mess like this..
It may take a few years before seeing any money from evicted tenants....but definitely worth the wait, especially from some loser that deliberately trashes a nice property. Good video. No sugar coating. The rental game is tough and about to get tougher in the coming years.
But that goes both ways, It is really hard to get money back from a landlord as well, even after taking mine to court showing pic proof and bringing witnesses. I won the case. I still haven't been paid in full, he still owes me six hundred dollars and to get it I have to take him back to court AGAIN. (from yrs ago) No one likes parting with money.
What a cute house! Its perfect for a single or a married couple just starting out. You can turn the smaller bedroom into a home office, and if need be one of the rooms in the basement could be turned into a spare bedroom. I hope you get what you're asking for when you sell it.
Kimberly B. we have a 2bed ranch. Baby #3 is due. But with my husband building a garage and second bathroom downstairs there is space for another bedroom. I love our little house. It's what we can afford. ☺
Suzanne Tegroen pretty sure his tenants were drug addicts. Holes in the wall is a sign of meth addicts- angry outbursts cause them to punch holes in the walls. I remember watching a video of a house inspector who claimed these were a few signs of how you can detect if the house was a meth house.
BarbaraSpecteriffic why are YOU so gay? Trolling for attention? Surely you can do better than that lame ass, 3rd grade attempt at an insult. My dog could do better than that. 😂
yeah not everyone gets high education and fortunate families with stable backgrounds. this is like 75% of americans. do you realize most people are this way in your own country. wake the fuck up, honestly this guy is complaining about having property and more than enough income to stabilize 2 more of his generations after his death. jesus christ.
It's not just renters. I moved from Washington, DC, to the Mid-Hudson Valley, NY. I selected a neat and trim brick 3-bedroom house with a walk-out basement and pool in near perfect condition. When I toured the house, the owners were still living there. I moved in about six weeks later, and it was awful! There were floor tiles missing in the kitchen. Someone had gone at the walls in one of the bedrooms with magic markers - goodbye messages to the previous owners, and other less pleasant stuff. Several windows were broken, and rain had come in. The main bathroom had apparently been flooded, the wallboard was soaked and the wallpaper was falling off the walls. The hardwood floors had deep gouges, and something sticky was in puddles here and there. The pool was full of garbage. A few days after after my seven-year-old daughter and I moved in, a neighbor appeared at the door, claiming that the previous owner had "given" him the woodstove in the basement and he was there to pick it up. Then I found out what had happened. The couple had broken up after I had signed on the house. He was a school teacher, and it turned out he was having an affair with one of his students, a male student no less, and the wife found out. She left him, and reported him to the police. He was fired, and was charged with statutory rape (or something). The wife decamped for environs unknown. When he was formally charged, he jumped bail and disappeared, too - but, before disappearing, he gave a key to the house to his adolescent paramour, who apparently distributed copies, and for more than two weeks before I arrived, my house had been a party house for teenagers. Until the word got around, I had drunken kids trying to unlock my door and banging on the windows at all hours of the night. The saddest thing is that it was a really nice neighborhood.
Bishop Black lol that's what i was telling him.200k is a bit steep but if someone really wants to pay for that small of a house then that's on them I guess. Our property values in Detroit are one of the cheapest.Detroit also has one of the highest crime rates though.so that's the downside.
Mark Ferguson - InvestFourMore that's crazy. This house wouldn't go for anything over 80k from a real estate company in good condition . Lol brand new houses are barley 100k
Mark Ferguson - InvestFourMore How can the taxes be that low? My house is bigger and I got mine for 212? The taxes are 3 times that. Crazy. Recently an investor reached out me about going to his monthly meetings
The issue is bed bugs love clutter to hide. So it is easy for them to multiply in that sort of environment. Although it is true ANYONE can get bed bugs, it can be extremely pricy to exterminate them fully. Rarely do home remedies truly work without treating literally EVERY item u own correctly especially if it's a bad infestation. Or did not throw out what could not be treated. Low income house holds may not have the real money to truly exterminate the bugs which is why they spread and thrive in those types of homes.
Hi Mark. I saw the finished video first and as I was watching this, I was agreeing with you outloud. Hubby thought I was talking to him and I told him "oh I'm talking to Mark." Hahaha He cracked up. Anyways, we had a good laugh. So sad what happened to the house but great job on the fix up. It's such a cute house and it needs to be loved. Have a great day Mark. I love your videos.
To let you know, bedbugs don't flock to dirty houses. I think what you meant to say was that if they had been diligent on housekeeping they would have, while cleaning, spotted them and done something to get rid of them.
Knock on wood I've never had them, but I have a friend I've known since high school who lives in Massachusetts and is living in a house with several roommates. One new person moved in several years ago and brought bedbugs in. My friend has scars now. She looked like she had chicken pox. I worked in corporate for the Marriott and there were a few times people got them in a hotel room. They would hide in dark places on the box springs of the beds. 🤢
Exactly! One of my daughter's friends brought them into our house and we are not dirty people. I tried getting rid of them on my own but ended up calling an exterminator.
That is a cute house. I live in a 1 bedroom apartment and I seen bed bugs on the box spring under my bed. I called the office staff to tell them. They had an exterminator come in and look. He said I only had them a few weeks. The treatment he did was not heat. He sprayed chemical everywhere and I had to bring my cat out of the apartment with me for 4 hours. Currently I'm bed bug free.
Mark Ferguson - InvestFourMore i have 3 houses I rent out in 3 different neighborhoods. I remodeled each one to make them nice houses. one is not a good neighborhood. I told the tenants after 7 months not paying rent I had eviction papers and notices they ignored. the law system here kept putting me off telling me I have to do this and then that and then the police cannot come either. I had to pay the the tenants gas and electric too. even though it was in their name. I told them not to take the appliances and luckily went there and made them put them back in the house. legally I couldn't change the locks till they were out so they took everything . I called the police and again told there is nothing I can do. I tried to take them to court but no addresses to find them. tenants before them, evicted, lost thousands of dollars there too. other house in suburb tenants burned down. paid $40,000 to rebuild with the insurance. tenants not paying rent there too. they moved to another state. after owning these houses for 14 years now. it cost me a fortune. remodeling costs, unpaid rent, damages, cost me a ton of money.
There are definitely issues when you do not keep on your tenants. As soon as our tenants are one month behind we start the eviction process, which takes about three weeks. That is true anywhere about changing locks or kicking them out without the courts approval. How did your tenants burn the house down?
Mark Ferguson - InvestFourMore they had so much stuff plugged in one socket the investigators told me it was electrically caused. the tenants I've been getting know the law protects them so they ignore my evictions and the court tells me I can't have the police evict them. I have to just keep going back to court as months go by and more no rent, stealing, and damage goes on. when I call the police about they stole all the appliances, air conditioners and more damage moving out they tell me they can't do anything.
Mark Ferguson - InvestFourMore another thing I don't understand is why did the gas and electric refuse to turn the stuff back on unless I paid the tenants unpaid bills for gas and electric. it was in their name?
It boggles my mind how people can trash their home, rental or owned its still where you live. Have some pride, pull the weeds, sweep the walk, and be kind to your neighbors!
As I'm in my last month of being a tenant and working on moving out and becoming a homeowner, I cannot imagine leaving the property in rough shape like that. I am not the cleanest person in the world but compared to that one and #8 I must be insanely clean. Before I leave I'm going to clean it the best I can, steam clean the carpets, clean the kitchen and appliances, bathrooms, Windows, and inside "skirting" or whatever it's called. Bad landlords suck!
After owning rental properties for almost 30 years, we sold our remaining 2 unit building a couple of years back. We are so glad to be done with that season of our life as a couple. When renting properties goes well, it's really great. And when it goes badly, it can make you question why you got into the biz. But seriously, we had some awesome tenants who treated the house they rented like their own (for several years). And we had people on the other extreme who lied, stole, left drug paraphernalia, left bags and bags of garbage behind, and even tried to take the interior doors off the hinges & take with them (I guess they thought the bags of trash were an even exchange). Learn as much as you can from folks who've been owners/landlords for years before you jump into this area of investment. We are definitely glad we had rental units, but now that our children are pretty much grown, we are relieved not to have that responsibility hanging over us...because it is a responsibility that can require attention at any time.
Mark Ferguson - InvestFourMore Yes, we live in a mid-sized city which is part of a large metropolitan area (two states separated by water), and we were able to buy & manage in our own community. My dad was a property manager/real estate agent/broker, and my mom was also an agent (all post-retirement- they were industrious people), so hubby and I learned from watching them. Wise folks. Anyway, hubby is an engineer and was very capable of doing lots of the rehab both before we starting renting a unit and during, when tenants left what tenants will leave...you know what I mean. We also knew what to leave for professionals to do. We finally sold our final property when it became clear that both of the adjoining houses were never going to reflect well on our cute and tidy little property. In fact, one of the neighbors would take things off our yard and incorporate them into his "building project" and string power cords across the neighbors' lawns to borrow or take their electricity. And would let people live in his utility-less home...and our front bushes became a toilet for them. You get the picture...it was time to say goodbye to the biz. The side income helped us raise our 2 kids, and for that, the experience was priceless.
Wilma Johnson you will be very surprised at how effective lavender can be. There are LOTS of tutorials in RUclips on the uses of lavender in homes. With lavender in rooms, I haven't had seen new spider webs in ages. I began using lavender only some months ago, first when I tried to get rid of headlice that I had picked up from visiting relations - little nieces and nephews. It was super difficult to get rid of headlice. I tried everything like Nitty Gritty, but headlice kept returning. When I tried sleeping with lavender seeds under pillowcase, that made a great difference. Many months later, I never had headlice again since using lavender seeds and oils. To get rid of bugs, you should always have lavender at your home. Put some in your wardrobes and dressers to deter moths. At present, I am growing lavender shrub outside my home. I am going to buy more lavender plants this year. There are tutorials in RUclips as how to make lavender oils or bag lavender seeds. Another news, mice hate the smells of lavender.
Yep. Been there, dealt with that on numerous occasions. Good luck collecting any damages from the deadbeat tenant. Throwing away money there. Only the attorney ever makes out on those deals. And I finally got smart and no longer put carpet in any rentals, even in the master bedrooms. They destroy it too quick. I use a lot of LVT, or vinyl plank, these days. It's waterproof, and the price has finally come down on it.
Hi Mark, I just wanted to say I love your videos and recently bought your book off amazon. I just had one quick question. I live in southern California and really want to get into the rental property business. However, the price range I can only afford are apartments. What is your opinion on owning single unit apartments as rental properties in comparison to houses? Looking forward to your response. Thank you!!!
I rent a house for 19 years now. I do not wreck it, litter the yard with garbage and whatmore. I live here and although i rent it i am proud of the house.
It amazes me how people live. Be proud of your home, you work hard to pay for it, why destroy it!! I work my ass off for my one bedroom apartment but it’s spotless and I take care of it.. not only out of respect for my landlord but because it’s my HOME! This is gross!
So crazy how people don’t understand the price of a home purchase or rental is different in every city.. what my parents own 1 hour north of Seattle for change is a million dollar home and property in the actual city. Pure ignorance and also the one guy saying you deserved this for overcharging? Wow... I rent, as I sold my house to downsize and don’t want to be in the town I’m in after my son graduates and I would NEVER disrespect someone’s property.
If your parents own a one million dollar home one hour north of Seattle they must be living in a McMansion because that is not a prime location in Washington.
my sons volunteered at a church camp and by winter we discovered we had bed bugs. we learned A LOT about them. diatomaceous earth works. vacuum then powder, wash linens and hot dry heat in dryer. and repeat every couple of days. bed bugs are rather sedentary in that they dont travel far from their food source and only like to appear at feeding time, not like lice where an egg can drop and propagate exponentially in a rather short period of time just riding around. the diatomaceous works if it is used consistently. you can get a 4 lb bag at home depot for about $8.
Oh my goodness your little house!!! I seen this before in one of my father's homes he was renting, total trashed the house before they where evicted for non payment of rent.
I totally agree....in Texas that same house would be 20,000....nothing there to say that it is worth what you were renting it for....tacky and small did you even have a washer and dryer connection? a dishwasher? lots of simple things that looked like the house did not have....you might have squeezed 40,000 out of them if you had some "real" wood like oak or knotty pine.....but that fake stuff really made a statement that I am just a small cheap house !
The market in Colorado that he's in makes the houses cost a lot. All the Californians flocking there causes a shortage on houses. As a result the price of housing goes up. Realistically that house isn't worth that, but in that market it is. that's economics for you. The same thing is happening up here in Washington state.
After tenants left one of the properties that my dad owned i decided to go in and get rid of the rats that they had. I bought 12 of those snap traps and an electric trap from amazon and every time i caught a rat i would count the number after about 1 month i caught 70 rats... and then the next problem were the baby rats that had been left to starve and die which did not smell to good lol
wave. next time try duct taping several glue boards together and put some cheap peanut butter along the middle of the trap. Put several of these glue stations throughout the house. Your problem should be solved within a week or so.
The problem with that is I need them gone asap so we can start cleaning out the house and fixing it. Plus I want it professionally done so when I sell it the new folks have no chance of getting bed bugs
Mellow. In the town i used to live in was a historical hotel at one time. The owners had turned the rooms into small studios and rent them out. Well in a matter of time the whole place was infested with bed bugs. That building eventually all had to be gutted. 😞 Bed bugs are nasty!
I am so sorry about your cute little house I think it was adorable....I lived in an apartment where some people had moved from another country and rented the apartment right above mine and they brought some little friends with them and within 3 months of them moving there some of their little friends moved into my apartment I ended up with bed bugs and let me tell you I researched bed bugs until I thought I was dang near an expert I found out that heat does not get rid of bed bugs! those things can live through just about anything they can actually live without food and oxygen for 18 months! heat will make them dormant they don't all die..they had to come and spray 5 times and I still did not trust it but we moved not long after that we didn't see anymore from the last spray and the day we moved... I will NEVER EVER again trust moving into a house without doing a check on it like a Lemon test for a car to make sure there have been no infestations of bed bugs those things are hideous because the babies are translucent so you can't even see them until their second stage and even then it's hard no burn that dang thing to the ground period! I don't know where you live but pretty much in every state if your house has had a history of bed bugs and any new tenant that moves in ends up getting bed bugs the burden of proof will be on you to prove that the new tenants did not bring them with them or bring in something that had them and you will end up having to pay at the minimum should be for a proper fumigation about $5,000...BUt I feel horrible for you and I hope those nasty vial buugs never come back
Hi Mark - thanks a lot for sharing this video which is very informative. Just one question here: why do you say (in the video) one reason for selling this property is because it had bed bugs? Can't you keep renting it after you fix up all the mess and get insects treatment?
I have 3 rentals I see a lot of cleaning and a few repairs was the water tank covered before ?? A ton of trash my last one was about 6 bags of trash and a couch left behind. No bed bugs either, I must see the after product I see where I would start at first good luck
Mark Ferguson - InvestFourMore. How much time and lawyer's fees do you waste? You also have court costs and process servers fees. You collected about $8,000 in rent have $6,000 in repairs and $1,000 in eviction and collections fees. How much is your time worth? We both know with the Real Estate taxs and home insurance you took money out of your pocket and wasted a whole year.
If you have a job and you have a judgment, it can be taken out of your paycheck. NYS law is 10% of your pay. Depends on your state but it's not good for your credit at all. No one will give you any credit with a judgment.
maria palladino All they have do is file bankruptcy for $600.00, Problem solved. Some how I don't think people who rented out this junky little house are to worried about their credit rating. Commercial real estate is so much easier w/ a bigger ROI.
I'm curious to know if the tenant who trashes the house has to pay for the damage? Or does the insurance company of the landlord pay? Assuming you have landlord insurance. If the tenant can't/won't pay rent, it's unlikely that they will have the money to pay for the damage.
Hi Mark, I've been watching you videos for a while now and I'm really interested in starting a career in real estate. I actually just bought 2 of your books today from amazon. I had a question pertaining to getting experience as an agent. do you have any videos or a post on how to get you're foot in the door and a general idea of the process from getting your license to finding a broker and volunteering to do open houses...I'm just trying to figure our a general step by step process so I can kind of plan out my next move once I get my license in CA.
I rented a house, paid the rent always on time, sometimes the landlord didn't cash the checks for 2 or 3 months, and kept my bank account way off, then she calls me and says......" you have to move out, Wells Fargo is prepossessing the house," you have 2 months". (I lived there for 31/2 years, and I knew the rent was well over the payment) I was off work on a comp injury, and basically had no help, so I started hauling out my stuff, and packing up...... the 3rd week I went to the house with help, and somebody had been there and taken a lot of my stuff, and when I called her she said, " someone told me you had abandoned it and I called a friend to clear out the house and they could keep what they wanted, and take the rest to the dump. There were even christmas presents there that were still in the packages that were for me, brand new stuff.... old stuff.... some of my parents things they are both deceased..... money, a video I made of my mom singing hymns before she passed away.... I was violated. I called her up again, and she refused to give me the name of the person who done this. A week later my Aunt who lived on the same street further down, called and said some guy dropped off some boxes said they belonged to you.... I went and it was stuff that didn't even belong to me. HORRIBLE!!!!!!!
Mark question would like to know how did u start your first rental, would love to know your idea in how to start.I would like to be a landlord.But seeing how this house is it scares me to get a bad person in my first house down the road when i first buy a home.any help and advise would be great thank u.
Mark Ferguson - InvestFourMore True. They have more places to hide. I've had them before, was able to contain them to one room and used two heaters and 91% alcohol. What can be done to get better quality tenants? I have a former "friend" that would leave a good impression with landlords, but would leave houses so dirty and fishy smelling.
No, but I also lived in an area that has had one of the highest appreciation rates in the country. I would not count on that happening as it is really tough to predict. Now in this market with prices so high you cannot cash flow well. It gets so much more risky when you are going for just appreciation.
Honestly if i were doing something like this, id see if it were legal to offer people a discount on the property for a period of time if they rented it after helping to clean up. :P wonder if thatd work
Seriously.......who in the he'll is going to pay 200k for a house that's probably barely 1000 square foot? I've noticed in property 8 you were also talking about getting 200k for that he'll hole too.I just don't see how that's possible unless you line all the fixtures in gold.both those houses where I'm from are worth no more than 40-50 grand and a penny more than that is a ripoff.you payed 100k for that house? Didn't you say you payed 100k for house 8 too? I'm noticing a pattern of Bullshit here.
Jessica, I am noticing you don't understand real estate very well. That house sold for $210,000 this year. You can see the Zillow information right here: www.zillow.com/homedetails/144-3RD-St-Kersey-CO-80644/14080535_zpid/ Just look under price/tax history
I apologize for coming off at you like that.I really do.I am just not used to seeing houses like that sell for so much.I guess here in Michigan we have the buyers advantage.we used to rent but in 2015 we bought our home outright.we bought it for only a quarter of what you sold this one for.perhaps the cost of living is more in Colorado?I know a little about real estate.I won't buy a house unless I can pay for it outright.I don't believe in mortgages or loans of that sort.no bills here.hehe.again sorry for my ignorance.I have looked at all your videos fixing these places up and they are beautiful.if I was you if just sell them instead of rent them to wash your hands of the hassel of the issue all together.it's a business where you have to invest loads of money to make loads of money type of deal.you win some you lose some.
Jessica, you need to check out property values around the country. Here in Seattle, if that house was within the city limits, depending upon the neighborhood, it would be worth 600K - 800K clean and with new flooring, counters, cabinets, fixtures. The house across the street from me, which was a 1920's bungalow that had been nicely remodeled into a 2br, 1.5 bath upstairs, and a 2br, 1 bath mother-in-law apartment in the basement sold for just over a million last year. In San Francisco and Manhattan, prices are higher still. Yet I can see from pulling up Zillow that there are very nice homes in the Detroit area available in the 25K range. Location, location, location.
Julie Kempf I understand that different area's have higher property value.all I'm saying is a 2 bedroom house that tiny for 200K in my neck of the woods is unheard of in any town where I live,not just Detroit.I can buy almost a mansion for that price.
I'm aware that there's different prices all over.I'm a cheapskate.I still wouldn't pay that much for a tiny shack just because it's plopped in a good location.I'm not a realitor.my husband and I are homeowners.so no......I wouldn't buy that property.but obviously someone did so good for them👍
Sucks. To get rid of bed bugs,fleas,etc you usually have to tent because they can get in the walls. And a good pest control will vacuum it all out,after.It's expensive but only way to make sure they gone.
Colorado’s rent has skyrocketed since the legalization of weed. Lots of people from different states moving here and driving prices up, for Colorado that is inexpensive
Nice house, after a few weeks of rehab it will sell quick! Try fake wood floors, cheaper in the long run and the tenant wont have to worry as much about damaging it on accident!.
Hey mate sorry to be intrusive but can you tell me your age and net worth roughly, i find it so interesting people doing this sort of thing. Or if net worth is too much maybe yearly return last couple years? from your investments. Cheers man!
My brother-in-law ended up with a roach infestation because of a bad tenant. I gave up on being a landlord but I have purchased a couple of properties that were trashed by the previous owners' tenants. This sort of thing is rather common, it seems.
I'm curious; has this generally occurred with your lower-priced properties? My uncle started buying rentals in the late 70s, generally buying older homes, but after issues with both maintenance and this sort of tenant he decided to stick with much newer properties. He did much better with those. I give you credit for showing the potential downside of investing in rentals.
Such a weird time. Many projects are trashed before you can even finish the upgrades. Attempting to help people get into nice affordable homes as renters seems like a benevolent gesture. Then this happens. Stay positive. Crabby and abusive slumlords are born of decades of abuse like this. It just wears you down.
$1250 is cheap compared to what New Jersey is. That house would cost $2,000 or more to rent in NJ. $1250 gets you a 1 bedroom studio and probably in a sketchy neighborhood. Depends where though.
1200 can be either good or bad, it depends on the area though guys. you can't say "oh that's too much.." etc etc when you don't even know the area. just because you can't afford it doesn't mean the next cannot.
Geez your tone is SO POSITIVE!!! I strive to be that positive
Thank you!
He's selling books...
nice landlord to have...BUT maybe you are too nice...considering what they did....Be stronger and firmer next people come in...FINE them big time if they leave you a mess like this..
enlightenedbygrace4U you can fine them if you can FIND them
:(
Ignore these people who don’t know that property/rent/cost of living values are different with each location. Keep doing your thing man
I will! I just try to help others understand real estate
Ikr, how many times does he have to say property values in Colorado are really high. It's like no one listens.
@@jenniferlawrence9473 One of the worst neighborhoods in Philadelphia 10 years ago
will be $280 a square foot
by june 2020.
FISHTOWN NORTHERN LIBERTIES
@@investfourmore you the man
super cute tiny house . It looks bigger on the inside than the outside.
Thank you
Mark, what is so amazing about you is that you keep so positive when you talk about tenants that trash your places.
It may take a few years before seeing any money from evicted tenants....but definitely worth the wait, especially from some loser that deliberately trashes a nice property. Good video. No sugar coating. The rental game is tough and about to get tougher in the coming years.
Thank you
But that goes both ways, It is really hard to get money back from a landlord as well, even after taking mine to court showing pic proof and bringing witnesses. I won the case. I still haven't been paid in full, he still owes me six hundred dollars and to get it I have to take him back to court AGAIN. (from yrs ago) No one likes parting with money.
What a cute house! Its perfect for a single or a married couple just starting out. You can turn the smaller bedroom into a home office, and if need be one of the rooms in the basement could be turned into a spare bedroom. I hope you get what you're asking for when you sell it.
Thank you, will still need to get it fixed
Kimberly B. we have a 2bed ranch. Baby #3 is due. But with my husband building a garage and second bathroom downstairs there is space for another bedroom. I love our little house. It's what we can afford. ☺
Cute? Old, not modernized. Go to Utah, Nevada and Arizona , those rentals are awesome!
Why! People are so disrespectful.
Suzanne Tegroen pretty sure his tenants were drug addicts. Holes in the wall is a sign of meth addicts- angry outbursts cause them to punch holes in the walls. I remember watching a video of a house inspector who claimed these were a few signs of how you can detect if the house was a meth house.
BarbaraSpecteriffic why are YOU so gay? Trolling for attention? Surely you can do better than that lame ass, 3rd grade attempt at an insult. My dog could do better than that. 😂
yeah not everyone gets high education and fortunate families with stable backgrounds. this is like 75% of americans. do you realize most people are this way in your own country. wake the fuck up, honestly this guy is complaining about having property and more than enough income to stabilize 2 more of his generations after his death. jesus christ.
no self respect...and feeling privileged
@@sourapple6049 I don't know "anybody" who would do this to a house and I have lived in the USA for decades
I grew up as a renter and my family always left a property CLEANER and in BETTER SHAPE than when we moved in. ALWAYS. We had pride in ourselves.
Most renters are great.
Wow that's intense, it looked like a war zone , it's always the worst when a tenant wrecks your place, happens way too often
It worked out okay, it is bound to happen once in a while
It's not just renters. I moved from Washington, DC, to the Mid-Hudson Valley, NY. I selected a neat and trim brick 3-bedroom house with a walk-out basement and pool in near perfect condition. When I toured the house, the owners were still living there. I moved in about six weeks later, and it was awful! There were floor tiles missing in the kitchen. Someone had gone at the walls in one of the bedrooms with magic markers - goodbye messages to the previous owners, and other less pleasant stuff. Several windows were broken, and rain had come in. The main bathroom had apparently been flooded, the wallboard was soaked and the wallpaper was falling off the walls. The hardwood floors had deep gouges, and something sticky was in puddles here and there. The pool was full of garbage. A few days after after my seven-year-old daughter and I moved in, a neighbor appeared at the door, claiming that the previous owner had "given" him the woodstove in the basement and he was there to pick it up.
Then I found out what had happened. The couple had broken up after I had signed on the house. He was a school teacher, and it turned out he was having an affair with one of his students, a male student no less, and the wife found out. She left him, and reported him to the police. He was fired, and was charged with statutory rape (or something). The wife decamped for environs unknown. When he was formally charged, he jumped bail and disappeared, too - but, before disappearing, he gave a key to the house to his adolescent paramour, who apparently distributed copies, and for more than two weeks before I arrived, my house had been a party house for teenagers. Until the word got around, I had drunken kids trying to unlock my door and banging on the windows at all hours of the night.
The saddest thing is that it was a really nice neighborhood.
I stopped renting, because of stuff like this! Cost me over $2,000.00 to evict them, and $1,500.00 to repair the damage. Wish my taxes were that low!
That house looks like a 40k in detroit. You are the man if you get 200k for that.
It is under contract for more than that.
Bishop Black lol that's what i was telling him.200k is a bit steep but if someone really wants to pay for that small of a house then that's on them I guess. Our property values in Detroit are one of the cheapest.Detroit also has one of the highest crime rates though.so that's the downside.
Bishop Black He is a crook that's all. I wouldn't purchase property from this guy he seems to be unscrupulous at the least.
Mark Ferguson - InvestFourMore that's crazy. This house wouldn't go for anything over 80k from a real estate company in good condition . Lol brand new houses are barley 100k
Mark Ferguson - InvestFourMore How can the taxes be that low? My house is bigger and I got mine for 212? The taxes are 3 times that. Crazy. Recently an investor reached out me about going to his monthly meetings
You can get bed bugs with a spotless home. They feed on blood not dirt/food.
True, but my point was that I think they are more prevalent when people do not take care of their home.
The issue is bed bugs love clutter to hide. So it is easy for them to multiply in that sort of environment. Although it is true ANYONE can get bed bugs, it can be extremely pricy to exterminate them fully. Rarely do home remedies truly work without treating literally EVERY item u own correctly especially if it's a bad infestation. Or did not throw out what could not be treated. Low income house holds may not have the real money to truly exterminate the bugs which is why they spread and thrive in those types of homes.
Hi Mark. I saw the finished video first and as I was watching this, I was agreeing with you outloud. Hubby thought I was talking to him and I told him "oh I'm talking to Mark." Hahaha He cracked up. Anyways, we had a good laugh.
So sad what happened to the house but great job on the fix up. It's such a cute house and it needs to be loved.
Have a great day Mark. I love your videos.
haha that is awesome
To let you know, bedbugs don't flock to dirty houses. I think what you meant to say was that if they had been diligent on housekeeping they would have, while cleaning, spotted them and done something to get rid of them.
I agree, I mean there is a better chance of them being in a dirty house because they are not removed
Knock on wood I've never had them, but I have a friend I've known since high school who lives in Massachusetts and is living in a house with several roommates. One new person moved in several years ago and brought bedbugs in. My friend has scars now. She looked like she had chicken pox. I worked in corporate for the Marriott and there were a few times people got them in a hotel room. They would hide in dark places on the box springs of the beds. 🤢
Exactly! One of my daughter's friends brought them into our house and we are not dirty people. I tried getting rid of them on my own but ended up calling an exterminator.
What criteria do you use to decide if I the property you purchased should be a flip or a rental
investfourmore.com/flip-or-rent/
That’s insane how someone can trash a home that is not theirs 😱
That is a cute house. I live in a 1 bedroom apartment and I seen bed bugs on the box spring under my bed. I called the office staff to tell them. They had an exterminator come in and look. He said I only had them a few weeks. The treatment he did was not heat. He sprayed chemical everywhere and I had to bring my cat out of the apartment with me for 4 hours. Currently I'm bed bug free.
hope it lasts
@@investfourmore me too, it's been 4 months, haven't seen anything
here in Atlanta they wreck, don't pay rent and steal the appliances and Georgia law tells landlords. "tough luck"!!?
I know many people who do great with rentals in Atlanta. What price range are you renting in and are you doing your own tenant screening?
Mark Ferguson - InvestFourMore i have 3 houses I rent out in 3 different neighborhoods. I remodeled each one to make them nice houses. one is not a good neighborhood. I told the tenants after 7 months not paying rent I had eviction papers and notices they ignored. the law system here kept putting me off telling me I have to do this and then that and then the police cannot come either. I had to pay the the tenants gas and electric too. even though it was in their name. I told them not to take the appliances and luckily went there and made them put them back in the house. legally I couldn't change the locks till they were out so they took everything . I called the police and again told there is nothing I can do. I tried to take them to court but no addresses to find them. tenants before them, evicted, lost thousands of dollars there too. other house in suburb tenants burned down. paid $40,000 to rebuild with the insurance. tenants not paying rent there too. they moved to another state. after owning these houses for 14 years now. it cost me a fortune. remodeling costs, unpaid rent, damages, cost me a ton of money.
There are definitely issues when you do not keep on your tenants. As soon as our tenants are one month behind we start the eviction process, which takes about three weeks. That is true anywhere about changing locks or kicking them out without the courts approval. How did your tenants burn the house down?
Mark Ferguson - InvestFourMore they had so much stuff plugged in one socket the investigators told me it was electrically caused. the tenants I've been getting know the law protects them so they ignore my evictions and the court tells me I can't have the police evict them. I have to just keep going back to court as months go by and more no rent, stealing, and damage goes on. when I call the police about they stole all the appliances, air conditioners and more damage moving out they tell me they can't do anything.
Mark Ferguson - InvestFourMore another thing I don't understand is why did the gas and electric refuse to turn the stuff back on unless I paid the tenants unpaid bills for gas and electric. it was in their name?
$600/year property taxes?? We pay $6,000/year on a $200,000 mortgage in New England 😑
Yup, taxes are super cheap here
6000 a year?
Dang. I pay 870 a year on my house in southern part of usa.
keeping your eye on your rentals and having an agreement to inspect monthly is a good idea!!
This kind of thing happens all the time. Tenants leave all kinds of unwanted items behind when they move out... Enjoyed the video.
It always mystifies me how violent peoples lives are to cause such damage to a home.
$99,000?? Sure you didn't mean $9,900??
sold for over $200k
Mark Ferguson - InvestFourMore wow! Wasn't trying to be disrespectful. Just doesnt look like that expensive of a house to me. What do i know!? Lol.
I agree that is more what the property would sell for....
Mark Ferguson - InvestFourMore damn.. makes me happy for what I just bought for 225k lol
location location location
I'm going to say this anybody can get bed bugs even clean freaks I grew ups in a clean house we got them
I agree, but I think it is more likely when you live in a house like this
The beds could of had the bed bugs before they moved the beds in.
Courtney Bowen very true.. We are very clean and got them.. Took forever to get rid of them too..
Mark Ferguson - InvestFourMore you can pick them up literally anywhere, the house doesn’t really have much to do with it.
yup, all you need is a vacation at some hotel...bed bugs...
It boggles my mind how people can trash their home, rental or owned its still where you live. Have some pride, pull the weeds, sweep the walk, and be kind to your neighbors!
Omg who live like this?
A lot of people....
Kyle Beaston. And meth heads.
people whom have kids you may not know about that
junkies
crazy man vlogs if you have kids then you definitely should NOT be living like this.
As I'm in my last month of being a tenant and working on moving out and becoming a homeowner, I cannot imagine leaving the property in rough shape like that. I am not the cleanest person in the world but compared to that one and #8 I must be insanely clean. Before I leave I'm going to clean it the best I can, steam clean the carpets, clean the kitchen and appliances, bathrooms, Windows, and inside "skirting" or whatever it's called. Bad landlords suck!
$1200? That’s a lil much for that small house
Where do you live? That was one of the cheapest rentals in the area
Mark Ferguson - InvestFourMore see...... I'm not the only one who thinks that's very expensive lol
Mark Ferguson - InvestFourMore my family's house is smaller and it's 650$ a month ;-;
Haha try living in Los Angeles, $1300 for a one bedroom apartment in a sketchy neighborhood
In Toronto it would rent for atleast $2000
After owning rental properties for almost 30 years, we sold our remaining 2 unit building a couple of years back. We are so glad to be done with that season of our life as a couple. When renting properties goes well, it's really great. And when it goes badly, it can make you question why you got into the biz. But seriously, we had some awesome tenants who treated the house they rented like their own (for several years). And we had people on the other extreme who lied, stole, left drug paraphernalia, left bags and bags of garbage behind, and even tried to take the interior doors off the hinges & take with them (I guess they thought the bags of trash were an even exchange). Learn as much as you can from folks who've been owners/landlords for years before you jump into this area of investment. We are definitely glad we had rental units, but now that our children are pretty much grown, we are relieved not to have that responsibility hanging over us...because it is a responsibility that can require attention at any time.
Did you manage them yourself?
Mark Ferguson - InvestFourMore Yes, we live in a mid-sized city which is part of a large metropolitan area (two states separated by water), and we were able to buy & manage in our own community. My dad was a property manager/real estate agent/broker, and my mom was also an agent (all post-retirement- they were industrious people), so hubby and I learned from watching them. Wise folks. Anyway, hubby is an engineer and was very capable of doing lots of the rehab both before we starting renting a unit and during, when tenants left what tenants will leave...you know what I mean. We also knew what to leave for professionals to do. We finally sold our final property when it became clear that both of the adjoining houses were never going to reflect well on our cute and tidy little property. In fact, one of the neighbors would take things off our yard and incorporate them into his "building project" and string power cords across the neighbors' lawns to borrow or take their electricity. And would let people live in his utility-less home...and our front bushes became a toilet for them. You get the picture...it was time to say goodbye to the biz. The side income helped us raise our 2 kids, and for that, the experience was priceless.
I am an agent as well and could manage my properties, but it is not worth my time or the hassle.
this is terrible. To do this to someone's house it doesn't matter how clean you are anyone can get it bugs the problem is not getting rid of them
Wilma Johnson try lavender seeds and lavender oil. These repel bugs and deter them from mating. They work on headlice too.
Pink Lady. Thank you.
Wilma Johnson you will be very surprised at how effective lavender can be. There are LOTS of tutorials in RUclips on the uses of lavender in homes.
With lavender in rooms, I haven't had seen new spider webs in ages. I began using lavender only some months ago, first when I tried to get rid of headlice that I had picked up from visiting relations - little nieces and nephews. It was super difficult to get rid of headlice. I tried everything like Nitty Gritty, but headlice kept returning. When I tried sleeping with lavender seeds under pillowcase, that made a great difference. Many months later, I never had headlice again since using lavender seeds and oils.
To get rid of bugs, you should always have lavender at your home. Put some in your wardrobes and dressers to deter moths. At present, I am growing lavender shrub outside my home. I am going to buy more lavender plants this year. There are tutorials in RUclips as how to make lavender oils or bag lavender seeds.
Another news, mice hate the smells of lavender.
Thank you so much I will be going out today and I'll pick some up
I've never had head lice and I've never used Lavender. It's pretty rare to get, it's hard to attribute you not getting lice again to using lavender
Yep. Been there, dealt with that on numerous occasions. Good luck collecting any damages from the deadbeat tenant. Throwing away money there. Only the attorney ever makes out on those deals. And I finally got smart and no longer put carpet in any rentals, even in the master bedrooms. They destroy it too quick. I use a lot of LVT, or vinyl plank, these days. It's waterproof, and the price has finally come down on it.
Hi Mark, I just wanted to say I love your videos and recently bought your book off amazon. I just had one quick question. I live in southern California and really want to get into the rental property business. However, the price range I can only afford are apartments. What is your opinion on owning single unit apartments as rental properties in comparison to houses? Looking forward to your response. Thank you!!!
investfourmore.com/2013/08/26/is-it-better-to-invest-in-single-family-or-multifamily-rental-properties/
I rent a house for 19 years now. I do not wreck it, litter the yard with garbage and whatmore. I live here and although i rent it i am proud of the house.
such a shame but glad it still worked out to be a good investment for you
Steve sims You have to take the bad with the good!
You do have a great attitude. Keep up the good work.
I would have treated that house like GOLD!!!! I love the livingroom window!!!! Lots of windows for natural light. Damn shame.
Anita Adams if it belonged to you, yes. But you need a better deposit.
It amazes me how people live. Be proud of your home, you work hard to pay for it, why destroy it!! I work my ass off for my one bedroom apartment but it’s spotless and I take care of it.. not only out of respect for my landlord but because it’s my HOME! This is gross!
Seems like there should be a way of prosecuting the scum who would do this to a home.
I can't believe you sound so cheerful.
Rentals over all have been awesome. You cannot let the few bad experiences ruin it.
So crazy how people don’t understand the price of a home purchase or rental is different in every city.. what my parents own 1 hour north of Seattle for change is a million dollar home and property in the actual city. Pure ignorance and also the one guy saying you deserved this for overcharging? Wow... I rent, as I sold my house to downsize and don’t want to be in the town I’m in after my son graduates and I would NEVER disrespect someone’s property.
It is funny. I guess a lot of people do not understand real estate markets.
If your parents own a one million dollar home one hour north of Seattle they must be living in a McMansion because that is not a prime location in Washington.
my sons volunteered at a church camp and by winter we discovered we had bed bugs. we learned A LOT about them. diatomaceous earth works. vacuum then powder, wash linens and hot dry heat in dryer. and repeat every couple of days. bed bugs are rather sedentary in that they dont travel far from their food source and only like to appear at feeding time, not like lice where an egg can drop and propagate exponentially in a rather short period of time just riding around. the diatomaceous works if it is used consistently. you can get a 4 lb bag at home depot for about $8.
yes I seen that on infestation. they don't like heat.
Sorry for the condition of the house, wish you luck.
How in the hell do people get to where they trash a house like that!!! Its just such bullshit and it costs alot of money to fix all that shit!!!
Oh my goodness your little house!!! I seen this before in one of my father's homes he was renting, total trashed the house before they where evicted for non payment of rent.
"We could charge them above and beyond". What do you mean by that ? Can that only be done thru small claims or is that written on the rental contract?
prank diver we can charge them for damage they did over their security deposit through the eviction process since we went to court for that.
1. My house isn’t dirty & I feel like I need to bleach every inch of it now
2. Awesome way to learn how to keep a home/rent a place
y'all is so ridiculous this rent there's no way in hell I would have stayed there for $1,200
This was one of the cheapest rentals in the area
I totally agree....in Texas that same house would be 20,000....nothing there to say that it is worth what you were renting it for....tacky and small did you even have a washer and dryer connection? a dishwasher? lots of simple things that looked like the house did not have....you might have squeezed 40,000 out of them if you had some "real" wood like oak or knotty pine.....but that fake stuff really made a statement that I am just a small cheap house !
Dian Adams Are you not aware that different areas have different price values?
The market in Colorado that he's in makes the houses cost a lot. All the Californians flocking there causes a shortage on houses. As a result the price of housing goes up. Realistically that house isn't worth that, but in that market it is. that's economics for you. The same thing is happening up here in Washington state.
@@n8_sh00ts8
Yep, Californian and Chinese are driving up Texas prices.
too bad DDT isn't allowed anymore. That got rid of bed bugs perfectly.
After tenants left one of the properties that my dad owned i decided to go in and get rid of the rats that they had. I bought 12 of those snap traps and an electric trap from amazon and every time i caught a rat i would count the number after about 1 month i caught 70 rats... and then the next problem were the baby rats that had been left to starve and die which did not smell to good lol
wave yuck!
wave. next time try duct taping several glue boards together and put some cheap peanut butter along the middle of the trap. Put several of these glue stations throughout the house. Your problem should be solved within a week or so.
The problem with that is I need them gone asap so we can start cleaning out the house and fixing it. Plus I want it professionally done so when I sell it the new folks have no chance of getting bed bugs
Bryan Pearce How could you do that to a living mammal ?
It's better than living with a hoard of rats. That's disgusting
You did tenant screening and she was still a bad tenant. Where was the disconnect?
I was told that you can't get rid of bed bugs....you'll have to burn the house down. is that really true?
No
You can use heat treatment to remove them. But I have heard stories of my city buring down old buildings that were "permanently" infested.
Mellow. In the town i used to live in was a historical hotel at one time. The owners had turned the rooms into small studios and rent them out. Well in a matter of time the whole place was infested with bed bugs. That building eventually all had to be gutted. 😞 Bed bugs are nasty!
S. Simons Tell me about it. Went to a friends house and he had them so i couldn't walk back in my house.
Yuck
Sorry that happened great video thanks for sharing!
I will take one bad one out of 16 pretty good ones!
I am so sorry about your cute little house I think it was adorable....I lived in an apartment where some people had moved from another country and rented the apartment right above mine and they brought some little friends with them and within 3 months of them moving there some of their little friends moved into my apartment I ended up with bed bugs and let me tell you I researched bed bugs until I thought I was dang near an expert I found out that heat does not get rid of bed bugs! those things can live through just about anything they can actually live without food and oxygen for 18 months! heat will make them dormant they don't all die..they had to come and spray 5 times and I still did not trust it but we moved not long after that we didn't see anymore from the last spray and the day we moved... I will NEVER EVER again trust moving into a house without doing a check on it like a Lemon test for a car to make sure there have been no infestations of bed bugs those things are hideous because the babies are translucent so you can't even see them until their second stage and even then it's hard no burn that dang thing to the ground period! I don't know where you live but pretty much in every state if your house has had a history of bed bugs and any new tenant that moves in ends up getting bed bugs the burden of proof will be on you to prove that the new tenants did not bring them with them or bring in something that had them and you will end up having to pay at the minimum should be for a proper fumigation about $5,000...BUt I feel horrible for you and I hope those nasty vial buugs never come back
Sorry you went through that!
How are you getting rid of bed bugs ? How many applications and at what cost ?
Hi Mark - thanks a lot for sharing this video which is very informative. Just one question here: why do you say (in the video) one reason for selling this property is because it had bed bugs? Can't you keep renting it after you fix up all the mess and get insects treatment?
Yes, I could have kept renting it, but I heard rumors a lot of the town had bed bugs and they keep getting shuffled from house to house.
I bet the neighbors were THRILLED when these people left. How horrible to live next door to that.
just awful to destroy property like that
I know, I have had worse though!
I have 3 rentals I see a lot of cleaning and a few repairs was the water tank covered before ?? A ton of trash my last one was about 6 bags of trash and a couch left behind. No bed bugs either, I must see the after product I see where I would start at first good luck
Yes it was covered before
no idea why they would take apart makes you wonder
What a cute home. I don't know why people trash your homes!
I like that you sue people when they mess up your shit. Maybe that will teach people.
They don't care about a judgement... you will never collect!
It happens occasionally.
People do actually care about those judgements because it can result in homelessness, which is not something anyone wants to deal with.
Mark Ferguson - InvestFourMore. How much time and lawyer's fees do you waste? You also have court costs and process servers fees. You collected about $8,000 in rent have $6,000 in repairs and $1,000 in eviction and collections fees. How much is your time worth? We both know with the Real Estate taxs and home insurance you took money out of your pocket and wasted a whole year.
If you have a job and you have a judgment, it can be taken out of your paycheck. NYS law is 10% of your pay. Depends on your state but it's not good for your credit at all. No one will give you any credit with a judgment.
maria palladino All they have do is file bankruptcy for $600.00, Problem solved. Some how I don't think people who rented out this junky little house are to worried about their credit rating. Commercial real estate is so much easier w/ a bigger ROI.
I'm curious to know if the tenant who trashes the house has to pay for the damage? Or does the insurance company of the landlord pay? Assuming you have landlord insurance.
If the tenant can't/won't pay rent, it's unlikely that they will have the money to pay for the damage.
You can get a judgment against them, but that does not mean they will pay. Insurance will pay for some of the damages.
How do people live like this? I bet a lot do.So many pigs.It looked like such a nice little house.
Yup
It always amazes me how people cannt put trash in a can. And get rid of some junk!
Hi Mark, I've been watching you videos for a while now and I'm really interested in starting a career in real estate. I actually just bought 2 of your books today from amazon. I had a question pertaining to getting experience as an agent. do you have any videos or a post on how to get you're foot in the door and a general idea of the process from getting your license to finding a broker and volunteering to do open houses...I'm just trying to figure our a general step by step process so I can kind of plan out my next move once I get my license in CA.
Hey, the book actually goes through all of that! if you want more specific training I have a course on it as well.
perfect thank you. I should be getting them in about 5 days. Can't wait!
I rented a house, paid the rent always on time, sometimes the landlord didn't cash the checks for 2 or 3 months, and kept my bank account way off, then she calls me and says......" you have to move out, Wells Fargo is prepossessing the house," you have 2 months". (I lived there for 31/2 years, and I knew the rent was well over the payment) I was off work on a comp injury, and basically had no help, so I started hauling out my stuff, and packing up...... the 3rd week I went to the house with help, and somebody had been there and taken a lot of my stuff, and when I called her she said, " someone told me you had abandoned it and I called a friend to clear out the house and they could keep what they wanted, and take the rest to the dump. There were even christmas presents there that were still in the packages that were for me, brand new stuff.... old stuff.... some of my parents things they are both deceased..... money, a video I made of my mom singing hymns before she passed away.... I was violated. I called her up again, and she refused to give me the name of the person who done this. A week later my Aunt who lived on the same street further down, called and said some guy dropped off some boxes said they belonged to you.... I went and it was stuff that didn't even belong to me. HORRIBLE!!!!!!!
You should have called the police. that is trespassing and theft.
99k is t cheap! I heard the area when I stayed with yourvideo. If that house sells for 200k, please come to north caroina and sell my homes!
It sold for over $200,000!
@@investfourmore my nigga
Mark question would like to know how did u start your first rental, would love to know your idea in how to start.I would like to be a landlord.But seeing how this house is it scares me to get a bad person in my first house down the road when i first buy a home.any help and advise would be great thank u.
investfourmore.com/2013/03/22/how-i-bought-my-first-rental-property-price-rents-cash-flow-and-more/
Are u in Williston ND
No, Colorado
I used to work for Orkin. Anyone can get bed bugs. Cleanliness isn't a factor. As for the condition of the house, that is unbelievable. WOW!!
I know, but I think having s uper dirty houses makes it more likely you won't get rid of them
Mark Ferguson - InvestFourMore True. They have more places to hide. I've had them before, was able to contain them to one room and used two heaters and 91% alcohol.
What can be done to get better quality tenants? I have a former "friend" that would leave a good impression with landlords, but would leave houses so dirty and fishy smelling.
Once again appreciation surpassed the cash flow numbers head to head. Do you have one that cash flow out produced appreciation?
No, but I also lived in an area that has had one of the highest appreciation rates in the country. I would not count on that happening as it is really tough to predict. Now in this market with prices so high you cannot cash flow well. It gets so much more risky when you are going for just appreciation.
Mark Ferguson - InvestFourMore Right on g, how is the lambo doing?
1250 a month seems like a lot for that house. I live in a 4 bedroom built it 2006 and am paying $1500 in Maryland
Honestly if i were doing something like this, id see if it were legal to offer people a discount on the property for a period of time if they rented it after helping to clean up. :P wonder if thatd work
$200k? Holy crap! Look up what you can get for that in Georgia! That would be about $40k in Georgia, $200k will get you a super nice house.
Seriously.......who in the he'll is going to pay 200k for a house that's probably barely 1000 square foot? I've noticed in property 8 you were also talking about getting 200k for that he'll hole too.I just don't see how that's possible unless you line all the fixtures in gold.both those houses where I'm from are worth no more than 40-50 grand and a penny more than that is a ripoff.you payed 100k for that house? Didn't you say you payed 100k for house 8 too? I'm noticing a pattern of Bullshit here.
Jessica, I am noticing you don't understand real estate very well. That house sold for $210,000 this year. You can see the Zillow information right here: www.zillow.com/homedetails/144-3RD-St-Kersey-CO-80644/14080535_zpid/
Just look under price/tax history
I apologize for coming off at you like that.I really do.I am just not used to seeing houses like that sell for so much.I guess here in Michigan we have the buyers advantage.we used to rent but in 2015 we bought our home outright.we bought it for only a quarter of what you sold this one for.perhaps the cost of living is more in Colorado?I know a little about real estate.I won't buy a house unless I can pay for it outright.I don't believe in mortgages or loans of that sort.no bills here.hehe.again sorry for my ignorance.I have looked at all your videos fixing these places up and they are beautiful.if I was you if just sell them instead of rent them to wash your hands of the hassel of the issue all together.it's a business where you have to invest loads of money to make loads of money type of deal.you win some you lose some.
Jessica, you need to check out property values around the country. Here in Seattle, if that house was within the city limits, depending upon the neighborhood, it would be worth 600K - 800K clean and with new flooring, counters, cabinets, fixtures. The house across the street from me, which was a 1920's bungalow that had been nicely remodeled into a 2br, 1.5 bath upstairs, and a 2br, 1 bath mother-in-law apartment in the basement sold for just over a million last year. In San Francisco and Manhattan, prices are higher still. Yet I can see from pulling up Zillow that there are very nice homes in the Detroit area available in the 25K range. Location, location, location.
Julie Kempf I understand that different area's have higher property value.all I'm saying is a 2 bedroom house that tiny for 200K in my neck of the woods is unheard of in any town where I live,not just Detroit.I can buy almost a mansion for that price.
I'm aware that there's different prices all over.I'm a cheapskate.I still wouldn't pay that much for a tiny shack just because it's plopped in a good location.I'm not a realitor.my husband and I are homeowners.so no......I wouldn't buy that property.but obviously someone did so good for them👍
Sucks. To get rid of bed bugs,fleas,etc you usually have to tent because they can get in the walls. And a good pest control will vacuum it all out,after.It's expensive but only way to make sure they gone.
$1200 a month, you way overcharged for that. Your just another greedy landlord!
based on what? Do you live in this town and know market rents? This was the cheapest rental in the town when I rented it.
I'm paying $1300 for my single bedroom apartment several miles from Seattle- local economy changes everything! Make more, but spend more.
Calm down. Different states have different prices
S and who the fuck are you?
Colorado’s rent has skyrocketed since the legalization of weed. Lots of people from different states moving here and driving prices up, for Colorado that is inexpensive
Seems like you have lots of evictions. Who is doing the background check on all these tenants.
two in 8 years on 20 properties I think.
People should made to be accountable
Jesus that rent is nuts for the size. Colorado is crazy.
Much higher in other areas
I don’t get why people are complaining, different areas won’t cost the same. 1,200 for that rental is decent.
Exactly
Thanks for sharing the down side. So much out here about the upside. Gotta keep it balanced. Lol. Thanks.
You are welcome
Mark I just bought your book, havent read it yet, how come you dont buy multifamily apartments?
They are too expensive here
You're smart at selling.
Nice house, after a few weeks of rehab it will sell quick! Try fake wood floors, cheaper in the long run and the tenant wont have to worry as much about damaging it on accident!.
We did sell it fast. thank you
Hey mate sorry to be intrusive but can you tell me your age and net worth roughly, i find it so interesting people doing this sort of thing. Or if net worth is too much maybe yearly return last couple years? from your investments. Cheers man!
I am 39 and had to figure net worth with all the flips and such but it is a few million
My brother-in-law ended up with a roach infestation because of a bad tenant. I gave up on being a landlord but I have purchased a couple of properties that were trashed by the previous owners' tenants. This sort of thing is rather common, it seems.
About 6 percent of my rentals have issues.
I'm curious; has this generally occurred with your lower-priced properties? My uncle started buying rentals in the late 70s, generally buying older homes, but after issues with both maintenance and this sort of tenant he decided to stick with much newer properties. He did much better with those. I give you credit for showing the potential downside of investing in rentals.
I think it’s agreeable that Colorado has great real estate investment opportunities. In the past years house prices have been booming.
Such a weird time. Many projects are trashed before you can even finish the upgrades. Attempting to help people get into nice affordable homes as renters seems like a benevolent gesture. Then this happens. Stay positive. Crabby and abusive slumlords are born of decades of abuse like this. It just wears you down.
So humble I love it!
That's why you charge first months rent, deposit, and last months rent all up front, and check in once a month.
We were checking once a quarter
$1250 is cheap compared to what New Jersey is. That house would cost $2,000 or more to rent in NJ. $1250 gets you a 1 bedroom studio and probably in a sketchy neighborhood. Depends where though.
Such a cute house. Not a bad renting price either. I would have loved to live there.
Thank you
A lot of good renters out there, but then again a lot of bad renters that make them all look bad!
Yes sir!
How often do you check on your properties?
1200 can be either good or bad, it depends on the area though guys. you can't say "oh that's too much.." etc etc when you don't even know the area. just because you can't afford it doesn't mean the next cannot.
Yes, good point
So sad..all my landlords didn't want me to move,i was their favorite&cleanest tenant they ever had...i dont understand how people live like that...
We have so much in common! Goodluck with yours
Thank you