Comments on: It's the Same Old Story, Same Old Song and Dance, My Friend. http://www.dennisfassett.com/2008/07/29/its-the-same-old-story-same-old-song-and-dance-my-friend/ Cash Flow Real Estate Investing, Training, Coaching, and Consulting Thu, 24 Feb 2011 23:50:11 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Dennis Fassett http://www.dennisfassett.com/2008/07/29/its-the-same-old-story-same-old-song-and-dance-my-friend/#comment-167 Dennis Fassett Tue, 29 Jul 2008 22:10:58 +0000 http://www.dennisfassett.com/?p=187#comment-167 Brian - I though that that would be the case but it's not. It turns out that serious rental property owners learn early on to screen heavily in order to weed out most of the bad tenants. I've had one eviction in four years and I have one slow payer right now. Rent collection is really not an issue, and although an eviction takes some time it's really pretty straightforward. No - it's the unplanned things that get to good owners. So my business model has been to eliminate as many of the unknowns up front as possible. Sure stuff happens (I just had a basement drain backup) but it's very rare. I don't like surprises and work hard to prevent them. Now for the people that just jump in and "try it" it's a different story. I know of several owners that don't do background checks, don't take high security deposits, and rent out crappy houses. And guess what? All they do is bitch and moan about how bad it is being a property owner. Owning rentals is like anything else - 1) you get what you pay for and 2) you get out in proportion to what you put in. Thanks for the comment! Brian -

I though that that would be the case but it’s not. It turns out that serious rental property owners learn early on to screen heavily in order to weed out most of the bad tenants. I’ve had one eviction in four years and I have one slow payer right now. Rent collection is really not an issue, and although an eviction takes some time it’s really pretty straightforward.

No – it’s the unplanned things that get to good owners. So my business model has been to eliminate as many of the unknowns up front as possible.

Sure stuff happens (I just had a basement drain backup) but it’s very rare. I don’t like surprises and work hard to prevent them.

Now for the people that just jump in and “try it” it’s a different story. I know of several owners that don’t do background checks, don’t take high security deposits, and rent out crappy houses. And guess what? All they do is bitch and moan about how bad it is being a property owner.

Owning rentals is like anything else – 1) you get what you pay for and 2) you get out in proportion to what you put in.

Thanks for the comment!

]]> By: Dennis Fassett http://www.dennisfassett.com/2008/07/29/its-the-same-old-story-same-old-song-and-dance-my-friend/#comment-166 Dennis Fassett Tue, 29 Jul 2008 22:03:06 +0000 http://www.dennisfassett.com/?p=187#comment-166 Nick - I wish that I was in the same boat. High end homes in move-in condition for 50% off? You can't go wrong on a personal residence now if you're going to stay a while. Thanks for the comment. Nick – I wish that I was in the same boat. High end homes in move-in condition for 50% off? You can’t go wrong on a personal residence now if you’re going to stay a while.

Thanks for the comment.

]]> By: Brian Kurtz http://www.dennisfassett.com/2008/07/29/its-the-same-old-story-same-old-song-and-dance-my-friend/#comment-165 Brian Kurtz Tue, 29 Jul 2008 21:32:31 +0000 http://www.dennisfassett.com/?p=187#comment-165 I thought that the reason people don't want to own rental property is because they don't want to deal with people not paying them on time, chasing rent, and then eventually having to evict someone. That's where I thought the emotional blockage against being a landlord stemmed from. I thought that the reason people don’t want to own rental property is because they don’t want to deal with people not paying them on time, chasing rent, and then eventually having to evict someone.

That’s where I thought the emotional blockage against being a landlord stemmed from.

]]> By: Nick Blackman http://www.dennisfassett.com/2008/07/29/its-the-same-old-story-same-old-song-and-dance-my-friend/#comment-164 Nick Blackman Tue, 29 Jul 2008 20:38:32 +0000 http://www.dennisfassett.com/?p=187#comment-164 Detroit is RIPE for the picking in Real Estate. Im looking for a primary residence right now. I cannot believe the number of beautiful houses out there! The price point is amazing! I suppose there is a reason that investors from California and China yes China are buying up Detroit properties! Detroit is RIPE for the picking in Real Estate. Im looking for a primary residence right now. I cannot believe the number of beautiful houses out there! The price point is amazing! I suppose there is a reason that investors from California and China yes China are buying up Detroit properties!

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