ilmscore | Tenants RUIN My $300/Month Rentals

Tenants RUIN My $300/Month Rentals

Predictions from this Video

Total: 11
Correct: 0
Incorrect: 0
Pending: 11
Unrated: 0
Prediction
Topic
Status
The speaker plans to significantly reduce their involvement in the affordable housing rental business, retaining only about a dozen properties in the $300-$400 rent range.
"I'm getting out of the affordable running business as much as I can. I'm still going to have rentals that are in the 300 to 400 range but I'm only going to have maybe a dozen of those."
Affordable housing market
Pending
The speaker believes that inflation, property appreciation, and mortgage paydown will overcome current financial challenges in real estate investments.
"so like in real estate I can appreciate and inflate my way out of this inflation and appreciation and mortgage pay down will take care of this"
Real estate appreciation
Pending
A class action lawsuit is ongoing in Ohio against the department responsible for the eviction moratorium.
"there's a class action lawsuit right now in the state of Ohio against the U.S health department whoever did the eviction moratorium"
Class action lawsuit
Pending
A property that was previously a solid moneymaker experienced issues after a contractor threw a party on the job site.
"this one was has been a super solid Money Maker but the problem is my contractor we kicked the contractor off of this job because he threw a party in it like he had all of his friends come out and party in the place"
Rental property value
Pending
The speaker anticipates spending $7,500 to $10,000 on repairs and renovations for a property due to the contractor's poor work.
"this is the condition the contractor left it and it's like okay they did an okay job seaming the carpet in general but then they didn't even cut that out like I think they were just going to leave the carpet in place and tack up baseboard to it so we've already started on the outside of this one I think we've got probably 7 500 10 000 that we're going to spend"
Construction costs
Pending
A tenant was paying $750/month for a property, moving out only due to getting married and acquiring their own place.
"The Last Tenant that I had here they loved it in the condition that it was in and they're paying 750 a month and the only reason they moved out of this one was because they got married had a place already so that no reason for two houses"
Rental rates
Pending
The speaker anticipates spending $7,500-$10,000 on a property and has already lost $5,000 due to material and labor issues.
"I think we've got probably 7 500 10 000 that we're going to spend um going forward on this I already got ripped off five thousand dollars on it between material and labor"
Real estate investment strategy
Pending
A house purchased for $8,900 required an additional $3,500-$4,000 to fix the foundation and $20,000 for initial renovations.
"this I bought this house initially for eight thousand nine hundred dollars at an auction it was like an unlisted auction which is absolutely cool um so the biggest problem with this and we'll get we'll show it real quick the problem with this house was the foundation was caving in oh okay so I had I went through three separate people to have them redo the foundation for me we've between three people we finally got it it was probably like thirty five hundred four thousand dollars for that so then we spent about twenty thousand dollars on the initial renovation"
Rental property costs
Pending
A property previously rented for $500/month is expected to rent for $650-$700/month after renovations due to increased market rates.
"this has been a real solid Money Maker up till coronavirus um we initially had it rented out for I want to say 500 a month on this segment this leg of the renovations will probably start renting this one for probably 650 maybe 700 a month since it's a three bed one bath the rates are up severely"
Future rental rates
Pending
The speaker has implemented significantly improved background checks for tenants.
"but now we do much significantly better background check than we ever did before"
Tenant screening
Pending
A lease addendum will now charge tenants $250 per room if they repaint without authorization, due to previous instances of unauthorized and multiple paint color applications.
"this is one of the ones that did me in and we start putting our lease that if people repaint my rooms without my authorization I go charge you 250 a room now to repaint it and this is why because it was Scarlet gray black and purple in this room"
Tenant penalties
Pending