Credit report - PeachParts Mercedes-Benz Forum

ytr1903 · #1 06-05-2007, 11:16 AM

SwampYankee,

Good luck on your future landlording. I can only say that has been a cross to bear for us. There is always something to deal with on rental property. I like to compare rental property to adopting another family. This family is completely dysfunctional, has absolutely no fiscal knowledge or responsibility and will lie until you are so worn out that just want to walk away.

Tom

Designo_E320 · #2 06-05-2007, 11:25 AM

I send EVERYONE who owes me to collections which automatically stains their credit reports. Now, a consumer CAN challenge this. If he does, then the credit reporting agencies will contact me and I never fail to send them the documentations showing that they are deliquent so the stain REMAINS on their credit reports. If I were you, I would do EXACTLY the same thing and keep records in a very safe place. DON't PUT UP WITH NON-PAYING PEOPLE. I feel sorry for NO ONE when it comes to my family's well-being. BE RUTHLESS!

ASaltyDog · #3 06-05-2007, 08:10 PM

Quote:

Originally Posted by Designo_E320

I send EVERYONE who owes me to collections which automatically stains their credit reports. Now, a consumer CAN challenge this. If he does, then the credit reporting agencies will contact me and I never fail to send them the documentations showing that they are deliquent so the stain REMAINS on their credit reports. If I were you, I would do EXACTLY the same thing and keep records in a very safe place. DON't PUT UP WITH NON-PAYING PEOPLE. I feel sorry for NO ONE when it comes to my family's well-being. BE RUTHLESS!

That pompous get-back-at-em attitude is likely to cause you a lot of near term trouble.

Who's to say they really owe you the money? You? Perhaps you gave them an inferior service or product, and you still feel they owe you. Before an impartial court hears and decides, for now you have this little edge of credit bureau reporting. You pay the credit agencies a hefty fee, and in return you get retribution before anything can be done about it.

Yes, lawsuits are popping up at 20x the rate of just last year, fought heavily by the credit agencies (Experian etc) who are making billions on their little scams. A yacht here, a beach house there to the right politician and it's no wonder laws favor this criminal wave of intimidation and extortion.

Cell companies, long distance voip, credit card companies have been on the crest of this wave for a good while. "Pay us our fees, surcharges, late penalties, over-fees, under-fees, bogus charges, inferior services and any other charges we make up -- or we'll report you to the credit bureaus". They know from very their expensive market studies that in the past only about 5% of people actually file a suit, whom they almost always settle out of court. But not any more. Damages are now being awarded in droves to consumers who have been victims of this little scam - to every cry baby who thinks you owe them $25.00 and have tried to ruin your life through early, unsupported credit bashing.

Try $5k in damages, and all of a sudden things change. That last mortgage you got nailed an additional 2% on interest? Adds up to about $3,000.00/yr – all because of unfounded credit reporting outside of the court system. Little pip-sqeaks that have used this tool in the past are now finding themselves liable for losses and damages caused by their little get-even fits. Get even is right - they rarely profit from this activity. It's all about the gloating and bragging. They actually pay a large sum to credit agencies to be allowed to do throw whomever into the bashing list, for whatever reason.

Enjoy your little stick-beatings while you can

t walgamuth · #4 06-05-2007, 08:53 PM

i try to avoid renting to folks who will be a problem. my philosophy is that it is better to have a unit sit empty than rent to a bad tenant.

i do check them for litigation but not 100%.

i do ask them to fill out a rental application in which i get drivers license and soc sec #, credit card numbers and all kinds of stuff i can never believe they give to me....but mostly they do. the more detailed information about them i have in hand the better they pay their bills.

i have to evict someone on the average of maybe one every five years....and i have 23 units of residental and or commercial, mostly residential.

i have very nice units, in excellent locations, i charge as much rent as i can get and maintain full occupancy. i get a large deposit and i never never never rent to someone who does not have all the money up front.

i remember a few years back i was feeling a little reluctant to evict someone who i felt a little sorry for and my attorney said..."if you are going to be in business you need to run it like a business"....and i try to do that.

people make lots of money with slum lord property but i would rather have a more slim profit and avoid evicitions etc.

it is really tough to make a profit at it now though with 8.125% mortgage money and a real estate market that is kindof soft.

the only time you make it in any significant amounts is at sale time.... and then better hope you can trade into something to avoid capital gains.

tom w

Medmech · #5 06-05-2007, 11:08 PM

Quote:

Originally Posted by ASaltyDog

That pompous get-back-at-em attitude is likely to cause you a lot of near term trouble.

Who's to say they really owe you the money? You? Perhaps you gave them an inferior service or product, and you still feel they owe you. Before an impartial court hears and decides, for now you have this little edge of credit bureau reporting. You pay the credit agencies a hefty fee, and in return you get retribution before anything can be done about it.

Yes, lawsuits are popping up at 20x the rate of just last year, fought heavily by the credit agencies (Experian etc) who are making billions on their little scams. A yacht here, a beach house there to the right politician and it's no wonder laws favor this criminal wave of intimidation and extortion.

Cell companies, long distance voip, credit card companies have been on the crest of this wave for a good while. "Pay us our fees, surcharges, late penalties, over-fees, under-fees, bogus charges, inferior services and any other charges we make up -- or we'll report you to the credit bureaus". They know from very their expensive market studies that in the past only about 5% of people actually file a suit, whom they almost always settle out of court. But not any more. Damages are now being awarded in droves to consumers who have been victims of this little scam - to every cry baby who thinks you owe them $25.00 and have tried to ruin your life through early, unsupported credit bashing.

Try $5k in damages, and all of a sudden things change. That last mortgage you got nailed an additional 2% on interest? Adds up to about $3,000.00/yr – all because of unfounded credit reporting outside of the court system. Little pip-sqeaks that have used this tool in the past are now finding themselves liable for losses and damages caused by their little get-even fits. Get even is right - they rarely profit from this activity. It's all about the gloating and bragging. They actually pay a large sum to credit agencies to be allowed to do throw whomever into the bashing list, for whatever reason.

Enjoy your little stick-beatings while you can

sooooooooooooooooooooooooooooooooooooooooooo true.

you should copyright that.

once the link is made between scoring and credit granters the mother of all lawsuits will begin.

You forgont about insurance company's.

Hatterasguy · #6 06-05-2007, 11:10 PM

Well its about time. A few lawsuits in this area are overdue IMHO.

SwampYankee · #7 06-05-2007, 12:49 PM

Quote:

Originally Posted by ytr1903

SwampYankee,

Good luck on your future landlording. I can only say that has been a cross to bear for us. There is always something to deal with on rental property. I like to compare rental property to adopting another family. This family is completely dysfunctional, has absolutely no fiscal knowledge or responsibility and will lie until you are so worn out that just want to walk away.

Tom

Thanks, Tom. I have no illusions of it being easy in any sense and would definitely be treating it as a business. Are your properties local to you? Urban or suburban? I'm hoping to pick up one or two here in my town, essentially suburbia. There are lots of professional types who work in Hartford but don't want the hassles of homeownership or condo life. Every now and then a multi-family pops up that needs updating or a facelift. That's what I'm looking for.

Headaches aside, has it been a worthwhile investment?

ytr1903 · #8 06-05-2007, 02:16 PM

SwampYankee,

Our properties are in a middle class, small town. The properties have modestly increased in value, but this is not San Diego or Fort Lauderdale. Real estate values just keep plugging away at around 2-4% increase annually, although in the last year I believe that the soft market even hit here and consequently the values may have decreased slightly. Right now, I am probably not a good person to ask about rental properties and their value.
As I stated before, I think that the person best-suited for landlording is a parental type who is ready to adopt a family or families, who cannot think for themselves, who have no concept of finances, and who live month to month or even day to day. I have discovered my inner self by owning these rentals, ie. I am way too anal retentive to do it and that a sense of responsibility is not shared by a lot of other fellow humans. Whew! I hope my rant helped you, it certainly helped me.

Tom

dlssmith · #9 06-05-2007, 04:34 PM

I think you'll be ok with reporting to a credit bureau, etc., if you reveal in the rental application that that's what you intend to do if there is a problem. Get the applicant to sign off on the credit check advisory. And always get legal counsel. It's usually cheaper up front than trying to pay a lawyer to fix something after the fact.

Hatterasguy · #10 06-05-2007, 07:31 PM

Quote:

Originally Posted by SwampYankee

Thanks, Tom. I have no illusions of it being easy in any sense and would definitely be treating it as a business. Are your properties local to you? Urban or suburban? I'm hoping to pick up one or two here in my town, essentially suburbia. There are lots of professional types who work in Hartford but don't want the hassles of homeownership or condo life. Every now and then a multi-family pops up that needs updating or a facelift. That's what I'm looking for.

Headaches aside, has it been a worthwhile investment?

I know people who do rather well with them. Its like anything some people love it, some hate it. I find in our area 3-4 unit properties tend to cashflow pretty well, and thats as big as you can go without a commercial loan.

I am looking to purchase one or two next year as well.

It seems the "trick" if you will, is to buy enough of them that you can afford to hire a property manager; before you get tired of managing them.

Brian Carlton · #11 06-05-2007, 07:51 PM

Quote:

Originally Posted by Hatterasguy

It seems the "trick" if you will, is to buy enough of them that you can afford to hire a property manager; before you get tired of managing them.

Managing them is the easy part. Try and do repairs and maintenance on them yourself. Not a big deal if you have one or two. Any more and it becomes a second job.

Want to contract out the maintenance and repair? The cash flow won't stomach that for very long.............

Hatterasguy · #12 06-05-2007, 07:58 PM

Well it must because I know a guy who has 600 units now, working on doubling that and he doesn't work on them. He has his own managers, and in house repair guys.

It seems you need to get over the "hump", IE buy enough to run it like a business.

Its rather profitable if you can do it, not very complicated either.

Designo_E320 · #13 06-06-2007, 07:13 AM

Quote:

Originally Posted by Hatterasguy

Well it must because I know a guy who has 600 units now, working on doubling that and he doesn't work on them. He has his own managers, and in house repair guys.

It seems you need to get over the "hump", IE buy enough to run it like a business.

Its rather profitable if you can do it, not very complicated either.

I would love to get something like this started and do the section 8 thing with the whole complex. What are your thoughts on section 8? Let me start another thread about setion 8................

ytr1903 · #14 06-06-2007, 08:59 AM

Thanks so much for the replies. I now have some additional knowledge to handle this situation. I will followup on the outcome of this saga.

Tom

al76slc · #15 06-06-2007, 08:59 AM

Quite a bit off track, but I wanted to pass on a story.

When my Dad was a kid in the Depression, his father would "rent" an apartment with a rent concession - i.e. 2 month's free with a year lease, or whatever, use the 2 months free and never pay rent.

Consequently my Dad's family was being evicted constantly, and he would often come home from school to find his furniture on the street. Sometimes he would have to pass his bulding (if he was with friends) and then double back so his friends wouldn't know.

Granddad was an alcoholic, Grandma had mental problems and was in and out of facilities. (Great gene pool, huh?) My father ultimately wound up in an orphanage with 3 sibs. He was the only one who turned out OK.

I'm not saying you're wrong to be real pissed at these deadbeats. I would be, too.

I'm just wondering if there is a sad story there, especially if there are kids.