All Forum Posts by: Chris Bounds

Welcome to BP @Brandon Hardison. This is a great place to learn about REI and network with other investors.

There are a lot of local REI meetings in the Houston area. Most are free and good events. Get plugged in, talk to people at the events, and you'll get a feel for what it takes to get started and be successful.

You say flip for a down payment?  Are you referring to offering sellers financing?

I should be there.

Welcome to BP @Silas Caporal.  Good luck with your first purchase.  What is your exit strategy?  Rental or flip?

@Jonathan Wilksand @Steven Fiszer - thanks for replying.

Basically what I'm thinking is, the more lines I have in the water the more fish I will catch.  I cannot field all of the calls and go to all of the appointments so by having a couple buyers will be good.

Steven, I was thinking 1099 as well.  Let me know how your call goes.  Good luck!

With more leads coming in I am considering taking on an assistant.  My first thought is to hire a buyer to train, assist with marketing, visit properties, and make offers. 

If you have buyers on your team, how do you compensate them?  Commission only?  Base + commission?  Thanks for sharing!

@Michael Delpier, well by expensive I mean in comparison to other leisure activities.  When I started flying the company I rented from had insurance that covered renters.  They came wet then too.  That made $75/hr a bargain! 

I may take you up on flying sometime though. I just need to get my bi-annual and a new med. certificate which wouldn't take too long.  Living near Sugar Land's airport it's a constant reminder how much I miss flying.  Plus, my 2 yr old son loves airplanes so daddy's gotta take care of business!

I'm a private pilot - licensed since I was 17.  It's an expensive hobby so I haven't piloted much since college unfortunately.  Getting back behind the yoke is one of my real estate goals actually.

@Kristen T., I've used eRentPayment for years now.  Rick's customer service has been great.  They aren't the cheapest online rent collection service available, but their simple & easy to use web platform as well as fast responses to service questions has kept me with them.

A discount vs late fee is really the same thing.  You can always talk to the tenant about the $25 "discount" and write it up as standard rent, but charge a late fee if they miss the deadline.  IMO that is more of a marketing play than an operational issue.

@Chalawndra Jones, One thing is certain - whether or not you let a PM handle your rentals you need to account for that expense.  Even if you manage them, your time has value.  More importantly, as you grow you may want to move from self-managed to a PM.  Having the expense already accounted will save your cash flow.

Personally, I believe in self-managing at least your first couple of rentals IF it is practical for you.  That experience will help you select and manage a PM company.  Remember, even if you go with a PM company, you have to manage the manager.  Otherwise, I agree with @Waylon Themer.  From a business perspective, hiring a PM will help you work on your business instead of in your business.