All Forum Posts by: Anthony Barbato

@Shawn Riley You could always assume the mortgage

Since I began investing in real estate, I have never even considered a property management company. It wasn’t an option for me. The management has been something that I wanted to do from day one, I think for the control. I wanted to design my own lease agreement, my own paperwork, etc. I wanted to be the one to walk through the unit with a prospective tenant, do inspections, all of that. That way I know it’s being done right and the way that I want it done. I have a tendency to be a perfectionist and I wanted my hands on the entire management aspect.

As my life moves on, and my family grows, and my number of units increase, I find it harder and harder to juggle family time, a day job, and managing the rentals.

I’d like to hear from some of you, specifically those of you who managed your own at one point, then transferred management to a PM, and how that experience was for you. Do you feel comfortable with the PM handling everything? What are the pros and cons?

I would say yes! Get a deal under your belt, feed off the motivation that it keeps you, and keep pushing forward!

Hi Gabriel Petsios While I do not have any GC information for you, I thought I’d reach out to say hello, as I live in Fairport as well. Do you have any buy-and-holds?

@Omid A. Great job! May I ask how you financed 100% of the purchase price? I would assume a loan from family/friend?

Erica Shaunta Thompson Sellers can carry on anything. I see a good amount of seller financing on single family and duplexes in my area.

Rather than obtaining a traditional loan from a bank, the seller of the property that you are purchasing will hold the mortgage for you. In other words, they will sell the property to you, then collect monthly principal and interest payments from you, enabling them to collect the selling price plus interest. The nice thing about seller financing is that it can be very flexible and negotiable. Since there are no bank requirements involved, you can negotiate all you want with the seller. A “typical” seller financed deal will look like this: Loan amortized over 15 years Balloon in 5 years 5% interest So to break it down a little further, you will pay the seller monthly payments based on a 15 year loan at 5% interest. At the 5 year mark, the balance of the loan will be required to be paid off (the balloon payment) and the seller walks away with all of his money.

Begin the eviction process immediately, and never, ever accept personal checks.

Congratulations! Sometimes that first step can be the hardest one. Hopefully this have given you the motivation to continue moving forward.

Does anyone have an email that I can use as a template to send to tenants who have gone into eviction? I want to make sure I have something that's worded nicely and professionally, being such a sore subject for them.