All Forum Posts by: Alan G.

@Angelo Mart

Very, very well said.

@Robert Collins

Robert, you really have to define war zone. I’m in tough areas but even i have my limits. I can tell you there is plenty of money to be made but you will def work for it. My tenants are tougher on the properties and my maintenance percentages are higher than normal. You have to buy right and know how to renovate for this.

I currently own almost 60 properties. I am also in the middle of my operations every day and live about 30 minutes from the bulk of my properties which are all in very close proximity to each other. 30 percent of my tenants are section 8. I deal with the local housing authority, have a great handyman, and also amazing contractors that do all of my work. This is not a long distance type of business. I have to inspect and see everything. You must be involved. Now, that being said, my returns per door are incredible but by no means “passive”.

@James Free

James,

What an amazing post. Could not have said it better myself.

Alan

@Kevin Schultz

Payyourrent.com

Have been using for about a year and absolutely love it.

@Cassandra Sifford

Cassandra,

Since this property is in Delaware county, PA go back to the Delaware county courthouse web site where you got the owner info from and look up civil suit section and put in the name of the owner to do a search. You’d be surprised how much information is listed including additional contact info if you really want to track them down. I always like to see if the applicant is lying about there landlord, many times giving wrong phone numbers.

Alan

Leland,

I'm not sure which "BIG" investors you know, but the ones I know still go to REI meetings. At least in the one I go to monthly, there are always the newbies and beginners, however, there are always more experienced people there also. You just need to track them down. Don't just go once! Go every month and you will quickly learn who the experienced ones are with the deep pockets. Introduce yourself, ask them questions, listen to them, and then go out and find good deals and ask them to lunch. Build a relationship with a couple and you will have plenty of cash.

Alan

Daniel,

In my experience the small local banks and credit unions are by far the best. 

Alan

Cameron,

I use quickbooks, excel, and payyourrent.com for the electronic rent collection end. Have over 50 properties under 5 LLC's with 4 renovations going on at the same time. No problem keeping track of every single penny.

Alan

Attila,

To answer your question, yes. I hold 10-15 properties in each of my LLC's. I also have 1 LLC that handles the property management itself so no matter which LLC actually owns the property my tenants always pay the management company. This also lets me tell everyone that I just work for the management company and not the owner of the property. (even know its one and the same). No one really ever sees the actual holding LLC but I like everything standardized.

At least in the state I'm in, Pennsylvania, you don't need a real estate license to manage your own properties. 

Alan

Attila,

To answer your question, yes. I hold 10-15 properties in each of my LLC's. I also have 1 LLC that handles the property management itself so no matter which LLC actually owns the property my tenants always pay the management company. This also lets me tell everyone that I just work for the management company and not the owner of the property. (even know its one and the same). No one really ever sees the actual holding LLC but I like everything standardized.

At least in the state I'm in, Pennsylvania, you don't need a real estate license to manage your own properties. 

Alan