All Forum Posts by: Alex Craig

@Yogev Finegoz have you pulled the trigger? I think in Atlanta (or really anywhere), it is going to be hard to find new construction or even newer homes where the numbers will be impressive. The real estate market has bounced back.  If you do find newer properties, keep in mind, in theory, your maintenance cost will be lower.  The average age of a home in my portfolio is 52 years old with one property built in 1926. I rehabbed all of my properties well, spending on average $32,000 on each home. My maintenance cost on these homes is in line with newer houses we manage within our Property Management company.  I could even argue it is less, because I put new roofs on all of them. The homes we manage for our non-Turnkey clients that were built in 1995 to 2005 are starting to have large capital expenses expenses such as HVAC, roofs and hot water heaters. The only thing I scaled back on my portfolio was updating older windows to double pane windows. Most of the older homes that have been maintained are fine, but I own a couple with the metal frame, single pane window that probably drive up my tenants maintenance cost higher then normal. That being said, those few houses have not cost me any additional vacancy or maintenance. 

@NaDean Bowles you mind shooting me the duplex address? I like that area and I have some 1031 exchange money I need to place as I am needing to expand my own personal LR portfolio. BTW, I agree with all your recommendations of areas. Love Broadmoor!

@Thomas Chapin your still with Mid South, right? How are you all doing in that area South of 630 between Harrison and Woodrow?  We have operated West of that area with the exception of a basically condemned house that on Monroe that we like a lot--nice street and within a par 5 of some homes we have done off Fair Park. My partners have been over there as rental owners for years--nice niche. I see you all are going East of that too, we only go over there for Sims BBQ, definitely try that out. 

@Brandon Baker looking forward to you being able to visit our new Little Rock office in the Stifft Station neighborhood.

Thank you everyone--truly appreciate the unsolicited positive feedback.  There is no perfect TK provider, I make mistakes, my team makes mistakes, but we will stand behind what we do and take ownership of mistakes we make, learn from them and get better. It is good to hear about the positive stories on a public forum and something I will share with my staff as they deserve most of the credit. :)

@Tim Harwick Tim, yes our clients do 1031's all the time. I just completed 2 for myself recently. 1031's is a great tool to take profits to trade up and defer taxes.

@Kaleb Musie

Thank you for the kind words!

@Jason Graves Big picture, this sounds like an easy solution. You buy, your daughter is involved in every step and decision along the way as a learning experience, not owner experience. Happy wife, happy life! My marriage counseling rate of $150 a hour is on the house for this one, no pun intended. :)

@Barry Wang

Perfect to implement COVID-19 policy of no gatherings of 6 or more people.

@Adam Carskaddan

Stinks you have to maintain it. Our tenants have to maintain their yard on single family yards. Maybe invest into making it nice now where futures maintenance is routine. Whatever you agree on with the tenant, get it in writing and write in that agreement the expectation of the standard. If landlord laws in your market can allow you to push this on the tenant, then I would. If they don’t, you can charge them for you having to do it. Again, consult your local landlord laws.