All Forum Posts by: Al Williamson

I really like Steve L.'s advice. I now focus on buying low end apts and working with neighbors to improving the neighborhood. I feel good about this process - it works for me.

Every group of properties (A - D) has their own rule set, so find what's comfortable for you.

Rob The House Guy's idea is very clever! Do you reduce the rent after 1 year? Or is this tactic unbeknownst to tenant?

Very interesting. I want to hear how this turns out. Keep us posted.

When you have to give bad news to a contractor or someone who didn't win a bid: "It's not you - it's the money."

I was at a church picnic and sat next to a older friend who planted the idea of me buying a duplex instead of a SFH. That idea sent me to the bookstore and then to the library. I read and read until I felt confident, then I bought a threeplex.

My parents and friends thought it was a strange idea. And maybe it was, but I've been quite fortunate ever since.

Welcome Mike!

Travis,

Congrats for attempting to be innovative. I've gone through the exact same thought process regarding small detached units rented to medical students on their rotation. I didn’t move forward because these students are extremely price sensitive. I couldn’t make the idea pencil.

But, let me encourage you to take a close look at your current expenses. Make sure you've tried to "un-fixed" expenses that you may have considered "fixed". Exercise your innovative in this area.

On the income side, let me challenge you to provided additional services to your tenants and make extra income that way. One approach is to list their common needs/wants (toilet paper, laundry, bottled water, vacuum, cell phones, maid service, etc.) and then provide a lifestyle package for them that includes your mark ups. There are plenty of opportunities to make money by coordinating tenants-strangers and helping them reduce their living expenses.

Drew,
You may want to check out this article: [REMOVED]

I basically feel that troubled neighborhoods are outstanding emerging market investment plays IF you're willing to care about people. Tough neighborhoods are great for double bottom line investors.

Don't try to coexist with drug dealers. It's band for your brand, bad for the neighborhood, and IMO an unethical way to build equity. Being a bystander contributes to the problem and makes you an accomplice. Financially speaking, you'll do much better exercising some leadership to improve your area and you've got to lead by example.

Glad some agree that a stigma does exist. Jon, I like your suggestions on how to fix the issue. The landlord image needs a Hollywood make over more than Mel Gibson!