All Forum Posts by: Annette Hibbler

Don't put all your eggs in one basket.  There are many different ways to invest in real estate besides residential and commercial properties.  Have you thought of 

I know of a short term investment (3 years) in a hotel paying 15.5% assured returns monthly over three years with a contractual 110% buy back at end of term? 

Real estate trust deeds can pay 10% or higher depending on your initial investment

Housing Bonds - I know of one operating in Chicago

Commercial Property 

Let me know if you want to know more, I may be able to point you in the right direction.

THIS IS NOT PROMOTIONAL OR ADVERTISEMENT.

One of my favorite books of all time is How to Think and Grow Rich, by Napoleon Hill.  It was written in 1935 during the Great Depression and as such it definitely is still very applicable today.  In fact, I'm in the process of rereading it.

Don't pay for it thought as the new versions leave A LOT of good information out.  You can obtain a free ebook version online.

I like @Joe Villeneuve's idea but with one small caveat, I would hold off refinancing 100% of the value of each of your properties and instead would only refinance 49%.  That way you still owe and control 51% of each asset.  Granted, it may be just my own pet peeve but I do not like the idea of a bank having controlling interest of my investments.  Personally, it makes me feel uncomfortable.  

They gave required notice and left the keys.  I'd be more worried as to why you've lost two tenants in such a short time.  Is the place in need of repairs? Do you respond to tenant issues in a timely manner? Is the management company ignoring tenant requests?  Identifying the problem may help you hold on to good tenants longer.  Fix the place, clean it and find another tenant.  

Property management is a huge undertaking and a full time business in and of itself.  You and your partner should decided what you want to focus on, real estate investment or property management. With 100+ units, you CANNOT DO BOTH.  Don't even try.  I've been to many such type of apartment buildings and the best ones have a full-time property manager on site.  

Also, check your state laws.  Many states require property managers to have a broker's license.  If you have not managed large numbers of properties before, I'd strongly recommend you leave it to the professionals.

Landlord sounds like a hot head who may be trying to pressure you into bending to his will.  You could simply explain your situation and fears but judging from his last email, he's quick to fly off the handle.  Look elsewhere.

VERIFY don't assume that's the case. Instead, call the listing agent and ask the question.

I recommend you have your other tenants or neighbors who are complaining provide you with photos, dates and times.  You don't want to lose good tenants due to noise issues.  A weeks worth of photos showing loads of cars in the drive every night can be very compelling.

In the meantime, you could send them a CERTIFIED letter stating that there have been complaints about noise.  Also mention the part in the agreement regarding number of tenants and sub-leasing.  Remind them they are obligated to seek your consent for any new tenants on the premises either temporary or permanent. 

Keep a copy of this letter and the Certification Ticket and Receipt together.  If you eventually have to evict, it will work in your favor to prove to judge that you did in fact give them notice of breach of contract.  So don't lose it.

Yep, fill it in and either lay fast growing grass seed down or put a nice patio on top.  Make sure it's graded away from the home's foundation.

I agree wholeheartedly with Kenneth, file a police report, give them two weeks notice in writing (send via certified return receipt).  Keep the receipt in case you wind up in court, it's considered a legal document and will prove you gave them ample notice.  In fact, any all correspondence to them should be handled the exact same way.

When you file a police report, obtain a copy.  Inform your good tenants that you are taking legal action against them and ask for patience while you sort the whole thing out.