All Forum Posts by: Ben Dao

Standard is an inspection period. The longer the better but the average is 14 days.

I live and invest in St Louis rental properties. I feel like it is one of the best cash flow markets in America. You can buy from $20k on up. Rent are mostly from 600-900 in these areas.

You are probably obligated to close if past the inspection period or lose you deposit. But I would at least try to re- negotiate a seller credit or something. Sorry for the unexpected issue.

It definitely is possible. There are actually a ton of reputable wholesalers in St Louis. You might want to reach out to them or me. It may be cool to start off partnering with people to gain some knowledge and experience.

I have quite a few tenants with no bank accounts. Some do mail money orders but the best solution for me is to give the tenant my bank account info and they physically go to the bank to deposit it. I tell them to send me a text right after its done.  If you want to do this, just make sure that you have a bank near the location of your property. 

I usually just say we found someone else. Not that you were bad, but they just gave me the deposit faster or something like that. If something came up where they lied on the application, I will call them out on that. They usually know that is coming and I never hear back.

I would also say start with a 4-plex if you can. It is easier for you to get financing for it. Plus you can get the hang of managing on a smaller scale. I also like that if you have a vacancy or two you should still be able to make your mortgage payment to weather that storm. Good Luck...Cash flow rules!

I also think it should be ready before you show. I have shown units that were in the process of being fixed and renters cannot see the vision like us Landlords.  If you market too early and build up a bunch of calls that is ok, but they will not be as excited as when they first call you. So talking to prospects and showing them should be a couple days turn around if possible.

I have learned so much from the podcast

I hear all the time that Landlords usually have to fire a few property managers before they find a good one. Even in my search here in St Louis , it has been hard to find a management company that is exceptional. What do you all do to qualify your PMs? How were you able to find a good one if you did? How many did you have to go through ?