All Forum Posts by: Billy Smith

What is the BIG one is finding the right tradesman to do the work .That means you need to network ask questions of other investors who they used etc....

You need to micromanage to a degree never lose sight of what is going try to  catch the issue before they get HUGE .If you don't have those skills find some one then follow them around .

Its about finding the deals ok no big news there ,what that usually means you have to buy a house that needs lots of work .You need to get that work done right and cheap .That may mean you need to paint, clean up, easy stuff or if you have skills in the field apply them .

Location is always been huge still is don't see this changing .For me I then rent it out after doing my due diligence . 

My lease is 175$ in late fees if not paid 12pm the day that it is due ,I have a tenant  that is late couple times now they pay late fees so far we are ok with that .

For me it’s about conservative lenders they will not allow what other lenders will allow .But you will get better rates less junk fees too so I stick with the conservative lenders .One issue that I did not like no HELOCS on rentals paid off only homes lived in .

Just had a house down the street sold cash little over  265k asking price was 265k it was foreclosure needing  major updating ,really cleaned could  get 350k .The house only got a little above asking price 6-8  months back it would have been a mad poker game on bidding on it .

I played the Bitcoin  with gambling money ,I did not like it sold it all made $30.00 only had around 4K .

My lease says you leave early you lose deposit ,there are hard luck cases that I will let them go with the deposit if it  is cleaned professionally .

This thread just keeps on giving, the current situation nationwide is about who city boomed the most we know the answer to that those cities will fall the most.

I put a house up for rent last week took 24 hours with 2 callers I raised the rent it’s still under what it is worth.

Last time it was rented in 5 hours and dozens of callers, so it has slowed down some.

Here in the Midwest, it’s a supply issue plus it did not go way up so the price now is still reasonable compared to the rest of the nation.

The locale economy has to be diversified or it can and will bust.

I start the back ground over the phone before I show the house, I ask them how much they gross of all adults that are going to pay not telling them the number I want. I need 3 times the rent of their gross or no dice. When they say oh, I make that much then I say ok you just need to prove it. Tell them a basic guideline of what will shut down the process.

I am trying to weed out the tire kickers. if they make to this point, I set an apt they must call 15 minutes before they leave or I will not show up. I have had folks just not show up they found another rental who knows?

If we get to finale part I use a 3  party to do the finale scrub ,they fill out the form then  e mail it to my guy .

Major issues the last land lord must call my guy back gave the all clear   ,credit check ,I take pictures of the DL make sure it pans out ,prove what they make .

Try to hook up a BIG fish be willing to hire you to do manual labor jobs clean gutters ,mow etc... at a small discount see and listen to the operation get your hands dirty doing this will give you many insights .