All Forum Posts by: Brian Geiger

@Jonathan Feliciano

You are correct that families make the best tenants in that they are more likely to rent for a longer period of time. As far as keeping the rental property in good condition, well that depends on the family. In addition, for the multifamily units, families are more likely to rent out bigger spaces which then in turn mean higher rents. As far as single family, as you mentioned, the best benefit is the likelihood of staying there longer.

I spoke to some families about why they would rather rent than own. Surprisingly, it doesnt have that much to do with affording a downpayment for house or having good credit. In fact I know a lawyer and his family living in a rented out space and he has excellent credit and enough money for a down payment for a house. He is making six figures.

1. Upward mobility: If things go south, they can pack up and leave with out having to be stuck at the property.

2. Not having to be responsible for repairs.

3. In some places, they don't have to go through the hassle of taxes.

@Cielo Macaraeg

I get this question a lot. First off I do lease options and I'm working towards syndicating large apartments in other markets outside of Illinois. The way how I got into RE is by being frustrated with having my financial destiny in the hands of an employer. I worked hard building up a nonprofit just to get sidelined for an executive position. So I took my skills and went out and started my own RE business. Never looked back to the 9 -to 5

@Theresa Harris

For my single family tenants, they are responsible for maintenance and upkeep of the home that they are residing in. Mainly these tenants will ultimately purchase the home from me in 2 - 5 years and so they will mainly keep up the maintenance (including landscaping) of the home. 

My multifamily (5+ units) tenants are not required to cut the grass. I have a Property Management Company that handles the maintenance.

Wow thats deep. Im going to tagged @Mark Ainley here. He runs a very successful property management business and he is the co-host of the Straight up Chicago podcast.

To me I think it depends on the investment strategy. If you are looking at holding on to an asset or assets for a long period of time, you may want to stick with appreciation because you are building wealth from equity buildup.

However if you want to live off of cash. Cash flow is king.

You should consult with a business attorney regarding this. I believe it depends on the state you are in. Again you should have your attorney look over this. I recommended site is Avvo https://www.avvo.com/?utm_medium=sem&utm_source=google&utm_content=brand&network=g&device=c&keyword=avvo&matchtype=e&creative=333530723166&adposition=&k_clickid=_kenshoo_clickid_&utm_campaign=brand&campaignid=737527139&adgroupid=38701760815&gclid=Cj0KCQjwwOz6BRCgARIsAKEG4FWS0R2BKnj2rQxywYK1tYulzvVjt9ZbvcqS4WfLsSCLXTeSUT8VTR4aAiZLEALw_wcB

You can post that question on the site and a business lawyer will be able to answer it for you. 

In Short, 

I saw my parents struggle during the great recession and they had nothing to fall back on when they lost their jobs. We lived poor during that time and I can tell you that it was ver devastating. What this experience taught me is not trust your employer to come through during difficult times. Its always when you need them the most that they would do layoffs.

It wasn't until I was in a Small Business workshop representing the nonprofit I used to work for that I was approached by this person who kept talking about how much money he made in RE. So he recommended that i read rich dad poor dad and from that day on, I was interested in RE. I got a mentor and since been doing lease options and apartment investing. It was the greatest decision of my life thus far.

@Eric David Willoughby

Another unique way is through owner financing.

@Ashraf Ayyash

I used KBKG and they are really good.

Here is a link to their website: https://www.kbkg.com/costsegregation

I highly recommend them.

Hello All,

I posed this question a couple of months ago but I haven't gotten any answers. I'm in the process of choosing a platform for my RE business and I wanted to hear feedback from those who used either one of these three platforms (Propstream, REIpro and Flipster). Please let me know your thoughts or opinions on each.