All Forum Posts by: Cordell M.

@Chris McDaniel

For the past 18 months I've advertised all showings as 'Open House;' have had three to four different parties in at a time, up to fifteen or sixteen people through at a time and no issues...Def the best way to spend my time

-Also change my voicemail message to include details about the unit as well as open house times (also financial qualifications)

-Use Postlets in addition to Craigslist & include link to two to three minute YouTube tour of the house

The Open Houses & voicemail message have made life easier and more productive...good luck!

Hi Ben...I went to school at West Chester University and live towards Lancaster...we've bought all of our properties (and my future personal residence) through Danny Minotto (610-763-3585)...he's prompt, a lot of fun to work with and a great guy...not sure how far down he works, but I imagine towards Exton will not be a problem...good luck!

Others doing work or own any units in Reading, PA?  

-Looking for recommendations on any handymen, plumbers, electricians you have used

-Proactive ways to deal with the city/issues you have had

-Not looking for partnerships/money

Thanks!

No harm in reaching out to other agents; but also following up with this agent...I've followed up right away with people (or have had others do likewise to me) but the e-mail never sent correctly, think I hit send on a text but didn't, didn't post correctly, etc.  Difference between a lifestyle of poor communication & a mistake.

We use Lowe's in part for location, but the 'MyLowe's' tracks product, brand, ect. and also allows you to order ahead so we can pick our order on the way instead of waiting or wandering around the store for something.

I had been listening to another real estate investing podcast which at one point stated to the effect of 'you should be getting your information from multiple sources and outlets; that includes listening to other podcasts as well, not just us.'  BP was the first one I tried & it's been a blessing to meet my needs!

Depending on what you're into as far as investing...I liked the ones with Mike Quarrles (78 & 81?)

Engelo Rumera (sp?) was good too

I usually check under 'podcast' under the 'learn' tab for a description of past shows to see if it fits my interest...

Also a big fan of my audible membership & app...I believe I used the 12 credits for $150 and worth it...The E-Myth, 4-Hr work week, the millionaire real estate investor & the 10X rule were good listening...Dave Ramsey also has good money/personal finance management stuff on there as well...

That or electric depending on set-up (well vs public)...

That's exactly what I did when I was in your situation...I would 100% do it again...

Things I did well

-Found one that was a for sale by owner that needed some work - gave me a lot of rehab experience

-Fixed rental side first then lived in and worked on my side

-Use Postlets and Craiglist plus yard sign to advertise vacancy

-Change my voicemail message to explain all details of property = saved me many calls explaining the same thing.

Things I would do differently

-Read the tenant screening book on this site first 

-Always do open houses instead of individual appointments

-Ask people to bring their dogs if you allow to appointments

-The location of house was great for all things in my life; but would consider moving sooner to have multiple duplexes with owner occupied financing

Check it out first, especially if its foreclosed...@Melissa W had great points...also find someone who's familiar with the codes in your area...example - do they allow cast iron pipes to connect to PVC or other little things we may not think of at first but can cost $$$...I think its safe to say most of us (myself included) underestimate rehab or prep costs at first so def have someone go through with you...

Talk to a local bank, they may give better rates (one we use allows 15% down) than larger banks for investing...also find out how its all set-up (residential, commercial) and how it may affect loan...

My brother manages a very similar place with apartment/storefront...he turned basement space into storage units if looking for extra sources of income...