All Forum Posts by: Cameron Tope

Hey Abdul,

I can't speak for this particular property manager but we require owners to eat the cost of repairs as well, then put the charge on the tenants ledger. If the tenant doesn't pay any outstanding items above the security deposit we file a judgement for the balance. Unfortunately, this happens when some residents don't pay the balance after their lease and it's a risk of the business. The best way to mitigate is rigorous screening and, what we call, preventative maintenance walk throughs. Which goes into your next question...

The PM is most likely not a licensed inspector and cannot be liable for hidden issues after the inspection - even licensed inspectors aren't liable for things they missed. HOWEVER, if there was something obvious that was missed during the walk through then you can push them for some sort of compensation - think water leaks. 

When we do our PM WT's we are checking for tenant compliance with the lease (number of people in the house, pets, etc.) and also any obvious areas of concern (leaks, exterior holes in siding, etc.). We provide a full report with pictures to our owners. Did they give you a report of the items they checked during the WT? 

It's hard to tell if this was from something obvious that was missed or just one of those unfortunate expenses that happens.

Best of luck! This is definitely one of the downsides of owning "passive" rental properties. 

Hey Jim,

Thanks for sharing this information. 

How are you planning on adjusting your investment strategy based on this information? Or are you adjusting your strategy at all?

And who said there aren't any BRRRR deals?!?!!?

Congrats Amanda! Well done!

Hey Steven,

When I first started investing, the first thing I did was payoff my student loans. Banks hate to see student loans because it's the only debt that isn't forgiven in bankruptcy. Once I had those paid off, I was a much more favorable borrow in the eyes of the lenders. 

Are you still investing in your company 401k or IRAs? 

You have to build a strong financial position, increase your income all while keeping your eye out for an investment property in an area where you have a competitive advantage. 

Hey Shaun,

I use LLCs for my properties and a C-corp for the property management business. This was the recommendation from my attorney and asset protection team. 

Hope that helps!

Hey Cristian,

I just contact my lender (local credit union) and they were providing a 30-year amortized loan for an investment property at 3.5% with a balloon payment at year 15. 20% down payment. 

For single family and small multi-family. 

Jack,

With interest rates below inflation, why would you want to buy with cash?

Thanks Collin! This is very insightful!

Thanks for sharing Bryan!

The numbers don't lie! There's a lot of people migrating to Texas. Our last dozen tenants we've placed have been from out of state. 

Great to see there are still BRRRR deals on the MLS! Congrats!