All Forum Posts by: Charlotte Edwards

That's a good point about the passive income and PM taking care of everything. I'm still at the point, though, where I don't see why that wouldn't be something that's part of the monthly fee we pay him. Since I can do it myself, why wouldn't I to save myself money? That's the mindset I'm in at the moment.  @Matthew Tringali

@Michael Volek I went to China to teach for  a few years before settling down into a teaching job in the States, but then met my husband...and here I am a decade later. He's from here, just working in a hospital which is a secure but dead-end job (he's a doctor, well-educated, great English, but doesn't smoke/drink so no chance for advancement...priorities, huh?). We've got two kids now and don't want them to stay here for the exam-oriented high school education, so working on our transition plan. we'd like to have a dozen or so by then so my husband can manage them and I'm thinking of becoming a realtor. Or I'll continue my freelance writing career.

I found our realtor through Dave Ramsey's ELP page; I know there are mixed feelings about this...but when I'd previously contacted a few, they kept mailing stuff to my parents and not emailing me, as I'd requested. This woman understood my situation and was willing to deal with hassles like emailing paperwork and having to wait overnight for stuff since we'd get it on our morning, but couldn't read/send back until noon, and by then they were off work. The one we chose has ten rentals of her own and was quite good. My sister worked closely with her and is even using her now for her next house. (This will be my sisters fourth house; the last one was a major fixer upper and all the others had had a various amounts of work to be done).

I'm trying to learn as much as I can, but I also know I probably will mess sup a bit the first few times. Not that I want to, but that's not uncommon. So as long as I learn and move forward, I'm happy. I don't have super big goals yet; just 10 in the next ten years (we're paying cash). That should give us an income and maybe help get kids through their dream of flight school.

Hi Michael!
I'm from WI and living near Beijing, China and my husband and I just bought a rental back in February. We've talked about it on and off for years. Finally I told him we need to do it or else we'll still be talking in five more years.

We had my sister help (she's bought several home and is quite handy with fixing them up) look with a realtor and then choose one. We'd planned for my sister to be the PM but then life happened (layoff, new job with travel) so we decided she didn't need the extra stress. Got a PM and I waver between thinking he's great and then not so great. I think he's good; the issues lie in the fact I've never lived in the USA as an adult. It didn't occur to me that water is a monthly bill (here we pay once a year, or, for gas and electric, when we are low..so maybe just a few times a year) until the PM complained that the tenant received a 5 day notice. Now PM thinks I'm an idiot and telling me I need him to pay the bills (with 10 percent markup) so this never happens again. I won't; I'm not that kind of person, but how would he now. I've not started out so well.

Even with all this, it's been easy to get stuff done. Now we're looking for house number two...some days I feel like I'm crazy, but we have the cash ready and want to learn more. This may become my career when we move to the USA, so I want to learn. But I was also reading and listened to probably 100 BP podcasts and even more of other REI podcasts before we did this.

Good luck on your REI journey!

Thanks for sharing this insight...the first one resonated with me as I've been pondering what the heck I'm getting myself into. I want to have 10 rentals in the next decade, and am really leaning to buying a really cheap home that needs some heavy work, but in a good town where we will likely put our kids in school in a few years. However, I'm the least likely person to be fixing up a house. My husband, also.

So my mind's been racing with thoughts like: What will people think of me? Will contractors take advantage of me? Can I fake it til I make it? Now that's clearly answered.

All the best on your next 400 houses!

Like a lot of people said, it boils down to money...but right now, we started REI to diversify our investments. In a few years, we want our kids to go to school in the USA and we are toying with our career options. Mine aren't great in China, but my husband's are better (though he earns so little compared to what he could in the USA).

What I want, because it's mostly me doing the REI right now, is to have a REI career ready for me/us to support us when we move. From there, we'll see how things go.

Long term, this is to fund our retirement. My parents were "forced" into taking SS early due to a cancer diagnosis..and they didn't prepare well financially. I don't want my kids to be in the position I'm in with my parents. And I'd like to help my parents financially once they start making better choices with their money.

One more question that I didn't see answered: is she an investor as well? my realtor is...she had a goal to buy ten rentals and has achieved it. So we're on similar wave lengths about what I want.  

I'd browse the ads on Trulia and Zillow to see what others write for similar homes. I did not write the listing for our rental; the PM did it, but I didn't like it (random capital letters, misspellings, ibathroom instead of 1 bathroom), so I spent half an hour reading listings and then created mine based on what I felt was important and what I'd like to know if I were looking for a rental.

Congratulations David! You're very inspiring; thanks for sharing your story.

I've only bought one rental, so my experience is limited. After the inspection, we found a few issues and asked that they be fixed: the GFCI outlets, removing a swing set, and replacing the roof supports on the front porch. They did the first two, but wouldn't do the third. They offered money, so we got a check at closing for the amount they offered. So, yes, I think you can just ask what you want done if they want full price.

Based on experience negotiating prices (which I do almost daily), be prepared to walk away if they don't agree. I wouldn't ask them to do too much more than you'd realistically expect them to do, but be sure to get yourself a great deal. We agreed to the money because we figured we could do it for less than what they gave us. Turns out it's an issue that doesn't need done at this time, so we just put the money towards other expenses in getting it rent ready.

Good luck!

I ordered my copy; cannot wait to read it!

This differs a lot from the two contracts I looked at, one of which I signed.

The PM told me that the repairs in excess of $250, he would only do w/o consent if it were an emergency that affected their wellbeing. AC goes out, not an emergency (in the Chicago area); heater goes out in winter...he's replacing that if he can't get ahold of me on the first or second try.