All Forum Posts by: Cheryl P.

I used Corporate Direct to set-up my LLC and service as registered agent in Indianapolis and Virginia and also my S-corp in Wyoming.

@Dale Rast Appreciate that...it took me two years of reading and coming here before I just did it.  Good luck. 

@Clay Sellers 

Forgot to add that I have two single families right next door to each other in 46219.  Got one at end of 2016 ($35k, now worth $60k) and one in 2017 ($50k, estimate $45k) no montage on either so cash flow still works.  Next are duplex and hopefully a 4-plex this year.  I got sidetracked/comfortable with day job...but back on track now.

@Clay Sellers

Hi Clay, I have actually had good success with tenants.  

I learned very quickly that it is all about screening, screening, and screening .  All but one tenant...it was my first time screening myself, I fell for the sob story were I did not follow my qualification rules. It ended in eviction.   

I subscribed to the same property manager software (Bulidum) that my first/only PM used. Software has been well worth fees. 

Look for working class areas, usually the "hood" is 5-10 blocks in a huge city, the rest are just trying to make a decent life.  I just screened/approved my first Section 8 tenant.  Including the housing assistance she met my credit, criminal and eviction criteria. She has worked same job for years but just does not make a true living wage. 

Getting the credit, criminal and eviction history, contacting the previous landlord, getting the employment  verification  (even when I have to pay for it) has gotten me great tenant results.  I just increased my application fee to cover majority of these fees.   I was well under what others were charging $20, changed to $35 after 2 years, still lower than a lot.  My screening is $15, verifications are about $25 I just get income because it also provides employment verification without paying for both. 

I am transitioning from single family to 2-4 units with goal to get into 10-20 unit.  I like the consolidation of effort multi-family provides.  Hope to close on a duplex next month.    

Like all things if it doesn't feel right, don't do it. I live by that and it has worked so far since first tenant.  My qualifications are on my site under documents www.newliferei.com. 

Good luck in CA...I lived in LA (Compton & Long Beach) from age 9-18 and I am semi-normal.  

@Ben G. thank you, I appreciate the supportive words.

This is a great point and since I will be investing out-of-state and do not have relationships built with local trades yet, this could be lower cost option to control repair/replacement cost.  As I said I did not have a bad experience with warranties, I just did not use them as owner occupied.  But I expect that will change with investment properties.

I still think it is worth checking out.

Thank you for the feedback and happy investing to you

@Carlos Enriquez you are my military service big brother :).  That annual/monthly pricing is what I paid when I had AHS, I think it was $600 a year with $75 per service call fee (which is already cheaper than most trade service call fee).  That was for the combo of both appliances and systems.  I also think you can get different rates when have multiple properties, need to confirm that.

Again, I did not have a bad experience with them I just did not use the service often.  But I know with investment properties that will change.  

I think it is worth more review from an investor cost perspective versus primary homeowner.

Thank you

@Carlos Enriquez Exactly, this point is what made me create this post "All I'm saying is that I'd rather save the cash for other things and let the warranties take care of stuff at a less expensive cost."

I love BP...this is good.

Thank you,

@David M. Got it.  I think we are actually saying the same thing, reserves are required no matter what, the question is method for repair/replacement provider either home warranties bundled service (electrical, HVAC, plumbing, etc.) with set reoccurring payments that includes their administrative fees or individual trades (electrical, HVAC, plumbing, etc.) at competitive pricing at time repair/replacement is needed that will also include their services fees. 

Appreciate the feedback, this is very helpful I'll continue to research both options as I screen trades in my investment market. 

Thank you

@Louise A. it has been a challenge in both in Virginia and Indy. I understand on one hand they do not want to waste their time but new investors need support while they learn the process.  In fairness, I just re-engaged working in the Indy market because my area is very tight for high prices & inventory so changing strategies and distance is a mini set-back.

But I know once I learn my market investing will be great for me and I am going to keep working at it.  I just want to meet my goal of getting my first property under contract by year's end.  I know that should be doable.