All Forum Posts by: Christopher Cole

Never turn down free money. At least max out your 401k matching.  The rest depends on where you are in life and your goals.

Personally, when I started my career, I invested the minimum to match. As I have advanced in my career (and my salary has grown), I have increased my 401k contributions as well. Once it is done, you won't miss that money. And it's not entirely locked away - you can do a 401k loan to use some of it without the nasty tax implications, or later on move it to a self directed IRA.

 I wasn't even tempted.  He spent 95% of his presentation trying to convince us to pay for his 1 day seminar, and 5% actually talking about real estate techniques.  I bet on Saturday he spends 95% of the day trying to convince people to pay for his 3 day seminar.

I'd have a lot more respect for the guy if he just talked real estate and let his "technique" sell itself, but the way in which he gave the presentation screamed scam to me.  I figured I could get a better education here on BP without having to work so hard to pull the nuggets from the rest of the presentation.

It's just a balloon payment of $70k after 10 years.  If you can't figure out how to get just $70k to keep the apartment complex after 10 years, you must be a lot better at making deals than apartment management :)

 You could say that about pretty much any deal when you're buying a rental. In this case, I'm guessing the $70k immediate gratification and some troublesome tenants have something to do with it.  Or a million other reasons...divorce, retirement, long distance move, etc.

I'm not saying I would do it.  Just playing a bit of devil's advocate.

In this case, I don't think I'd really care about property taxes since you're already saving 2-3x the purchase price in interest.

Anybody successfully do 0% interest deals?

Example: A 20 unit complex sits on the MLS for a year because it is overpriced at $740k. Offer full price to the seller, but dictate terms. Tell him you'll do a $70k down payment, with $5k/month for 10 years. But he has to do owner financing at 0% interest.

This is a real example given at a REIA meeting I attended last night. I have my doubts that this can work well enough to make a business out of it, but his expensive 3 day seminar will change my life, so it must be real

Just a quick update. I am switching over to a property manager named Steve Winder.  I got him as a reference from several people I know in the area, and he actually answered the phone when I called.  If anyone else later finds this, his contact info is 303-204-5903, [email protected].  He seems like a pretty good guy, and if it matters to anyone, he uses Buildium.

Thanks for the suggestions everyone.  I got some suggestions via PM as well, and I will definitely be following up on them.

Duh, I left out the most important bit. It's a duplex :)

I need a property manager, and nobody I have called passes my first qualification standard: they actually answer the phone when I call during business hours.

I don't want to have to leave a message. I don't want my tenants to have to leave a message. I don't want potential tenants to leave a message if they're interested in the property.

Any good recommendations? I've seen several on these forums, and I've called them all. Nobody answers the phone.

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Now for the sad story, in case you're here for that.  I had a GREAT property management firm.  Then the main guy just...bailed or something. They quit doing anything for anybody. They have run through several people in the meantime, everyone promises to be better, but nobody delivers.

My last tenant was growing marijuana in the basement.  Then they charged me for cleaning it up (not the last tenant's security deposit). Then they got a cat lady in afterwards (no pet policy in my rental). No pet rent being paid. 

They "never receive" my emails or voicemails. Property management is the pits.