All Forum Posts by: Cody Barrett

I would look for everything.  I hate surprises when it comes to homes.  They usually end up being expensive too lol.. @Jeff B.hit it on the nail. The more you know the better idea you have of how much repair costs, updates, exterior work, etc will effect the ROI. I remember how thorough my Dad was with everything when I was a kid. Measure twice cut once kinda thing. When it comes to your investments, though, run those #'s down to the penny by doing a great inspection. That includes of the market area too because knowing how your competition looks can keep you one step ahead.

The BP rental calc has a list of repairs when you click expand.  I used that and added a few things to it when I go to see properties.  I check off what I think will need to be done or what needs the most attention once the property becomes mine.  Run the numbers again after researching the specific repair/update costs. Gotta make sure all your hard work pays off!

Good luck sir! 

Wow that is really neat. Love it! Efficiency is always a win! 

I wouldn't of told them you were the owner.  I would have simply said that I am the property manager who lives on site.  That way you can take their side but say that you're just doing your job.  I like what Marcia had to say. 

Good luck! 

Oh my.. What a transformation. I think that is what I love most about REI. You can absolutely make it 100% your very own to dictate that return on investment. You crushed it on this one!! Thank you for the motivation!!!

Wow sounds like after a few years of hitting the books your new career is taking off like a rocket ship. You have a plan, are organized, educated, have a partner, and seem extremely eager to succeed which to me makes for a great future in REI!! Super awesome man, keep it up! Post some updates too as the portfolio grows so newbies like myself can see the creativeness behind REI!

Good Luck!

Awesome ideas! Got to love the community! 

Super awesome and congrats! Sounds like you got a wonderful opportunity on your hands.  I agree with what has been said.  I think taking ownership, keeping it professional, and staying business focused will set the bar for what you bring to the table as a Landlord since they don't know you.  A formal written agreement really helps keep things clear when situations get foggy so it doesn't hurt.  As far as the lease, use what you like and add or subtract whatever you don't but still make it yours to fit your management processes/systems etc..  You will do great with this one! 

Good luck : ) 

What if you created a company that had divisions where management would report quarterly to you on progress? That company would have a property management division and a REI division to grow properties and monthly cashflows. I would assume that would require heavy capital to pay employees, etc. But maybe you can hire someone to answer phones/schedule maintenance for the handyman and another person for showing/renting/signing leases etc. (agents). And then you and your partner work the REI division growing the portfolio, etc.. Totally brainstorming here... I am not a business owner yet but this jumped in my head after reading your post! I am sure you will find the best solution soon though.

 Good luck!  

Super duper odd.  The last thing I want in a real estate deal is things to be rushed.  Unless my inspector, contractor, lawyer, and investor love it and recommend it getting done asap so another investor doesn't steal it away.  I haven't been in that position though.  For her to slam on the breaks and then go peddle to the metal is fishy but you know more about the deal/situation better than us. 

Good luck bud!  

Wow! That is pretty intense.  Good luck for sure @Sam EricksonKind of interesting because this reminds me of a story on here by an investor named Will here on BP about something kind of similar.  He purchased a home and I think squatters tried saying it was their home.  5 years later he finally won in the courts and can flip the house.  California laws really gave him hell.  Sounds like this guy knows he can't do much and will leave you alone which is nice.  Good luck and hope the return is high! 

Cody