All Forum Posts by: Christian Hansen

Brenda, A few folks have already touched on the PM issue. You will need to look at the local laws but usually it's all about the money, or rather other peoples money. I'll bet the real definition hinges on whether she holds sec. deps or rents, even if it's for one minute. Or if she's binding you to contracts as your "agent". If she doesn't do these things she is essentially an assistant and a maintenance coordinator. It's a slippery slope but i see it occasionally. You'll have to decide what her value is if she's not holding Money, it probably depends on the type of properties and what you pay her. Each state has different regulations on this. Good luck, Christian

I am not an expert on contracts. I would recommend you visit a local REIA I have to think there's one out there to network with experienced wholesalers and lenders. Ultimately thgough attorney's draft contracts, get referred to one that REALLY is investor savvy. They can all draft contracts but you will want one to suit your purposes. I bet there's People on BP in NC who can advise on good contracts!

Hi, @April Smith if there isn't a REIA near you you can come to TREIA here in the Triangle, its a great place to learn face to face.

@Chad Miles Yeah, thats a good question, it is time consuming to do it and I would say "It depends". I go quarterly to "Change Air filters" This way I can see the inside of the unit and also check for leaks and generally get a sense of how its being kept. Now if its a really nice SFR home with very responsible people who have shown that they change filters and care for property well maybe not as often. Or, if its a place that has a history of problems I will make it a point to drive by when I'm in the area to see what s happening from the outside.

Generally, outside the condo unit would be the HOA's responsibility. Inside, likely yours unless you specified differently in the lease.

SFR - You might have it in the lease that they should do it, but then the concern is, will they actually do it?

Multi- Similar to condo situation I would say. As the owner I think you should treat the outside/common areas etc. for your own benefit.

In all cases the real question is where are they coming from? If the tenants are filthy slobs and cockroaches live in the unit because of that, then you should be able to pin it on them. Pests don't hang around if theres no food or drink....kinda like people.

The Standard Form lease, Maintenance Addendum says" tenants have to keep the premises free from visible infestations of roaches, ants. hornets, bees, mice and other pests".  "Visible" is the key word, in the colony in the unit(them) or in the crawl space(you).

BTW: If the area is dry you can try using Diatomaceous earth, white powder, NOT toxic. That said I wouldn't breath it because its still dust. Look it up interesting stuff.

BTW: I live in Cary as well.

Hello @Jeremy SimpsonWelcome and if you thought Facebook was a timesuck BP is equally so but in a good way because you actually learn valuable stuff!

I would second what @Adam Schneider said, I am also in TREIA and there are some great people in the group. BTW: Adam is one of those people. I also agree with him that your questions are a bit too detailed. You need to be looking at higher level #'s. You'll kill yourself trying to work stuff out to that level and won't take action and then miss out on all those super valuable mistakes your in for. I mean that seriously, its a hard buz to learn entirely from a book/website and small "mistakes" are going to be your best lessons. I think the popular word for that is - Experience.

Let me know if I can help answer any questions.

Gaither, you gotta hustle to be a good wholesaler! Get some good shoes and walk around neighborhoods knocking on doors and introduce yourself as a Real Estate Investor. When you find people who are in a pinch and have to sell, get them under contract for a LOW price, then the buyers will line up at your door. There are plenty of buyers just not enough "good deals".

Good luck!

PS: Make sure you have some decent buz cards, Vistaprint will give you a bunch for free. Then upgrade later.

@Chad Miles I agree with Dana Hoffmann about transparency, after all it should be a partnership that works for both sides. 

I would add:

- Cheapest is not always best, if they can't afford to spend time on your property then they won't and your property will suffer and cost you more than you saved.

- Make sure they actually go look at the property periodically. The "Handyman" is not the person you want to rely on to be the watchman of the property. You cannot manage property from behind a desk exclusively.

- You should get the sense that they care and are motivated to work for you. Its a grind of a business and some are just plain worn out.

Good luck!

Hello @Chad W. Welcome to BP, let me know if I can help in any way.

Christian

Tony,

Hi, I'm also in your area. Both Dawn Brenengen and Adam Schneider make great points and are very knowledgeable about our area. I would add that you probably need to do some introspection and figure out what kind of investor you want to be. Landlord (hands-on or hands/off), a Flipper or maybe a $ partner with someone who is an experienced flipper, and there are many more permutations. 

Having cash on hand is a useful tool and can be used in many ways but it has to be in a way that doesn't keep you awake at night. Otherwise you'll burn out or make a hasty and potentially costly decision, either will take the fun out of it.

Keep gathering information up to a certain point, you don't want to get caught in -analysis paralysis. It is always going to feel a little bit scary when you take the first step you just don't want to do it blindly. That thrill should be what brings you back for more!

Good luck 

Tina,

Welcome to BP! I think I saw you on Weds night at a TREIA event but didn't get to say hello then. So Hello now!