All Forum Posts by: Dan DeMott

Hi @Felicia Mallet , lots of good advice from @Jesse Waters .

I second the suggestion to engage your potential property manager in the review process. The good ones should be willing to review your numbers and your inspection report and its a great way to understand their experience.

Good property management is closer to a partnership than a true vendor relationship since your problems will be their problems. 

I posted an article to my blog here on bigger pockets about things to consider when selecting a property manager, you can access it through my profile.

Good luck, and keep us posted!

Hi @Brandon Sturgill ,

I suggest both. You need to run the financial analysis to understand what the cash-flow will look like based on your investment capitalization (debt & equity) so you will be calculating the NOI anyway.

Once I calculate a cap rate based value, I compare that to the comps. If there is a big difference between the comps and my value, it's time to double check your rent/expense assumptions, or your return (cap rate) expectations. 

As @Scott Morris mentioned, appraisers are going to review the comps for their report so you should know what those numbers will look like.

@Chris Lynch , don't let @David Hunter 's statistics scare you, let them inspire you. 

As someone who transitioned from the financial sector to the real estate world, you have a huge advantage. Namely, you are accustomed to putting in the hours, and understand timely communication. 

Showing-up and Following-up are going to get you through the hurdles. There is a lot of opportunity in real estate for those who are willing to network and create value for their clients.

Good luck and keep us posted.

Hi Jon,

It's common for there to be noise transfer on common walls. If the unit you are working in is empty the noise is probably heightened. Couches and area rugs will help dampen the noise once tenants move in.

Hopefully your tenants will be respectful to each other and try to keep the noise within reason. 

I'll save the story of my tenants' dueling stereos for another day!

@Gerald Harris , great blog post. I especially liked the phone call challenge at the end!

Hi @Steven J. ,

Have some confidence in what you bring to the table!!

I would send the contact an email and be honest. Explain that you are impressed by what they have accomplished and that you would like to meet for lunch or coffee to learn more about them and perhaps learn how you could help each other accomplish your, respective, goals. 

I do this almost daily, and I would say 90% of people I contact are willing to meet with me. Successful people know that great opportunities can come from anyone/anywhere. If you are a networker and a connector of people, anyone in business can benefit from meeting you!

Good luck and let me know how it pans out. 

Hi @Kyle Mack , I agree with the consensus here. Be pro-active. 

When it comes to water, always better to be safe than sorry. 

Good luck!

Congrats, @Jordan Archer 

That's how I started real estate investing. Careful, it's addicting!

Good luck and keep us posted

Hi Nathan,

I just sent you a message. Please send me an email or give me a call. Lots of great opportunity in Palm Beach County and I would be glad to help find an investment that fits your criteria.

Look forward to hearing from you.

Hi All,

When meeting fellow landlords, and potential clients, I like to ask about their existing policies and procedures for tenant screening. I am always surprised how many landlords are not aware of their obligations under the Fair Credit Reporting Act (FCRA).

I recently wrote an article about the FCRA and the Adverse Action Notice for my blog and thought I would share here. - Adverse Action Notice: A Landlord's Guide - 

All landlords should be sure to issue and document Adverse Action Notices during the tenant screening process to avoid liability. 

I hope this article is helpful and welcome any further thoughts or comments.