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All Forum Posts by: Dax Middlebrooks

Dax Middlebrooks has started 1 posts and replied 25 times.

Post: Virtual Asistance

Dax MiddlebrooksPosted
  • Spring, TX
  • Posts 25
  • Votes 17

@Jamal White

Keep in mind that a virtual assistant can only be as good as the direction you give them. I work with remote support centers in the corporate space. Most VA's are very eager to work hard. Most of the failures I have seen are the result of trying to farm out something without a real process.

Make sure you can be very detailed about what you want done and how you want it done.  

Start small and grow their scope as the process and results allow.

Good luck,

Dax

I am going to ask what may be a dumb newbie question, but here goes.  

If the bank forecloses on Friday, is the house still the sellers to sell?  Could this start the negotiation over again?

Post: Favorite quotes

Dax MiddlebrooksPosted
  • Spring, TX
  • Posts 25
  • Votes 17

"You can do it right, or you can do it over." my grandfather.

Post: 12 Unit Mobile Home Park

Dax MiddlebrooksPosted
  • Spring, TX
  • Posts 25
  • Votes 17

At 8 hours away, my first question is who is going to manage it?  

This leads to my next question: How confident are you that you can get 7 trailers sold and 5 more people to move in?  Factor this time into in calculations you are doing.  

Also consider that there is likely some rehab needed to the park itself if it isn't attractive enough to be full right now.  How much will that cost?

Regards,

Dax

Post: Cap rate

Dax MiddlebrooksPosted
  • Spring, TX
  • Posts 25
  • Votes 17

@Daniel Peavey

For a property that is paid off, I think you are asking the wrong question. The question I would be asking is what is my opportunity cost of having this much equity tied up in this property? Can it be used to obtain a HELOC or cash out refi that then allows you to invest in other properties?

@Stephen Davenport

First of all, thanks for your service and wlecome to BP. I have the same question about the LLC as well.

Regards,

Dax

Former Marine

@Holly N.

I do agree with the PM's statement that you need to keep up with repairs so your units are nice enough to attract good tenants. But, it sounds like you think some "repairs" may not really be happening.  As a mentor once told me, "trust is something you can't get back once it's gone."  I am not sure how you can establish the trust again without changing the way you and your PM interact.  

One question that comes to mind after reading @Michael R.'s post is: What % of the rent goes to cover these repairs?

Dax

@Holly N.

Using the simple equation Income - expenses = what's left:

Income: Do you think the rent is too low?  Have you compared to other similar properties in the area?

Expenses: The 8% seems fair from PM. That leaves:

1) Taxes: is the property properly assessed? 

2) Repairs: is the PM charging to much for repairs or doing repairs you do not approve?

3) Mortgage: Would it be possible to refi? Not sure of your current terms, but rates are pretty low right now.

Honestly, it seems from the post that the PM is performing as required.  I am not sure they are to blame for the lack of cash flow.

Regards,

Dax

@Account Closed

Thanks for the info about NARPM.org.  I was wondering if you know of something simliar for management companies that handle vacation rentals.  We are considering buying a place in Canyon Lake or New Braunfels as well as a couple of places in Colorado.  We would use them as much as possible, but would want to rent them out short term when we are not on vacation.  I have no plans to try to manage them remotely.  Any insight you could offer will be greatly appreciated.

Thanks,

Dax

Post: Do you DIY painting or contract?

Dax MiddlebrooksPosted
  • Spring, TX
  • Posts 25
  • Votes 17

@Ashly B.

Good luck to you. Keep us posted.

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