All Forum Posts by: Denise Supplee

Hello @Mike Maxwell, Welcome! I too am a few years from retirement. I actually sold all of my active real estate investments, except for one. I now invest solely in syndications with my coinvesting club. I love it because I no longer have to deal with the headaches. Each month we check out at least one deal that can be anything from land, apartment complexes, trailer parks, and even a steel manufacturing plant. On average they last about 2-7 years. I wish you the best of luck!

Hello @Jon Benson, 

So exciting to be purchasing your first investment property! The financials are very important and while checking out taxes for fed and state, do not forget to also check out local. Years ago, I found out that out the hard way. There ended up being an annual inspection requirement and a registration fee for rentals in a township I owned property in. It ended up being a bit of a pain in the butt. I actually have sold all my active rental investments except for one. I had been in property management and managing my own investments for well over 30 years. I got tired of the hands on maintenance, eviction, and complaint issues. Now, I solely invest with our coinvesting club which is completely passive. I do wish you the best of luck and love that you are asking the right questions!

I have decided to invest passively through our coinvesting club.

I am a Realtor for Long and Foster and have been a property manager and landlord for well over 30 years. I am not an attorney! So, in PA, once you start eviction, do not accept rent payments after filing an eviction complaint unless you intend to stop the eviction process.

You may be able to continue by documenting the terms clearly, specifying whether the payment is for past due rent only and does not reinstate the tenancy. But be careful here, much is up to the judge in your location. 

Also, are you receiving the extra $25 each month along with a late charge? If so, perhaps, as long as they are not an issue otherwise, it would be better to simply just not renew them. Just a thought. I wish you the best, this is not an easy situation!

Hello @William Kane Rodriguez, First off, thank you for your service!! I love that you have been saving to not only buy a property to live in but as an investment as well. I think purchasing a new multi-unit can come with delays. I have been involved with buyers regarding new properties and there have almost always been delays. Also, new will be more expensive. Although the rent you charge could be a bit higher; much of that will depend on location. IMO only... I wish you the best of luck and much success!

My business partner and I have founded a coinvesting group that invests in many syndications. There are many things one must do to stay within regulations.

I would definitely put the money out for an attorney who specializes or there are various experts that offer courses that may be able to assist such as Michael Blank of the Deal Maker Mastermind and Neil Bawa of 
MultifamilyU. 

I wish you much success!

Hello @Rene Hosman, There are two ways to look at this. 

First, having someone move in and collecting rent in your residence (while you live there) referred to as House Hacking. This is very beneficial in reducing your living costs. However, there are downfalls, such as living with someone who is uncooperative. 

Second, is renting rooms out in a house you purchased. Usually this is done on a short-term basis. It is imperative to check the location thoroughly to be sure of many items. Some of these include: 1. Checking your location for any restrictions and 2. Does the location warrant this type of rental. 3. There is more work in room prep, cleaning common areas, etc. 

Be sure to weight out these options thoroughly. And be very realistic. Al Williamson, an expert in short-term rentals and rental arbitrage is a great expert in these areas. I have learned much from him. 

Hello @Zeth Daniel Vanegas, I spent many years (over 35) managing my own investments and those of others. It is important before even purchasing a property to include the cost of tenant turnovers. It certainly cash flow, vacancy rates, operating costs, and overall returns. Minimizing turnovers by using long-term leasing, and an efficient turnover maintenance crew helps immensely. The other arrangement that can alleviate this is to use a beneficial lease purchase arrangement. I sold all of my personal investments and now only invest in passive investments with our co-investing club. I have dealt too long with the aggravation of hands on management. Good luck in whatever you do!

I would remove all of the hands-on management. I remember once being in a supermarket and having a tenant chase me down about a maintenance issue. I actually have sold all of my investments except one and purchase only passive deals with the coinvesting club now. I joke that I no longer deal with tenants or toilets. 

Hello @Anna Smith,

Love that you are seeking ways to better increase your investment income. I have been involved in real estate for over 35 years. I am a licensed Realtor, co-founded and operate a coinvesting club. In the past, I have invested in many properties and have house-hacked. MY first house hack - I was a single mom, and ended up renting a room out to a lady who not only helped with child care but also the living expenses. I have sold all of my investment properties and now solely invest passively through our coinvesting club. I love it because each month we vet a deal together and the minimum investment is $5k. We have done apartment complexes all over the US as well as trailer parks, land and even a steel manufacturer. I wish you the best of success!

Mortgage companies focus much on regular income via a job or business. Even with assets. You could ask about a pledged asset mortgage. And if you find a lender, (usually your larger institutions), you may be able to get a lower interest rate. But, remember, they will have a lien on your assets. I hope it all works out for you!