All Forum Posts by: Dj Hume

@KC Conti The only loop hole I'm aware of is being an owner of the property.

Ask for a small portion of equity in the LLC

@Lee E. Sounds risky.. If you're already concerned about someone before they are approved, most likely, they'll be a problem soon after.

I'd definitely raise your requirements and I require a tenant to be employed for at least 6 months, unless they are moving from out of town for a new job and can show long term employment at their last job.

@Cory Melious one quick fix, I'd recommend having the picture of the house as your main photo. From the outside, this house looks big and beautiful. 

Second would be updating the pictures to make them a little brighter. Right now it doesn't look very welcoming, like my "dream home".

Finally, it's a slow market for everyone, not many people are moving unless they were kicked out of their current place, but I personally try not to use the time of year as an excuse, I just have to change my tactics to make sure it gets rented ASAP.

Few questions:

1. Are you listing your property on other channels to find tenants?

2. How many other rentals are currently available in the area?

3. Are other rentals in the area including utilities or no?

This idea is always an attractive one starting out as an easy way to get in the biz, but I'd have to agree with@Daniel Kim on this one.

The only way I'd recommend this to someone is if they're a seasoned PM and can treat their family like every other renter..

@Carolyn Leonforte this is awesome and ultimately there is no right answer.

From the little information you provided and getting close to retirement, I'd start to get rentals closer to one another so it's easier to manager, so selling one 1031 it into something similar or bigger.

I personally took out a HELOC on my properties so I could expand in my area and have immediate cash on hand then slowly sold off my SFRs when I decided to transition the portfolio to commercial.

The third option is consolidate all your mortgages into one new mortgage since interest rates are low, which would give you access to cash for growth.

@Javontai Shamburger I've personally never taken any of those 3 day masterclass's but from friends I've heard it's pretty much a scam.

Find a few people here on BP or IG that populate free content. It's a great way to at least get started. In fact, I'm launching my e-book on Real Estate Investing for beginners next Friday. 

It will either be free or $5.. not sure yet, but it would get you way ahead of the curve in just a few hours

Follow me on IG @danieljameshume

@Raymond Hill I'll DM you with a template

We send everyone an email introducing ourselves, answering any immediate concerns, and what to expect in the coming weeks. We then walk the property and meet everyone and inspect each unit to address concerns. This process helps us build a relationship but also be transparent with upcoming changes. 

Keep in mind, no one likes change, so expect 50% to leave in the coming months, but that's okay! You want to build a great community that doesn't complain about you, the property, and how things suck compared to the "old" days.

Hope this helps!

@Mengzhu Rolff I'd recommend first underwriting the property to get a ball park value at the time of acquisition then run the numbers in it's current state.

When it comes to commercial properties, lenders determine value based on stability and P&L's, you have to prove to them the new value through increased income

Absolutely! Find an investment group that you know and trust and apply your 10K towards their bigger deal. That's what we do, we partner with like-minded individuals that also want to learn on how to analyze deals and they partner with us on big, commercial deals!

Hope this helps!

Follow me on IG @danieljameshume