All Forum Posts by: Dan Perrott

Congrats!   look forward to hearing your stories as you work on your investment.

Welcome to BP!  you have come to the right place to learn.  Take advantage of the forums and especially the podcasts.  There is a wealth of information to get you started.  Take time and absorb so that you can identify how you want to create the long term income.  There are many avenues to using real estate to obtain your goals.  Good luck and happy investing!

A side suggestion.  If they have a lower credit score you can request additional security deposit.  On a month-to-month lease, having an additional security deposit will help to insure that your losses are kept to a minimum. 

@Rumen Mladenov - Unfortunately I would walk away.  You will never collect in this instance.  What I would highly recommend is put a solid tenant screening process in place to prevent this from happening again.  The one thing that most landlords do not do is to call previous landlords.  Make sure this is on your list.

Good luck.  This may hurt, but in this business is an easy recovery.  Learn from your experience and improve your business processes!

@Peter Mason @Mahesh P.- I agree that allowing pets could cost more if you have carpet.  In my prior comments I did not mention that I do not have carpeting in any of my units.  Therefore the repairs or damages from dogs is minimal.  I do not allow cats since I am highly allergic to them.

I also should have mentioned that I do have size and breed restrictions.  We also require that the pet immunization records be presented with the application.

@Taylor Smith - Welcome to BP!   you have found the place to learn and get answers to your questions.  I would recommend that you take advantage of the podcasts and forum posts to answer your questions.

I am assuming that you would be looking for properties to fix and hold in the long term to create income. I would recommend you to read "The Millionaire Real Estate Investor" by Gary Keller. It helps you to get an understanding of real estate investing and has been a great motivation book for many. It gives you a plan to leverage to build your REI business.

Good luck and happy investing!  Jump in and make it happen.

I am thankful for the education that I received from the many posters, blogs, and podcasts.

I am thankful for the many relationships built online with BP members. 

I am thankful for the recommendation from the local Indianapolis BP members to attend the INREIA group.  I have made many contacts and relationships with BP members that are also INREIA members.

I am thankful for the encouragement I have received from the BP members. This site is truly a great group of people that are willing to help anyone out. I know that we are just small time investors compared to others on BP, but it allows us to learn from their experiences. It enables us to be prepared for when we take the next step in our business. We hold, rent and manage 6 doors; which is where we think we need to be right now. We are excited that BP will eventually help us to grow our REI business. THANK YOU BP!

This year we added 1 door, set up our LLCs, and will complete our estate plan (with asset protection).  This year was primarily working on building our business and the team that will support our business.  Without BP, we would never had organized our business so effectively.  Contacts made through BP relationships have made it all possible.  Again, we are small potatoes as compared to many on BP but we are bigger than we had ever envisioned.   THANK YOU BP!

@Mahesh P. - What we have found is that tenants with pets become very reliable tenants.  They will do most anything for their pet - it is a member of the family.  We charge a refundable pet deposit with an additional monthly pet rent.  We have had one instance where damages were caused by a pet and it was a minor very minor issue.  Most of our pet owner tenants have rented for multiple years - reducing the turnover costs.

@Vincent Alvarez - Welcome to BP!  Indiana is a great place to invest.  Reach out if I can assist.

@Glen Nash - I agree with Erik.  I would hands down look for properties in the better neighborhoods because of the lower level of stress in managing the properties.  Better neighborhoods usually required less management and maintenance. 

This is all based on the proper tenant screening and tenant selection.  Bad tenants will give you the same issues no matter what level of neighborhood you operate in.

Happy investing!