All Forum Posts by: Dustin Beam

 I'm a long ways from a legal expert, so why would you need to go to small claims court after suing for eviction, lost fees, and attorney fees? I assumed that would already take place...

But yea, I am running a business and feel no compulsion to let this go. However, I don't know how likely it will be that I collect. Might be wasting money just to prove a point.

I only have 1 year experience, but when I use a repair person, the tenant schedules a time to let them in. I never want a call stating "someone stole something during the repair" or some other nonsense. They need to be there to let them in just like a normal home-owner.

If/when I have enough properties that I have full time repair people that I employ, it might be different. But until then, I don't trust contractors w/ a key, I don't trust tenants (enough) to not try and pull something on me, and won't waste my time letting contractors in.

Is this a common occurance in your experience? I know it happens, going through my first time now.

Of course I traded some texts, and said I'd prefer to not go the legal route, but she wasn't going to pay so now we are.

Attorney is evicting and suing for lost rent, late fees, and my attorney fees. Not sure how it will turn out, but I'm not really one for letting things go.

I considered just using the deposit and cutting my losses on late fees and whatever non normal wear and tear fixes that will be needed, but I'm not really one to let things go like that.

What do you do?

I'd be interested too, however I always got the feeling it was for brrr strategy or straight up flips. Something you could get out of quickly anyway.

I've toyed w/ the idea of investing in Topeka. I grew up in western KS, lived in Manhattan about 10 years, and now in KC for almost 10 years. 

Although I've passed through Topeka a ton in my life, I can't claim to be the most familiar w/ the city over all. 

In order for me to seriously consider taking a look there, I would absolutely need a rock solid manager (I manage my own in KC). And if any of you are willing to contribute, I'd like to know any areas that I should avoid.

Anyone willing to share some knowledge? I'd certainly appreciate any advice given.

Thanks

I personally want both as I'm sure you do as well. But I do put more emphasis on CoC. Freeing up your capital allows you to grow faster. For instance, would you take a free house that barely cash flowed? I would. I'll take all of those I can get. That's infinite CoC since you're dividing by zero. If you put enough of a down payment you'll, cash flow, but that doesn't show how good of an investment it was. CoC tells you that.

JMO but I think you're wise to have formed an LLC, but you will be required to use commercial loans regardless of the number of units purchased.

I think (not know) that the 2% rule came about after real estate crashed and it was an achievable number. It still may be in some areas, but from what I see in KC (supposed affordable market compared to other markets) and what I read here, 2% rule is a tough number to hit unless it's in really rough neighborhoods.

But, I have doubts it's possible to get those properties, but they aren't everywhere.

Just my one experience w/ them, but I had a water heater that went out. BH quoted me $1100 for a fix, or $1300 to replace. To me, that's not reasonable.  I won't ever call them again. 

Got to:

Menu>Tools>FilePlace>Spreadsheets and mine is called "Buy and Hold Analysis Spreadsheet". 

It would be a good idea to check out others as well, though. You'll want to find one that makes sense to you and gives you confidence in its calculations.

Good luck!