All Forum Posts by: Dylan B.

@Rhett Tullis These are some great thoughts.  A colleague and I were discussing the inaccuracy of some of these "tools" that the internet provide and I never rely on them when evaluating deals and renting out my properties.  Your philosophy on pricing is spot on with my philosophy.  When I first started investing, I called local PM companies to see what houses (comps) rented for in that neighborhood.  I still do this today and look at zillow as well.  I will also drive the area and see if there are any houses for rent in the area and call the number on the sign.  More than half of the time these are not listed on any internet marketing website.  

Also local investor meetups are good networking events to ask other investors what they are getting for like properties. 

@Nicole Grenier yes I created my own move in packet.  It has a variety of things from the lease, move in/move out check list, state landlord tenant act, rules and regs, etc...

@Nicole Grenier I have prospective tenants apply through cozy and ensure they fill out the background and credit checks through cozy.  I do however make them fill out physical applications as well as leases and my move in packet (includes various documents). 

@Alexander Schwartz I am working on a similar deal.  I am trying to get 100% financed because most of the units need some work and would like to use my cash to repair/update the units as they become available.  We are thinking about getting the owner to owner finance 20% of the deal as a down payment and finance the other 80% through the bank.   I don't know if it will work, I have been doing a bit of research on creative finance via the BP podcasts and Brandon's book on Investing with low and no money down.  Just another thought. 

Also if any one has other thoughts on my strategy, please let me know. 

@Michael H.  All the background checks/credit checks I have done through cozy has came back to me the day the applicant filled out their info.  

@Sid N. I would definitely be deducting that from their deposit.  

@John Varner I would be skeptical of the locations, that's just me.  I would like to hear more about the financials though. 

Welcome @Drew Knight! You have came to the right place if that is what you are looking for.  Be on the lookout for local meetups.  I would suggest setting up keywords alerts for your areas of interest around the metro and it will send you a notification when a local meetup is has listed that keyword. 

@Kyle Burkhardt,

What @Ryan Murdock said are real good points.  I recently purchased a couple duplexes and there has been a ton of deferred maintenance that we have been trying to catch up on that the old owner had just let the properties go.  It definitely takes some time when purchasing older, run down properties to get them back in good conditions.

Typically when the cash flow is great so is the time spent managing and the repairs. This is why you want to set aside money for maintenance and cap ex.

If I were you, I would request pictures, receipts, etc. from the PM company and if they are unable to be totally transparent with you, time to find a new PM that will.   

@Edgar Bustos I would mimic what @Brandon Reed said. Then would like to add, are you accounting for Property Management, CAPEX, management and vacancies? I know you said you are using the 4 square method however some people have different interpretations.