All Forum Posts by: Gordon French

That all depends on you and your skill set. I out source what I hate to do. If there is a basement I will do all the plumbing. If it is a crawl space I outsource it, don't like climbing under there. I do most of the electrical because of the cost and I kinda enjoy electric. I do all my own tile as I love tile work. I do my own hardwood floors but let a pro do the carpet. Carpet and I don't get along. Everything on your list is very basic and something I would ask my wife to do other then light fixtures. I don't think she would do those, might I never asked. 

If I am under a tight deadline I often outsource interior and exterior painting because its not that hard. Lots of people can do it. 

My seniors take good care of the home but tend to need more attention. They have to call for everything. The don't text, they don't login to a tenant portal, don't pay online. 

Next issue is health. I have had one get late on rent a few times because she was in the hospital. I want to be the nice guy and understand she is ill, but I still have to make the house payments. 

I have no idea on the legal aspect. I would ask a lawyer in your area. 

What would you use a direct mail campaign for? and Welcome. Im new here myself. 

11 properties, 13 units all in one town. Trying to decide if. I want to keep buying or pay them all off. I met my goal of 10 by the age of 40 last month. I can retire at 50 with an income equal to what I make from my current day job.  Really struggling with quality if life over a large income and pride of a large company. 

@Khaled Helmi My assumption was a lien on the property. My comment was more to learn what others are doing as I am interested in know how to get additional down payments. I don't know what investors want and neither does the OP. 

I can get signature loans for 18% with nothing but my signature. I have done that in the past for the down payment. 

 I have had two closing delayed for title work and my dad had one held up 90 days. It does happen. 

Yes. 

I use Foaming-Root-Killer. I drop it off yearly and ask the tenants to poor it down the commode. I started using it when I lived in the home after having a plumber recommend it. I was getting it snaked every 3 to 5 months. Its been 4 years with no issues. 

 I missed something there... I thought mine were. They are all commercial loans. 

Yes. My cap rate is 14% to 31% depending on the house. I do not touch any home that doesn't cash flow after expenses and expected vacancy.  I have one home financed on a 5 yr note 5 yr am and it cash flows 30%. Looking forward to that home being paid off in 3 years. 

Talked to well over 30 banks... all told me no every time. Without this bank I would still be renting an apartment. Would love to get better rates but at least this bank got me in the game. 11 properties and will retire 5 yrs before my goal. :) 

I like 15 yr notes. For me any 15 year not will be paid of when I am ready to retire. Why worry about the cash flow as long as it is cash flowing. Its build equity and you could use that equity to secure other properties. I have about 8 liens on my home. I often pay 10% cash down, and but a 10% commitment on my home. You could do the same. The rent should go up over time. If the house is in good shape and you don't expect any big issues I would leave it.  

Can you reduce the cost of your insurance? I don't use full replacement cost. My houses are insured for cash value. If it burns down I will walk away with enough to go buy another and just walk away. The savings per month is worth the risk for me. Technically, I would lose nothing since I get back what I paid for the home.