All Forum Posts by: Jason Ray Richardson

You don't want to be unwise. However trying to time the real estate market is a lot like timing the stock market. Many people have tried and most fail.

 yes.

  Yeah who knows when the market is going to cool back off. It's wise to be aware that it is a real possibility, but at the same time don't let that stop you from getting started. Do more homework, and maybe hook up with a couple of experienced real estate investors in that area that could mentor you.

 House hacking is where you buy a du, tri, or quad plex and you live in one of them while renting out the others.

I'm still relatively new to the whole real estate deal. All of my properties, except for 1, are managed by me. I use holidays as a way to get in routinely without seeming nosy. So at Thanksgiving, as an example, I take a turkey certificate that they can use to get a ham or turkey (costs me like 15). They will invite me inside or will said can I see what you've done with the place? Everyone likes to brag. On the other rental property by agreement with the management company is twice a year to do an inspection.

No one ever sees where you come from, they only see what you are now. There's no such thing as an over night success but that is missed by most people. Envy is pretty bad these days, aided by politicians and every other hater out there that wants to take it from you. The only thing I know to tell is what I try to do. Treat everyone the same and then set some standards at the start of each job. I pay an agreed upon wage but that means I don't want to hear any socialist non sense, and if you do hear some fire them.

If you get the right deal it would be great. My suggestion, for what it's worth, is to be careful. From my understanding the Dallas market is really hot right now, if so, the good properties are going to be priced like they are great, and the just OK ones are going to be high too and there will be a lot of more experienced competition out there wanting the same properties. Don't get so ready to make a deal that you do a bad one. Stick with the numbers and use some of the tools available on the website to look at every deal.

I charge an extra $25 a month and a non refundable $250.00 pet fee. Works good for me, as long as you do inspections to your property. The fact that I allow any pets, even with the extra cost, is a draw to my properties because others in the area don't

Of the houses that I purchased that had existing tenants (3 of them), I raised the rent on all of them. Pretty significantly on one (but they knew they had a sweet heart deal before) and slightly on the other 2 (about 25%). With all of them there was deferred maintenance that needed done and I discussed my plans on how to fix various items. They have seen me keep my word and so one even made the comment that I had done more stuff to the house in 3 months than the former landlord had done in the 3 years they had lived there. I will be raising their rents only slightly again this year (1-2%) when their leases come up for renewal. With having kept my word, I don't think that the rents will be an issue.

Especially important if you have not established yourself as an investor that knows what they are doing.  Dress like you are going to an interview for a job.