All Forum Posts by: Jim C.

@Leslie Pappas- As far as any downturns go, when the RE and Markets Plummeted in 2008, I as a B&H investor didn't see any downturns. Sure, I lost a few tenants due to job losses, but I had NO problems during that time refilling my vacants. In fact, most of my tenants stayed put due to the uncertainty of the economy. I think my vacancy rates were actually lower in 2008,2009,2010 than they are right now. It seems when people read or watch the news about the downturn (or perceived downturns) they become more cautious and less willing to 'take a chance and move'. They seem to stay put and wait out to see what's going to happen.

Oh, and siding /fascia/stucco , or exterior items.

Due to the age of some rentals, other items to consider is concrete driveways / walkways, septic and sewer (if property is on well/septic), landscaping, entry doors / screen doors (my tenants like to ding them up moving stuff in/out, so replacement is about every 5 years or so. Windows on older houses (old wood, etc. may be ok for a few years but I eventually replace). 

The more investors the better. Let them buy at the top of the market and price since most don't know what they are doing and I'll be there in a few years to buy 'em back from the Bank since they couldn't make it work with their faulty numbers! Just more for me to buy later on at the "right" price.

@Ahmad H. 

I've been 'retired' from Real Estate for over 10 years now, and my only source of income is indeed from B&H RE. I assumed that 2.5x Cash Flow was enough for me, and so far it has been. But I'm always looking for a killer deal and can buy if one presets itself. Do I need to? No. Do I want to? It's in my blood.

That being said alot of the "gurus" on here have read the "Millionaire Fastlane" and have realized that they can accumulate wealth faster (and sometimes easier) doing something else as the author says that RE is a Slow Lane process. It's possible, but slower than some other methods. That book was a Great Read!

@Terri Mccullough- I would get an eviction attorney if you don't have one already. It appears your tenant knows how to play the 'eviction' game. Make sure you have an attorney who knows the game as well as, or better than your tenant. 

Nothing better than a brand New Hummer pulling up to look at my tiny 2 BR house for $650 a month. Sure looked better than my beat up 2002 Dodge Caravan! I think the Hummer was about as large as my house and only cost 2x more!

@Kevin 

@Kevin Doyle- Welcome to BP! I am a buy and hold investor in NWI and would be happy to help you out in any way I can. I've been doing Buy and Holds for over 15 years now. What areas are you interested in? 

After they move out and you notice no new mail showing up to the mailbox, send them a blank envelope with RETURN RECEIPT REQUESTED on the outside of the envelope. If they have a forwarding address, the Postal Service should return to you with the new address. 

If the house is in the Shorewood Forest neighborhood, lots of homes in that area have had structural issues, and also your ARV would be off for that area.