All Forum Posts by: Jim Adams, III

@Derek Jones - where did you relocate from? 

@Kelly.  Thanks and great to connect with you!

@ Brooke- thanks for the info on the fb group. Before the pandemic were there any local REIA groups or similar groups that meet on a regular basis in Bloomington? Are those groups still meeting virtually?

@Earline- thanks for checking in.  Not looking right now but if things change I'll reach out.  

Thanks Corey.  Looking forward to it.  Headed out of town for the next few weeks, will touch base once we are back in town. 

Thanks Tristan. Got a son in Denver and actually Headed there next week.  I'd love to visit with you about your property experience in Bloomington.  Got some time this week to connect? 

Congrats Chris!

It's never low-balling when you do your homework and make an informed decision on price that works for you.  So while you "always" have the potential of a "substantially lower than asking price" offer being seen as unreasonably low in the "eyes of the seller".  You have to make "informed" offers based on the deal you want to get.  It's one thing to make crazy low offers all "willy nilly" on properties day in and day out that you aren't serious about buying, its another thing entirely to have a system and follow your system for evaluating a deal and making an offer at a price point that works.   

I like to "decide before I have to decide" and one of those decision has been- I don't allow the seller to stay on as a tenant.  The potential for problems is just too great.  So while I've never personally rented to the former homeowner, I've never seen an example of that working out well.

I've made tons of mistakes but the one I want to share is not a mistake I personally made. The biggest mistake I see new property making is telling tenants/others that they are the owners.  I understand the excitement and zeal of being a property owner for the first time but introducing yourself as the owner is a HUGE mistake IMO.  For example- as the owner of head honcho you are the decision maker, meaning people come to you expecting you to understand why the rent is late, damage is done (not their fault) and on and on.

As the PM and just an employee, you basically are able to employee the straw man approach.  I just work here and have a job to do.  If the money isn't here by tomorrow, you've got to go. Hey not hard feelings.  I bought a block of 70 rental homes in one purchase and from the day of my initial walk through to the day I sold the last property,not a single soul knew I was the owner.  

Just food for thought!