All Forum Posts by: Jim Walters

Thank you for the responses. It sounds like you don't get much for your $30 or so per month from BP compared to free users. BP seems great for beginners and it's great to see people that it's helped willing to "give back" by paying for Pro. Hopefully as I use BP more, it will help me as much as those who believe they need pay for what they learned and other benefits they received by using BP. I do think, however, BP should offer more incentives to those paying a extra $290 or more per year. Google has saved and helped me numerous times. I have yet to send them a check.

I have been on bigger pockets for a year now. I like the information, but a lot of it is basic and newbies asking questions on how to get started. So my question is for pro members. Is the price worth what you get in return? I currently own 7 rental properties and looking for my eighth. I am always trying to learn and gain as much knowledge as possible? Does the pro membership offer more advanced discussions and topics? Thanks in advance for your help!

I do this type of investing. All of the properties I bought have average to above average schools. My properties do very well. I have good workers I use to fix up the properties at very reasonable prices. I also have other properties that I paid double the price for. The renters in these properties still have issues and things still break.

For your plan to work, your renters will be paying over a $100 a month in additional expenses with no increase in service. Properties I see listed for rent with utilities included, the rent is a lot more than those where renters pay them. Also, the leases on these units probably say utilities included. Once a lease expires, you could change the terms. However, a large increase in rent may have your current renters looking elsewhere to live.

Darrin, thanks for posting this on BP.  I did not realize there was an event like this.   I will definitely RSVP if I can make to the June meeting.  Either way, I will add future meetings to my calendar.   Thanks again. 

For your area, is the rent you would be receiving after the work is done, a good return on your investment? And how is it compared to your other properties? It sounds like you could have $900,000 into this building. Depending on your market, you may find more attractive deals with less risk.

I agree with Wes. Agents must present all offers. I had a agent let me know if I wanted a property I may consider raising my offer. This was helpful when buying bank owned property. However, if I did want my current offer presented regardless of the outcome of a past offer, I would find a new Realtor.

Omar, I can meet up today.  Let me know when you will be there.  

I emailed you earlier in the week so you can let me know through email.   I can't post my email address here per BP rules.  The email I sent has a hotmail address.

Hope we can meet up today!

Jim

I find the best way to get renters to pay on time is to state in lease that there is discount if the rent is paid on time. If I want to rent a place for $500 a month, I put on the lease "that if rent is paid by the 1st of the month, rent will be a discounted to $500 per month. Rent not paid by the 1st for any reason will be $550.00 per month." I put in late fees if the rent is not paid by the 7th of the month. I find this works a lot better than late fees. There is a stigma about late fees. But everyone loves a discount. My renters on this type of lease almost always pay by the 1st and never ask for the discount price to be extended. But if no discount is offered in the lease, I find they usually pay a few dates late, they hate late fees and they try not to pay them.

Omar, congrats on your purchase. Being from this area, I am thrilled someone is trying to improve the area. I looked up this area online and it is full of vacant and poorly kept buildings/homes. One idea might to have investors ( possibly from BP, piggy back your purchase and buy other deleted house in this area. This area is definitely questions but can be turned around. Any help I can give, I would be pappy to do so. I can send references. You will see I and good at bringing projects online timely quality work. Any questions, feel free to call me. Jin Walters Seeds4life