All Forum Posts by: Stone Jin

@Michael Temple How did your property renewal/re-rent in Sylvania go? I'm closing on another one in there in a couple of weeks. Asking price 125, my price is 115. I need to put about 15K in. Appraisal came in as is at 140K. ARV will be around 165K. I'll rent it for $1650 probably with little issue. I think you are so close to buying that next tier product, why not save up another 10K-15K and buy a property in an A school district?

@Pat Murtha what are your questions?

Passive doesn't exist, you either manage the properties, the property managers or your employees.  All varying degrees of active.  Also no one can really provide you insight as you haven't shared your goals.  All you've said is I work a lot and make a lot of money.  Do you have 500K to start investing?  With concrete assumptions the forums can provide suggestions.  Otherwise people are going to give you the generic advise you've received thus far.   

If you are old enough to buy a property then you are old enough to be a landlord.  Many people in America rent their own home and also invest in properties that they rent out at the same time.  Good luck!

You have to treat them like everyone else. They can provide proof from the VA or Social Security or Pension or even just get a balance from their IRA/401K and bank statements to verify disbursement. I use an investigation company that does a more comprehensive check not just the instant credit/background. You should personally verify the income and then use a service to pull background and credit.

Why not buy a SF and a MF, live where you want to live and invest where the number make sense as they say. Are you trying to do low down payment like FHA?

@Aaron Lietz I was in your same position during 2011, making high income from my job and used it to fund the real estate, however those were different times.  If I was in the same position today, I'd just do what @Jay Hinrichs suggests and get into crowdfunding or syndications. They are likely going to generate a much better return. Otherwise go buy some turnkey properties in the south or midwest. I think working 60 hours a week and then trying to be a pro real estate guy in the valley would be insane right now. Nothing pencils out on MLS anymore.

@Kelsy White The real estate guys always say, live where you want to live and invest where the numbers make sense.  There are some good Toledo investors on the forums that you can always reach out to if you have questions.  

Welcome!!  Invest in Phoenix for appreciation and in Toledo for cashflow.  That what we are doing.

@Wendy Black why are you using the property manager if you are out walking the property every few months?  Why not just self manage?  I'm not sure what value is the PM is bringing you specifically, I understand the value that PMs are supposed to bring.  

Also, if the tenant paid hundreds of dollars to cover the lawn with rocks, I'm sure it looks way better than it would with dead grass or weeds 3 feet tall.  Gravel is lower maintenance for home owners too.   If you would like grass back when he moves out, make sure he pays for that.  I'm sure your lease stipulates that he returns the property in the same condition he received it in.  

As for the dogs, have you confirmed that they are there permanently or just temporarily?  I'm not trying to advocate for the tenant, but a lot of these things happen.  

To be honest, this doesn't even sound like a bad tenant.  Schedule an internal walkthrough with your PM.  If the inside is in terrible condition, maybe then terminate the lease.   I'm guess that the PM is not walking the property or doing inside inspections.  Ask for pictures from the last walk through?  We self manage in Phoenix so we are biased.  But we have 2 PM that we use for our out of state properties.  1 we like and 1 we don't.