All Forum Posts by: Jody Schnurrenberger

@Isaac El, search the site for blog and forum posts talking about Driving for Dollars, Craigslist, and using Direct Mail.  You can also use a wholesaler.

I have no idea how you got so many units without a system.  lol  My system is basically following what the BP webinars say to do...look for deals, analyze, etc.  I go by the numbers they say on the webinars--at least $200 cash flow per door (so you should be bringing in at least $7k/month right now) and at least 12% cash on cash return on investment. 

When you analyze, don't forget to include HOA fees, taxes, insurance, property management fees (if you do that), money set aside monthly for capital expenditures as well as regular maintenance, etc. I use the Rental Property tool a lot. Just today I've probably analyzed 10 properties and didn't find anything I wanted to make an offer on.

As for PM, I hire it out because I'm too nice to evict folks.  I know that, so I don't even bother to try.  I'm also too disorganized.  Hey, know what you're good at and get help with what you're bad at.  I'm bad at being a PM.  lol

Those are my systems.

Someone mentioned the possibility of folks stealing from a community storage area.  I've seen community type storage where the storage area was broken up to look sort of like dog kennels so everyone's stuff was secured in it's own cage.  (The renter supplied the lock.)

I'm mostly just bumping your thread up because I can't answer most of your questions.  Hopefully someone else will this next go around.

However, here are my opinions.  You are VERY kind to do this for them!  Even KINDER to give them $50k after buying their house.  This sounds like a terrible deal from a financial standpoint (IMO), but this is also a family situation, so there's that. 

Have you considered renting it back to them for a reduced price so you only leak money instead of hemorrhage it?  Is there a way your family could move in so you could rent your place and make up money you are losing with your in-law deal?  Do they have a spare bedroom and would they be open to a renter (especially if it's a part of the deal to, again, prevent the hemorrhage)?

Good luck with whatever you decide!

I have no idea, but I'll bump your thread up so maybe someone else will answer as this is sort of an important (to you) question.  :-)

My parents wanted to do this to build a garage, but the neighbors objected.  I can't recall if my parents went through with the city or not, but we never got that garage. 

I tried to build a solid carport (currently have a metal/temporary one) and went to the city.  They told me I could try, but I'd probably be denied.  There was a lot of paperwork and since I was being told I'd probably get denied, I didn't bother.

I realize this isn't really helpful info, but I'm bumping up your thread so maybe someone else can give you better info.  :-)

I don't know anything about this, but I'll bump up your thread to give it another go.  Maybe someone else will answer this time.  :-)

No idea, but I'll post to bump up your thread and give it another go around.  Maybe this time someone else will post.  :-)

These are great questions that I don't know the answer to, but I want to, so I'm posting just to bump up your thread.  :-)

I'm still new, but no one has answered, so I will.  Maybe it will bump up your thread and you'll get more help.  :-)

Of all the forum posts I've read, maybe 150 or so, the only things from that list I've seen when people were talking about a deal are the last 2 and those aren't always mentioned. 

Folks mostly just talk about the property they are analyzing and if it's worth it or not.  If it's a good deal, they'll do what they can to find the money.  But like I said, I'm still new, myself.  ;-)