All Forum Posts by: John Leake

@Lisa Connor

One of my favorite sayings is “when in doubt zoom out” think about big picture and long term hopefully this isn’t even a blip on your radar! Good luck

@Lisa Connor

A lot of this comes down to how good the tenant is and how expensive the repair. Have they been paying? Would you like them to stay? I see these type of things as opportunities to build value in your tenant landlord relationship. I would likely just pay for it and move on.

@Carol Burns

I just do no pets period I feel like it makes life easier in the long run!

@Nathan G.

Thanks for the feedback I’m not against using two different softwares to accomplish my needs! I also agree that up till about 10 units excel works fine. That’s what I’ve been using this far. I am planning to continue growing the business and do feel it’s time for that next step. Which in my mind is setting up some software to help me keep everything straight.

I have a couple ideas for you both stolen from the podcasts!

1. Go to your local hardware/ lumber store and got to the contractor desk and ask for recommendations. Those guys see more contractors and will know which ones are there the most and that they have a good feel for.

2. Look for new construction subdivisions in your area and see if you can stop one day while they are working and ask them. Most new construction subdivisions have a group or two of teams that work but still sub some things out they may also have good recommendations or even offer to help as well.

Those two are a little more off the wall I'm assuming you have already tried the normal route of online listings. I would just ask for references from anyone you have never worked with before so you can try to vet them a little and never give them all the money up front. For larger projects I would even set up a draw schedule. When X work is completed i will pay X, map out the whole project with them and set reasonable timelines and then stick to it! Good luck to you

I would have a hard time letting the asset go if it has appreciated that much and has potential to go higher in value. Will it cashflow if you get a couple tenants into the property? Or at least become a good house hack situation? If it will cashflow and you have an asset that is increasing in value, it would be hard to let it go. Here is a link to the Calculator tools here on the site which might help with the math and a visual representation https://www.biggerpockets.com/... . If it wont cashflow I would look to 1031 exchange the property if possible into something that will you would want to get a qualified intermediary for that so its done correctly but you may be able to end up with cashflow and appreciation in another property! Best of luck to you

Sometimes small single family homes can be the best investments! I feel they typically attract longer term tenants that want to make it a home. It's also a nice bonus to be in a neighborhood that you may want to continue investing in or live in. Worst house in the best neighborhood isn't a phrase for nothing! Nice work hopefully things continue to go well for you.

@Michael Williams

Unless you have a previous relationship with a hard money lender I think it would be a rare find to get one that will loan to you without you having skin in the game. It isn’t personal but for them it’s an investment as well except the investment is you. Hard money lenders don’t want the asset just a return on their money. I think you are on the right track looking for seller financing just keep in touch with the ones that said no and keep looking one will land eventually! The right place at the right time is key and these deals you are looking for are going to be hard to find! Best of luck to you!!

@Brandon Palmer

I usually do 1 year at whatever rate is fair a 6 month lease at 10% higher and month to month 15 percent higher those are rough numbers i usually round. I also try to explain that the most time spent as a property manger is turn over so we try to incentivize staying longer periods and also avoid winter vacancies. Who wants to move in the cold! In the end your reputations is important and a few months empty hopefully wouldn’t be the end of the world. Good luck

@Peter Wellman

You can always look for one that needs a little work and reach out to the owner directly to see if they might be ready to let it go. Off market might be a little more work but could end up being a better deal.