All Forum Posts by: John Morgan

@Justin Bul

I self manage 31 properties and it’s easy. Just list your home address for all the utilities. I’ve been doing this for 10 years and hasn’t ever been an issue. I’ve got utilities set up with auto pay and they mail invoices to my home address.

@Elsa Hsu

I’m 0-1 with cash for keys. I only offered $500. I should have offered 2k. I’d just file for eviction and stop all communication. They will lie to you. Don’t trust anything they say. Good luck. I just filed for eviction on one yesterday. She communicates well, but I’m not running a charity. Don’t let these people get a few weeks behind on rent on you, otherwise you’ll lose 2 or 3 months of rent by the time you get them out with an eviction.

@Andy Sabisch

I’ve got a handful of slobs that don’t clean the houses much at all. They seem to stay forever so it doesn’t really bother me. Not everyone has clean standards like us or care. As long as they pay off my mortgages and give me good cash flow for many years, then I’m good. lol. And if they leave the place trashed, I keep their deposit and clean it up in a couple days. Not a big deal to me.

@Brandon Lee

I just closed on two houses a few weeks ago only two days after I got them under contract. Cash deal. With a loan the fastest was 7 days.

I’ve had issues with cockroaches. Have a pest control company come in asap. Then come back 3 weeks later for the eggs that will hatch. That should knock it out. Or get a years service for them to come out each quarter and as needed. I did this with two of my properties this year and it wiped them out.

@Brandon Lee

I'm a fan of cash out refis to harvest some equity to scale up for free. I've bought 14 rentals from doing 6 cash out refis in the 10 years I've been investing. I was able to buy these 14 rentals with zero out of pocket expenses. I've also done five 401k loans to use as down payments to buy houses. I've bought five or six houses with 0% interest for a year credit card loans up to 25k to buy houses. And I've used a HELOC to buy a couple rentals.

My wife wouldn’t let me use our savings to buy rentals, so I got the money by being a little creative. I paid off all these loans asap with the mailbox money. Then would repeat. So it’s all infinite cash flow since I’ve paid myself back all the money I’ve ever use to buy real estate. And the profits are around 21k/month, so I have no regrets about scaling up with equity just sitting there doing nothing for me or using short term loans to acquire more and more cash flowing rentals.

@Christopher Rubio

The number one action for me was to make an offer on a SFR 10 years ago. It wasn't the best purchase, but it got me in the game. I found ways to use equity to buy more and more rentals. I've done a few BRRRRs that definitely weren't home runs. lol. But I learned a lot from the ups and downs. And I found ways to come up with down payments to buy at least 2 houses a year with hardly any out of pocket $ on my real estate journey. I'm at 31 SFR that I self manage (13 out of state) and find that it gets easier and easier as you scale up. Good luck and reach out if you have any questions. Would be happy to help.

@Alyssa Campbell

Would it cash flow for an investor who put 20-25% down? If so, send me the deal. lol. I've bought 26 SFR with tenants in place. I keep all the tenants but the property needs to cash flow a little to be worth while. You might find lazy investors like me who take the properties "as is" with tenants in place. Otherwise, kick them out, fix it up and put it on the market.

@Dawson Burton

If you can live for free and cash flow $500/month then that’s a good deal if it’s leveraged with a loan. If it’s paid off, then not a good deal.

@Kelly Schroeder

I’ve bought 14 rentals from 5 cash out refis. I’m a fan of harvesting the equity to scale up. It’s a good way to buy houses with zero out of pocket if you don’t have the cash sitting around in savings to scale up. This has been my strategy to scale up and ramp up my cash flow. Do they cash flow much right away after I do the cash outs? No. Some only cash flow $100-$200/month. Annual rent increases make them do ok after about 2 or 3 years. But the new ones I get (for free basically) do well and my tenants are paying off all these mortgages. I’ve barely spent any of my own $ to buy rentals and have been able to scale up to 29 rentals by using equity, 401k loans, random consumer lines of credit from banks and 0% interest for a year credit card loans. I never really had much $ to invest in real estate, so I recycled equity to scale up and use OPM to buy more and more. Then pay off all the short term loans with the mailbox money.