All Forum Posts by: Joshuam R.
Joshuam R. has started 40 posts and replied 257 times.
Post: Anybody Done BNB Bootcamp?
- Specialist
- Florida
- Posts 270
- Votes 91
@Michael Baum is the BP STR bootcamp teaching anything about arbitrage? or just the buy your own property model.
Thank you.
Quote from @Luke Westmoreland:
Hello Everyone! I am a senior in High School about to graduate and am very tempted to drop the idea of going to College and dedicate the next four years of my life to working full time and saving all of my money to put into buying rental properties. However, I am one of the lucky kids who’s parents are willing to pay from college (I did get scholarship as well) so I could essentially get a degree for little money out of my pocket, but is it worth wasting the four years for a degree that I don’t think I’ll use? One of my biggest benefits I have going for me is my age and how young I would be getting started with Real Estate if I didn’t go to College. What is everyone’s advice on this idea?
At the end you will either get addicted to real estate or slightly interested.
At the end if you have not mastered the habit or mindset in running a budget you will get started. (if you have bad debt, find the balance to take care of those, keep good debt for growth)
At the end if you already do master budgeting and restriction or after you do, you will have to make a new choice either live on neutral, or super charge it with 10x habits.
All of these are not supposed to be perfect. But can help to clear up your current Lense.
Embrace the messages and nuggets about somehow in the mix of it all bring balance.
Best wishes!
Post: Difficult High Maintenance tenant from Hell, Complains about everything
- Specialist
- Florida
- Posts 270
- Votes 91
Quote from @Tim Herman:
@Atul Mohlajee use the Happy clause. Tell her that it seems the apartment doesn't meet her expectations and you will let her out of the lease. If she wants to stay tell her that the apartment she rented is how it will stay and only repairs necessary for habitability will be done.
Nice, I like this, will keep in my back pocket.
Post: Is Rich Dad Poor Dad Worth reading?
- Specialist
- Florida
- Posts 270
- Votes 91
No is not!!!! do not read it.... but totally worth it 100% in audiobook. That way you can rest your fingerprints from turning the pages.... yes yes, I am one of those that had that book redirect my path in life, that book and all self-development books worth it. Best wishes.
Post: It's about PEOPLE, not HOUSES.
- Specialist
- Florida
- Posts 270
- Votes 91
Quote from @Joe Villeneuve:
Thanks for providing our weekly Kumbaya moment. My heart is all fuzzy and warm all over. No wait, that's indigestion. Rei investing is all about money. Notice the word "investing" in the activity we call Real Estate Investing.
That's not being cold, mean spirited, greddy, etc..., that's just being practical. This doesn't mean you should make all your decisions based on the bottom line of "what's in it for me...the REI"? However, the first thing you should focus on for every REI transaction is, "what's in it for me".
Now, when you do this, chances are (very strong) that you need to make sure the Seller gets what they want/need, or the deal isn't going to happen, but the idea that REI is all about them is....?!
Uncle Joe, spitting that weekly clarity.
Post: U guys r a bunch of powerless landlords.
- Specialist
- Florida
- Posts 270
- Votes 91
Quote from @Joe Villeneuve:
Quote from @Joshuam R.:
Quote from @Joe Villeneuve:
Quote from @Bill B.:
You chose a bad property manager, pick a new one. If you dare to say you don’t have one, then look in the mirror. With a dozen properties over almost 25 years (300 property years) I’ve had one tenant stiff me for almost $500 more than their security deposit. This was in the middle of Covid and their trucking business had been shut down by the lockdowns and they were destroyed financially. They had been tenants for over 7 years. That’s it. Should I budget $2/year in case lockdowns come back?
This is like working in your own car, wrecking it, and then saying mechanics are all idiots and thieves.
Here’s some new advice, sell the property and invest the properties in stocks. It’s a lot easier than researching properties (I just realized you could have purchased a bad property or in a bad area as well, so including it here.) and property managers. (Still the most likely problem.)
Good luck in the future.
Ps. Under the heading “unintended consequences” I’m pretty sure you will only get the worst tenants that don’t qualify anywhere else if you charge above market to move in. You certainly won’t get the best.
Pps. I would have assumed this was just a troll and not a real request for help, but you did already have 50+ posts, so hopefully not time wasted.
I'm also trying to figure out how raising the rent high is going to attract better tenants. REnt isn't set by the landlord, it's set by the market. If they're not charging market rent (too low) then that's on them. If they charge over market rent, then they're only going to get the worst tenants...the ones that nobody else will rent to, because they're the only ones that will pay over market rent,...because they have to.
That one statement tells me more about who/what went wrong here than the rest of his whining. My suggestion is for him to go to his local clothing store, and invest in some big boy pants.
The charging over market observation, good one. Would you weight that differently if aside to charging over market rent with a strong security deposit (2x more of a months rent), along with strong work history, decent credit score showing payment history negatives only placed on small accounts, but big accoutns all paid on time, like housing, car, etc.
The best way to make sure you're paid is to use one the many websites that will collect the rent for you,...automatically. I won't sign up a tenant without this. Since the first time I've used this, not sure how many years ago, I haven't had a missed payment. Late ones sometimes, but the auto collect will also auto "late fee" them for insufficient funds...and let you know about. I've had this happen a few times, but never a repeat offender. It's amazing how the money is always there when there's an auto withdrawal that's going to happen.
Exactly lol, that's how we set up our first year, direct deposit, 2x security deposit, monthly auto gmail reminders of payments, when they sign, they had 3 days to do the two test transactions if not the lease would not be valid. All went smooth, they have been and are still amazing tenants, now in year two I did just that of what you mentioned, I switched to an online platform, so they deal with it and also deal with late fees if any. Looking forward to more good stories like these results. This next thing I will say is strange to me because I have not ran into before or after , probably will once I get the other properties, but the one thing that was a very strange recurring pattern for me were individuals with a sad story of circumstances ready and willing to pay 3 months of rent and also 3x the deposit we were asking for....but I filter that non sense and headaches out quick once I directed them to fill our application.
Post: U guys r a bunch of powerless landlords.
- Specialist
- Florida
- Posts 270
- Votes 91
Quote from @Joe Villeneuve:
Quote from @Bill B.:
You chose a bad property manager, pick a new one. If you dare to say you don’t have one, then look in the mirror. With a dozen properties over almost 25 years (300 property years) I’ve had one tenant stiff me for almost $500 more than their security deposit. This was in the middle of Covid and their trucking business had been shut down by the lockdowns and they were destroyed financially. They had been tenants for over 7 years. That’s it. Should I budget $2/year in case lockdowns come back?
This is like working in your own car, wrecking it, and then saying mechanics are all idiots and thieves.
Here’s some new advice, sell the property and invest the properties in stocks. It’s a lot easier than researching properties (I just realized you could have purchased a bad property or in a bad area as well, so including it here.) and property managers. (Still the most likely problem.)
Good luck in the future.
Ps. Under the heading “unintended consequences” I’m pretty sure you will only get the worst tenants that don’t qualify anywhere else if you charge above market to move in. You certainly won’t get the best.
Pps. I would have assumed this was just a troll and not a real request for help, but you did already have 50+ posts, so hopefully not time wasted.
I'm also trying to figure out how raising the rent high is going to attract better tenants. REnt isn't set by the landlord, it's set by the market. If they're not charging market rent (too low) then that's on them. If they charge over market rent, then they're only going to get the worst tenants...the ones that nobody else will rent to, because they're the only ones that will pay over market rent,...because they have to.
That one statement tells me more about who/what went wrong here than the rest of his whining. My suggestion is for him to go to his local clothing store, and invest in some big boy pants.
The charging over market observation, good one. Would you weight that differently if aside to charging over market rent with a strong security deposit (2x more of a months rent), along with strong work history, decent credit score showing payment history negatives only placed on small accounts, but big accoutns all paid on time, like housing, car, etc.
Post: Trademark question
- Specialist
- Florida
- Posts 270
- Votes 91
okay, interesting thread from 10 years ago.....what was the ending of this story?
Post: PostCard Automated Services
- Specialist
- Florida
- Posts 270
- Votes 91
Quote from @Jake Soper:
Hi @Ahmad Mian , I'd be happy to help with any direct mail questions. Same for you @Kyle Curtin, and thank you for the recommendation! Word of mouth continues to be our best marketing channel.
Despite what the nay sayers think, direct mail done in a targeted and personalized manner does convert. Many of our top customers use direct mail in tandem with a highly credible + converting website.
"highly credible + converting website" meaning your own company site.
Post: InvestorLift Software Feedback
- Specialist
- Florida
- Posts 270
- Votes 91
What I want to know is which mofo gave investorlift my email contact. Now I am bombarded by many sellers. lol