All Forum Posts by: Julie Fullmer

Dennis M.

Very Funny!!! 😁

(I don't know how to tag someone in new post) 

Julie 

Dennis M.

Very Funny!!! 😁

(I don't know how to tag someone in new post) 

Julie 

Hey everyone, 

Thanks for the replies, 

The house is in what I would call a low B neighborhood (was our residence) and most of the time I believe they bring the rent to my MIL but  then she has to be there to collect and go deposit etc. And you are right it wouldn't be nice for her to get mugged for the rent. 

 Ah ha, 'paynearme' I wish that was in NM so I could have the renters use that.  

We are based overseas currently and had lots of issues with the management company before they wanted to raise their price to somewhere around 18%-20%! 

So my MIL said she would help us and we dropped them. We may try and find someone else next visit. 

I understand their reasoning for cash it just makes business more difficult. 

Thank you very much for your advice, 

I really appreciate your time, 

Julie 

Oh the school of hard knocks....

We have handled being landlords all wrong but now are trying to educate ourselves. How do we go about teaching our renters to be good renters when we started out wrong?  For one we didn't have a 'no cash' policy in our lease. (actually it just never dawned on us that there might be people who didn't use normal banking protocols.) I was excited to hear Brandon mention the cash paying thing he uses. (I forgot the name of it) but it isn't available in NM. They are not really good about being punctual but do pay the late fees. The biggest issue is trying to streamline things so my MIL who is acting as agent for us doesn't have to deal with trying to meet up with them to get the rent etc.  The lease doesn't renew until Oct. We will be visiting in a few weeks so we can set up some new protocols just not sure how to approach this?

It's only by God's grace that we didn't drown! I thought we were going to a few times! 😂 But after that trailer and two foreclosure purchases that were in pretty bad shape and another off market property that we put a ton of sweat equity into later, Wow, what an education! 😁 

Our first home (before we knew anything about investing) just out of college... Was a single wide that had been badly remodeled. They had built a wall in the middle of a window. Plus a bunch of other things we should have seen but we let emotions get in the way of common sense. It was clean and "new" looking, had a garden tub and we could make the payments. That place Plagued us for years!!!! When we had to move for work could only get horrible renters but boy did we learn a lot of lessons. 

I have a property that I am interested in buying to rehab. Across the world. Built in 1920, 3/1 basement it is in rough condition but I am not sure how rough. The bank is asking $39,900 there is a large yard. Some kind of out building. What is the order of operation when doing distance deals? Will they allow a house inspection and contractors to bid work? How long do I have to get the cash together? 

I have done all this in the past as a home owner but first distance/investor deal. 

Thank you for your advice! 

Julie 

Greetings everyone! We are new to BP oh how I wish I knew then what I am learning now!!! (isn't that always the case?) 

We have owned several properties over the years. First purchase was a singlewide trailer nightmare that taught us a lot of painful lessons. We have bought foreclosures with the idea of fixing up while living in them but then because of job changes and lack of knowledge lost money offloading them. We now own rental in NM that basically pays the mortgage .... And a place in Alaska (value about 170k) that we owe $40k on a verbal agreement to my inlaws payments to start after we get our 2kids through christan college.... 

Due to health issues and location (based overseas for another year or two) I am not working so surviving on husband's income. 

I have struggled trying to figure out what I wanted to be when I grew up. (have done elderly care, childcare, janitorial, landscaping, construction helper) But I am excited about this! I love creative things and talking to people. I need to work on my organizational skills and focus but I can see myself doing great in this aspect of real estate. With our experience on our houses I know what to look for in property and what it will take to fix. 

I have money I can borrow off our 401k but at this point I really need more up front cash flow and less passive income. 

I see people talking about how cheap property is in the east and south but it seems really scary to me to own property in places I don't know anyone. We haven't had good experience with management properties. 

Any suggestions on how I can get involved to secure our future from across the world? 

Thank you so much for all of you who have been willing to share your experiences and knowledge to help others. BP is amazing! 

Julie Fullmer