All Forum Posts by: Justin Hutchins

@Carl Fischer thank you I will look into that. I don’t have enough properties that I can justify I book keeper but would like to be able to track and run a P&L on each. I spoke with a CPA and she recommended QuickBooks but there are so many versions.

What program does everyone use to to keep books on your properties?

@Ervens Oge I would love to meet up one day and talk about it. I have a couple prospects that I am lookin at and maybe we can help each other out on them. Can’t seem to get them to commit to anything. I am going to Florida this weekend but I will be back in Brunswick all next week.

@Bo Edmond Sorry to hear you lost a home to the hurricane I also have a rental in Panama City I was very fortunate that I didn’t get an extensive amount of damage to the house but I am going to need a new roof put on. My tenant is still living in the house and has power and water back now. I was really nervous because I just moved out of this house and didn’t know if it would matter to my insurance that I was renting it out but they asked no questions and I didn’t volunteer.

@Jennifer T. That’s good to know, that’s a lot like what my parents did with their property. Uses a tenant that was a carpenter by trade to rehab a fix and flip and it worked great for them.

@Doug Pretorius I like the angle your taking with taking over the payments... but how do you execute that deal??

@Ashley Burks I have only made called about a couple houses this way but the second one is an older lady that ownes a house in the town I live and she it talking with her son to see if they want to sell. I have talked to her a couple times and it is looking promising but no contract yet so we will see.

So I have been trying to find wholesale deals a little different way, although I haven't had any success yet, but I have been driving prospective neighborhoods and finding vacant properties and i use the LandGlide app to find the owner and flip over to the Whitpages app and get their number. What are your thoughts on finding prospects this way?

@Rich Senyszyn I could see it causing some issues. Im sure in the court room they could always say "well we did this and that in exchange for rent" very good point!! I actually know the tenants personally which makes me curious... What are the opinions on renting to people you know? Sounds like that would be a NO vote from you also LoL

So judging by the overwhelming amount of NO votes this is a no brainer. I did see it work out in one unique situation with a tenant my parents had. The actually used a tenant to rehab a fix and flip on another property. In this situation the tenant was a carpenter by trade (mine are not) and did amazing tile work. They did put it on paper and as he completed a specific task they gave him credit on his rent. 

@Nathan Gesner I like what you said: 3. Don't make improvements just to keep a particular tenant happy. They'll see you as negotiable and they'll try to get negotiate other adjustments. If the property needs a fence and you wanted to put a fence in anyway, that's a different story.

I was planning on putting a new fence up but I also have to repair or replace some appliances so I am waiting until i find out what to do with those first. 

A friend of mine also said that he doesn't improve anything right away, he waits until they have been in there a while and paid some rent before he starts making improvement at a tenants request.