All Forum Posts by: Karl B.

In a similar situation someone on BP once said use a dog whistle and the dog will start barking or whining. 

I always thought that was a super clever idea. 

 Contractor. But I'm lumping tradesmen into that category. 

And 'finding' them isn't half the issue - it's getting them to show up let alone commit to a project. So frustrating. 

Thank goodness of the tradesmen I work with the most (handyman and plumber) they show up quickly - but my electrician - it's like I have to call the guy once a week over the course of a month to get him to show up (the reason I deal with it is he charges less than half of what others charge and he does good work).

Call the local gas and electric companies and ask them what their protocol is for separating both gas and electrical meters.

Some companies won't charge you to install multiple electrical and gas meters (and some will). 

If they don't charge (or the charge is a cost you're OK with) have the appropriate tradesmen view the property to let you if there will be any additional costs (you may need to install a furnace/water for each unit, etc.) In the long term it will no doubt be cheaper for the tenants to pay their gas and electric so factor it all all in and adjust your offer if you go under contract. 

If you're responsible for utilities, natural gas cost can get ridiculously high. 

Most come from Facebook, some from Zillow and Apartments.com

I no longer post on Craigslist because in my market, it sucks. 

If I see a good deal I pursue it but I'm seeing a lot of clown numbers out there. As one of my realtors stated when I saw him at the gym, "Sellers are telling me they want to sell at what homes were going for a year ago and buyers are waiting for the prices to go way down."

I see more price reductions in my market but the fun won't begin until inventory stacks up. 

This combined with the fact The Federal Reserve is pushing for more unemployment (I figured I would link an article to my statement: https://www.cbsnews.com/news/f...) and tends to overdo whatever it is they attempt to hit their target, and I see more foreclosures added to the inventory but of course that process takes quite a bit of time (the unemployment and rise in inventory will happen much sooner than the foreclosures caused by Fed Intervention).

At this point I'm still fixing up all the properties I bought over the past 12 months (removed the last of the problem tenants and am working on those last few units) so I'm in no hurry to accumulate more value-add but I should be finished bored, and eager for deals by the time spring rolls around. 

This reminds me of a funny story. I can't stand it when a potential tenant shows up to a viewing. 

I had an appointment to meet a couple at a specific time. I typically schedule viewings when I'm at a property doing work (since half the time potential tenants don't even show up to an appointment) and on this day I was doing some landscaping. 

The people show up at least half an hour late and ask me where's the guy who is showing the apartment and I respond, "Oh, he waited for ten minutes and then he left in a huff." 

They just sort of stood there for a few seconds and then sauntered off to their car. 

Bird dog, show apartments for landlords, mow lawns/clear snow, work for a tradesperson, get a summer/after-school/weekend job working for a realtor, PM company, etc. 

Wildest thing I can post on BP that won't get me in trouble: a SUV sped by, closely followed by two BMW coupes. In the third car in the chain, the driver was driving and a passenger was standing through the sun roof, shooting at the SUV with his hand gun. 

I do all my landscaping in my local market as well; I do a better job than most landscapers would do (I know a few who do great work but they charge a lot) plus it's a good way for me to get some sunshine and cardio, which I very much enjoy. 

Also, it's a great way to meet the neighbors, who give a lot of good intel (including properties that are/could potentially be for sale).

Since I enjoy it, for me, it's a no-brainer. But if you dislike it, consider hiring it out. 

Heck, I despise sanding spackle, and am planning on hiring someone to do it; if you're not keen on lawns and have the cash flow to hire it out, go for it!

how do I get rid of this?

Self-manage. It's the best thing I ever did. And sadly, I did a better job of managing across the country than any local property manager in my town could (I dealt with several who were managing properties I purchased and those I dealt with prior to closing were inept).

Also, don't forget: when your PM calls a plumber or any other tradesman, they'll likely charge a percentage (often the standard 10%) to the tradesman bill. So the $200 a plumber might charge would cost you $220 as the PM adds that 10% surcharge.

If you are able to self-manage - do it! Plus you'll learn a heck of a lot more than if you hand everything off on a PM.