All Forum Posts by: Katrina M.

@Matt Mitchell

I would like to commend your decisiveness. Moving from a life-style place elsewhere to invest is not easy. I am saying that because I am about to leave one of the best life-style places in the world which I love but which does not tick this crucial box. 

For this reason I'd like to ask @Account Closed: How did you get accustomed to your new home? What helped you? 

What a great discussion!

@Steve Rozenberg here are a couple questions for you:

1 Is it possible to include into a 2-year lease contract a clause that next year the rent will be increased by X%?

2. Do you prefer to convert to month-to-month after the first year is over and why?

3. Do you consult with the client (property owner) on what they prefer? Of course you know the market better because you specialise in it but have you ever been instructed by your client to sign a very long-term lease?

4. Since you deal with A-class properties, what do tenants prefer? Have they ever asked for a long-term lease?

@Eliot M. I very much like @Matthew Paul's idea of just putting up a sign to say this house will be sold soon. 

Not sure if painted windows can deceive anyone. The house is very close to yours and it will be too obvious. It may look ok on a photo, but not in real life.

I think you need to call this owner daily. I doubt he is such a seasoned negotiator and that he is trying to stretch the time and make you more motivated and so raise the price. This house is just not the top priority for him. He pays the bills but he does it together with his other bills. 

Make it super easy for him to make a decision. For example, if you want him to sell it to you, maybe offer to drive the whole team to his place and do the signing there. If you want to lease for 6 months, maybe prepare a one-page contract where he can just write his name. The contract will say he leases to you the parking spot and allows to take off plywood and install windows. Then you can park your car there and the property will look occupied.

@Eliot M. can you post a photo of this boarded up house? 

I really like the idea of painting windows and door on the plywood. 

Also, I am thinking, if the house design allows, maybe you can put there fake shutters made of say, foam core board? Similar to these below.

@Luke Carl

From my experience in working with various people in different spheres, anyone who is ready to jump like that, without any foresight, is potentially a trouble maker.

Right now I have one such person who has been chasing me for months saying how much he wants to take part in what I do, was taken on board and all of a sudden went off the radar, ignores emails, chat messages, sms and sends phone calls to voicemail - all the while posting happy photos on Facebook.

If you told your potential mentee/partner to read the books and listen to podcasts and he dismissed your advice, he is going to dismiss your other advice and do what he thinks is right - without ever asking you beforehand or even telling you after he's done it.

@Concetta Parsons If you are ready to spend half a day or more and have enough patience then you can definitely do it. I have re-grouted the shower and it was much more work. If I have to do it again, I would try to be more patient. The biggest frustration comes from it taking more time, especially when it's you first attempt. Otherwise, it is doable. 

Hi @Donny Widjaja

There is a great how-to explanation on buying a multifamily property in a wonderful book by Ken McElroy The ABCs of Real Estate Investing. It is very easy to read and full of examples.

@Nick Vehr, from working with other people who hired me to design their houses, I learned that they are happy with the result if they work with me hard and tell me what they want to be done. Yes, I know what to do, but everyone is different and in order to keep my clients happy I need to know what they like and what they don't like, what they expect, what they would hate to happen.

The best results have been where my clients put time and effort into our project. They reviewed my work and gave feedback. When they don't give feedback I ask and chase them. If I give someone something to review, I email them and call them until they do their part because without it I don't know if they are happy and whether I can move forward.

It is the same in any service business. If you - the client - get someone to do a big job for you, you will have to work with them. This is why I agree with @Isiah C. - it's not a completely hands off experience. You will need to put time into it in order to be happy with the result - even if you get the best property manager in town.

@Brent Coombs You prompted me to look more closely at the docs and it turns out all these loans taken in this short period of time were secured by different properties. They bought at least five properties in one street, renovated and modified them, also bought three properties in another street and a bunch of separate ones. 

It is sad it did not work out for them in the end. 

HI @George M.

Welcome to the forum! Congratulations on joining like-minded people who like helping out each other.

Being a residential architect I am fascinated by warehouses and offices. One of my silly dreams is to own them. (I call it silly because they must fit into a strategy and so far they don't!)

Do you mind me asking why did you decide to invest in residential while you have that much knowledge about commercial?