All Forum Posts by: Levi T.

Bitcoin 🔥🙌😂

I agree with @Joe Villeneuve, there are so many ways to form deals, it’s only limited by your ingenuity. If someone wants to be rich, they will work 20 hours a day to get there till the day they die, even if they never make it, they have a vision and they won’t waver from it. 99% of people won’t do that, thus they never arrive at their dream.

Thanks for sharing @Jordan Moorhead

I decided to do a market test in our area. We always have something up for rent, so I grabbed one of the units, copied stuff over, and posted it to FB marketplace. Within 48-72 hours we had 457 people look at it, out of those 3 people contacted us. The only other houses in the hood where listed for $1,145.00, and two others for $1,300. We are listed for 1.1k and we just remodeled it so its' super nice. Anyways, the conversion for us was very low, only one for every 153 people that viewed it, or 0.656%.. That's right around 1 to 1.5 leads per day. Compare that to the last house on the street that we listed for 30 days, that did 2.967 leads per day using Zillow.... Which interestingly (thinking out loud) means only 1.12% of applications qualified to rent.

I would spend all your time farming with letters and networking till you don’t have to farm anymore, or just never stop because it works.

Thanks for y'alls input, the question is about the current courts position in Virginia on the matter of winning debt for the time vacant, not really about cost, drama, or garnishment.

Frankly I don't care if a tenant breaches their lease, as long as we get what's due per the terms of the contract in court, collected or not. The process of junk debt collection is another topic in itself.

I've noticed recently one of my agents are having some performance issues with tenants, mainly tenants look to be walking all over this agent, they dictate to her whatever they want, breach leases to move somewhere else, etc. It's so much, that we see at least 1 per month out of 100 units, so I have instructed her she will take everyone or anyone to court for vacating early in an attempt to try and help her put her foot down, and control the issue.

She followed the process and took a few people to court, and at least one of the cases that I am currently aware of was dismissed by the judge on the bases the tenant moved out. They went as far as dismissing past due rent for the last month the tenant was in the property, but also the follow month that it was vacant due to the tenant bouncing out with 3 day notice. The agent keeps reminding me of this when we talk about these type of tenants, saying that the judges are now not permitting us to collect on these items... To be clear, we are not trying to collect on the full contract, only the rents owed for the time a tenant was in the unit, or owed rent while we where trying to get a unit rented due to a tenant vacating a unit without notice.

I've spent my years working landlord cases in Virginia, so I am very comfortable in a court room on this topic, and I know from time-to-time a judge may dismiss a case that would normally be won by us. I also know overtime the courts shift their views on things, normally when new judges get seated. Without me having to grab a suit and go hangout in a court room, to take the courts temperature in Virginia on the topic, I wanted to see if anyone else in the last 12 months or less have been running into the courts dismissing, or not dismissing, your lawsuits for rents owed between the time a tenant vacated a unit and you got it rented?

 I got a participation trophy post 😂😂😂

140 units... no partners, not a syndicator making a percentage.. just keeping it simple, nets $740,000 in rents after expense each year with debt services, also will average a little north of 5.6 million in instant net equity at the closing table.. do that for 20 years of buy and hold.. no one ever likes the beginning, but they all love the ending, 20 years in the making - warren buffett simplicity

There is no limit really. I’ve mailed the same people 1-4 times a month for years on end. 

The only answer is what is your next critical step to moving forward? Do that till you have completed it, then do the next step.

Don’t have a deal, go find one. Keep doing this till otherwise. Need funding, go find it. Keep doing this till otherwise. Need service providers (“your team”) go find them. Keep doing that... Keep repeating.

If your like me, you will be sitting around at midnight pecking away at finding or working a deal, maybe emailing someone in your network. I normally work in the morning and evenings, spend my days living life.

Market has tightened up a good bit in our areas as well, economy is starting to get going, and that means people are looking on the brighter side of life.. that don’t mean you won’t get deals. Heck I have a handful of deals to callback just this week... I don’t care what it’s worth, I have a set price I’ll pay and that’s what I’ll pay, not a dime more.. I use commercial lending in the sub 5% range. You need to work on building a better network to get deals no matter market price, and you also need to build out your financing network as well. Good luck!