All Forum Posts by: Levi T.

@Account Closed 

I was building my own startups when I was 14, never stopped, still do. I won’t be your mentor, but will drop some pointers.

Tech has been and still is the future. It’s the one haven where you can hide in and build companies, buy domains, hosting, build stuff, and most important collect money!

My three kids have their own streaming channels and earn money, my oldest is 12.. 

Your going to fail a lot of business ideas, that’s ok, but you need to start building small businesses, bigger and bigger as you go. When your ready for real estate, or buying other solar systems, you will be ready because of all them other businesses you tried to build, failed, and built again. Them business with little cost, but has a chance to be a lotto ticket game changer, like twitch, Snapchat, Facebook, Amazon.. low entry cost but high returns if they hit is what you want right now.

When I was your age, I had some dumb sites, but they earned money. Some earned a dollar or two, others earned thousands, tens of thousand and one day millions. It’s a long road to success. Real estate can abosully mess you up if you make one mistake.

Now with that said, there’s one rule you must follow in life. Do what you love, if you stop loving something, pivot and do something else. Good luck!

They called us. Our investment group has a strong brand in the region. Some hoods we own in, our sold and for rent signs span blocks and blocks. People know who to call, plus agent referrals are solid. Most TH rental communities in the region we own 10%-70% of the houses.

We keep them in place, and time the exit. For example, we put 3 units on the market this summer. All had tenants in them, so we gave them notice we where selling, and if it went under contract their lease would terminate in 30 days. Tenants complied with our needs and let us show the properties without little issue. Just keep it in normal business hours. If a tenant refuses a showing, we have another clause that fines them $125 per refusal. One unit we took off the market after we did not get the high price we where hoping for, once again we just informed the tenant we decided to not sell it and would continue to rent to them for many years to come. 

We've been working the Fredericksburg and Stafford area for a long time in NOVA. Normally when we buy units in the sub 100k market, they need a lot of work. Landing a unit in this condition is a rarity. Closed on it yesterday, and already have it leased, tenant moving in this weekend! 👊

It's an interesting idea, best you can do is try it and see if it works. Frankly I think I would just opt for a long term rental, but keep it month to month or 6 month, lots of LL's do long term rentals on month-to-month bases. When your ready, boot'm. Our lease has a termination clause written into them just for this. If we put our property on the market, we have the right to terminate the lease agreement. Sometime we want some quick cash for another deal, so we pick a unit we think we can move fast, pull the trigger and done!

Some title companies have escrow services that are not related to a closing per say. You can setup a process where the assignee purchaser will escrow the money in good faith of closing, once things have closed according to the contract, the title/escrow company will release the funds to everyone accordingly.

 We have not. However, I think this could be a great idea for larger portfolios that have a few hundred tenants as we do. I tapped my Sr. PM after posting that, and started bouncing ideas.. Our average rent is $900 - $1,300. In our state we are allowed to charge a max of 2x rent for a deposit, so what if we systemized deposits to be a flat $1,500, or they can pay $75 per month for a warranty on damages (only damages) of up to $1,000. This means they pay $900 per year to this fund, and that means for every 100 units that signup, we generate over $90,000 in additional income that goes right to the bottomline. We can also require the program to have a 2 year lease agreement, which adds value and slows turnover rates. I think it's a win-win, those who don't care about their deposit will damage your property anyways, and the cost is always much higher than the deposit. For those would would care about a deposit, they fear the courts and a lawsuit for damages.. We have no problem getting deposits or renting units, we rents them faster than we can rehab them, but I think we are going to do this ourselves, it's huge!

@John Hagen Do one better, take the deposit amount and divide it over 12 months, and apply it to the rent forever, not as a deposit, but as rent. This means they pay the amount of a deposit every year they stay. If they stay for 3 years, you’ve earned 3x the amount of a deposit via the raised rent. You can also run this as a promo by advertising no deposit needed. Your just introducing the deposit in another format as rent and everyone wins.

Your likely better off splitting them up and selling them off one by one. I’ve seen this a lot man, LL’s get to 60-75 years old and finally decide its time to call it quits. Those who can rehab sell at top market price, or sell off the entire portfolio for a heavy discount.

Frankly I think it’s the hard truth for most Landlords, there’s no easy exit unless they own hundreds of units and have children to off load them on.

You can’t 1031 out, taxes will be due, but you may be able to buy land tax credits at 60-80c on the dollar.

Look at people’s core needs. Jobs, education for jobs. First thing I look for is strong population growth. Normally that leads to a university and job growth in the town.