All Forum Posts by: Levi T.

What if you bought every house for $1, no matter if they are worth hundreds of thousands of dollars. Yes I know that's not a reality, but what if you could, what if you did. You would keep buying forever, and never ever worry about what the market is doing, right?

I'm sure you answer would be an astounding Yes, if such a dream could come true... and that, in itself, is the answer to your problem. What is the magic number that you would keep buying no matter if the market was going up, down, or sideways.

That magic number is the price you need to be buying always, because market pricing does not matter, it is only a concept of what a person perceives something is worth, not what it is worth. You can test this by knocking doors, and asking people what they think a house is worth in a photo, they will all give you a wild range. 

When you truly understand that construct, and apply it, you will buy properties well below market value no problem, all day long, and put all this silliness behind. 

Totally agree with this. Perception is everything. I drive a rusted out old Honda Ridgeline from my racing days, to all my deals, but my daily driver is a Benz SL550. If you roll up in a car that is worth more than most people's homes, it's hard to sell them on why you need it so cheaply... they don't understand economy of scale. I'm eyeing an old 1970's Ford F150 to replace the Ridgeline, classy, but old and cheap looking, best of both worlds!

 They sure can... your judgement is only at the county level, you have to take the time and go record the judgement it in other counties.. if she leaves the state or buys in another county and the title company does not search one of your counties, your out of luck.

Congrats on the 70th unit. As I'm sure you have figured out, it's all down to your operating model and how well you follow the rules you put in place. Focus on scaling it up, hire people and put them in place to allow you to focus on making deals and funding them. You could have a few hundred units in a year, if your three pilers are firing on all four.

Thanksgiving/Christmas for us, it's the bee's knees. Almost can't sign contract fast enough, right down to the night before Christmas sometimes. 

I've been noticing a seasonal change in response rates over the years. It slows way down between March - August, with June-July being the slowest of them all.

I'm interested in seeing if it's just a local, region, or nation thing, related to summer, vacations, weather, Government, or other economic changes in areas. Are you seeing the same thing, or some other change in your markets?

You need an Assignment of Lease Agreement, this has nothing to do with tenants, this is between you and the buyer. Yes you can sell a property, but not the lease agreement, if one wanted. Let that sink it!!!! Most assume it does, but the fact is it does not, it's not tied to the ownership of the land. Most judges will honor the lease agreement with a new owner even if they don't show proof of lease assignment... I don't think most tenants are that smart to bring up that motion in court.. but yes you can sell a rental property and continue to own the lease agreement. Always get an assignment of lease agreement when you purchase a property, always!

End of day you can assign any contract that you have had with anyone on any property, to anyone. That's my favorite, assign me every lease you have had for 5, 10, or 20 years, evicted or not.. let's me go collect on any tenant balances owed. file that under more advanced landlording! :D

@Guillaume D. 👊

Why would you JV? With your manager and them, that's like having two middle men.. Depending the terms of your lease, jack rents and shut it down. If you like the idea of AirBnB'ing it, then switch the property over and do that yourself.

Vacation rental traffic wear down properties faster than long term guest. More foot traffic, partying, etc.

I've watched more basket cases fail thinking they are leaders, than not.. Just because you hired someone does not make you a leader. I can count the number of people I have meet in my lifetime that are true leaders, on one hand. When you see it, you will know it, it's undeniable... people walk through walls, and build business for that person like no other. People want to work for the company, no matter the pay. Those people lead by following, believing in their people, and not by trying to find reason to fire people, or play petty games. They understand when there is a failure in operations, it's a failure in leadership.