All Forum Posts by: Douglas Larson

@Page Huyette

I enjoyed this conversation thread. I'm wondering what decision you made between the IRA or 401K? This thread has me determined to discover more about the 401K option and note investing as described in a few of the posts like (@Will Barnard).

My Wife has an IRA we converted to a ROTH and then to an SDIRA ROTH account with Equity Trust. We have been a little frustrated with their "First Class Service" and if we want anything done in less than a week we have had to opt for the $50 expedited service fee. Other than that, their fees are reasonable (about $400 per year) for parking our cash and assets with them. We have purchased 2 lots and sold one. The other is under contract. This seems like a fantastic way to grow wealth tax free. I think the SDIRA route could be tough to use as a way to rehab homes, collect rents and pay a lot of property maintenance bills but there are plenty of people who do it. If you have true checkbook control of the account it would be more feasible.

I think I was a good and fair landlord. I always had good tenants.

My properties were a townhome in Kihei, 3 SFRs in Pukalani and a home in Kula. I sold the last one I owned in 2005 but one day I hope to get back there. In the mean-time, Utah has been treating me well.

Hope you have fun in your ventures and Make Your Own Luck!

@Account Closed

Aloha Ryan,

I only manage my own investment homes. I'm not an agent and have never managed other peoples' properties. I never had a manager on Maui when I lived and invested there. I had 5 rentals there and advertised in the Maui Bulletin, Craigslist and word of mouth. I live in Utah now and have tried out property managers but it always seems like they have a good initial message but never back it up with performance.

To get good tenants:

I start with nice properties.

I screen tenants with credit checks, references and try to visit their current home.

To keep good tenants:

I respond quickly to problems and repairs.

I tell them I appreciate good tenants.

To reduce late payments and other problems:

I spell out all lease terms up front by going over the contract line by line.

I always follow through promptly with penalties and late fees.

You look like a pro.

Lots of new and intermediate investors here looking for a good agent to help them find deals and sell finished flips. As you take part in the forums you will make some great connections. enjoy.

Like many investors, I have mostly been disappointed with property managers. I manage all but one of my properties now because nobody cares as much about my rental income as much as I do. If you can somehow make that your USP (unique selling proposition) and back it up with bullet points on how you will treat each property like your own there will be property owners who will certainly listen! For instance:

How will you reduce repair and maintenence costs?

How will you improve tenant screening?

How will you decrease vacancy?

How will you respond quickly to renter concerns?

How will you ensure prompt payments?

Hope that helps.

Have fun and Make Your Own Luck!

I don't know anything about rentals in Detroit. I do know from press reports over the past 2 decades that the population has decreased by about 40% in that time, leaving lots of vacant properties. Not the best stats for a landlord. Hopefully you've got something in a desirable area with features you can tout - parks, good schools, freeway access, etc.

The basics are usually to put a sign in the yard or front window, post ads on Craigslist every few days with good photos and talk up your property with family, friends and facebook connections. Always post your contact info clearly.

I have a designated phone line with a voicemail message that describes the property and basic rental requirements and terms. Serious callers will leave a message and I try to group showings when its convenient for me.

Hope that helps!

It's very difficult to find "great" real estate agents period. If they are eager to work with you and have lots of time on their hands they are probably not great. If they are truly great they will already have plenty of business with proven, experienced investors.

If you attend your local REIA groups you may find wholesalers and agents that can be a great resource, but they won't be walking around with a sign that says "I'm the one!" References from other investors are important and building relationships takes time.

1.Repeat business

2.Bragging rights - Agents love to say they "work with investors."

3.Info swap - it's great to trade perspectives on local trends, and deals.

4.Mind expansion - I have educated many agents on the benefits of owner finance, auctions, lease options, etc. Agents are very often afraid of anything outside the traditional box.

I do about 50% of my research, contract writing and phone time from my home office. I have a 3-yr-old and a 6-yr-old and my home can be a chaotic and noisy place sometimes, especially when the kids have friends over. My solution until about a year ago was to go to a nearby McDonalds with Wi-Fi and sip a soda while making calls and sending emails.

Last year I found Regus Office Suites where I can use their "business lounge" and unlimited high-speed internet every day for just $19 per month. If I need to meet with upscale clients in an office or fully equipped high-tech conference room the hourly rates are very reasonable - like $25 per hour for the office and $100 for the conference room. Regus always has coffee available and nice receptionists to receive your clients. I think DaVinci Office Suites has a similar business model.

Have fun . . . and make your own luck!

When I'm a buyer...business check - 5-10K if I want to look serious.
When I'm the seller....check is ok but I verify funds!