All Forum Posts by: Luka Milicevic

Lisa Green: Thanks for sharing. I actually haven't been to Gville, or Hville. I think i'm going to go check those areas out because they aren't that far away from Nashville. I don't know much about the areas but I'm looking to get a property on land and those places sound more affordable than the cities further south.

Thanks for the tip. When I looked into online methods of payment they all came with high fees. I guess I didn't look hard enough. I wasn't a big fan of receiving checks for the exact reasons you mentioned. 

I will definitely look into the suggestions provided. I appreciate your comment!

Try Bellevue, Cane Ridge, Spring hill, thompsons station and north Nashville.

Tough to find something under 200k in Franklin, Nolensville or close to downtown unless you're looking for a condo.

Thank you everyone for all of the awesome feedback and advice! I've looked into online payment methods but for one rental it didn't make sense with all the fees. Once I have a couple under my belt I will look into it. Since they have been really good tenants I will just text them and show concern since this is out of character for them-like a couple of you mentioned.

Thanks, Max I have set up systems for most everything else. This was one I overlooked. I really appreciate you sending the template

Thank you for your feedback, Ned. Exactly right when I said "almost" I meant not late enough to charge a fee, but still late. Thanks for your help

Hi BP nation. I only have 1 property and I am relatively new to landlording. My tenants have sent checks on time every month. Usually arriving no later than the 28th each month. It's the 2nd and the mail man just came with no check. I wanted to ask for some advice as I've never been in this situation. Should I just text them? Send them an email? I'm thinking text will be the easiest but not entirely sure what to say. Any help great appreciated

Just like everything else in this business there are good, credible wholesalers and there are bad ones.

A good wholesaler knows their reputation among buyers is extremely important to their success and therefore they won't give you "deals" or mark up properties way above ARV.

On the downside, credible wholesalers have a short list of buyers that take all of their deals. 

You just need to find a good wholesaler. They are out there, even if they are few and far between! A wholesaler that sends you deals with underestimated rehab costs and overestimated ARV is not a good wholesaler and you should move on.

I can't tell you how true this post is. Knowing that this was the type of response I would get if I told anyone of my real estate ambitions, I just decided to keep it to myself. 

The only people that knew I was in the process of buying my first property: My wife, real estate agent and business partner. I did not tell anyone else because I didn't need their negative input.

So many times I have heard:

"Do you really want to fix toilets in the middle of the night?"

"Your tenants are going to destroy your property"

This all comes from people who have NEVER done a deal in their life, or have heard this from someone that has NEVER done a deal in their life.

Here is what tenants ALSO do:

Pay off your debt, pay your property taxes, pay your insurance, give you a paycheck at the end of the month. 

Not sure why people don't focus on the above statement. 

Yes, real estate has its risks just like EVERYTHING else. "Dealing" with tenants is part of the real estate business, other businesses have things they have to deal with. Taxi drivers deal with flat tires, chefs deal with food complaints, the list is infinite.

Go ahead and tell all of your negative friends that you will have problems in your business and it is part of the business! Also tell them that someday you will not have to go into an office on Monday morning and deal with your boss being in a bad mood and taking it out on you (Yes a 9-5 job also has its quirks just like real estate does). You also wont have the risk of getting fired. (Yes a 9-5 job also has risks). Just like real estate, and other businesses, AND W2 jobs; they all have their risks!!!!

What was your purchase price? 

What was the cost to rebuild when it burned down?