All Forum Posts by: Matt B.

Hi All,

I currently have a rental property and I'm almost ready to get the second one. My question is what do all of you do as a side job to generate extra income to save up for a down payment? I'm already saving a good portion of my paycheck and have cut large reoccurring monthly expenses but like everyone, i want the next property yesterday. I wish i could work PT as a RE Agent but I am not allowed to because of my job, I'm also not allowed to be a wholesaler. Any suggestions?

FYI I think your in a great market. Philly has a diverse set of properties and areas. Theres something for every budget in Philly. 

Pros:

Get into more affordable markets.

Get into areas at offer a higher return they your area.

Cons:

Need a property manager.

Need to be able to validate what your being told.

Have to pay for basic services (ie have to hire out to replace a toilet because its cheaper then flying out to do it yourself).

@Bryson, thank you for the reply, I was looking for something all in one like Home Union for example. Turn key property plus property management. Only thing I don't like about Home Union is that you have to buy the property first, then do all the work, then 2-3 months later start getting a check.

Hey All - I'm getting ready to purchase my second rental property and this time i want to do it "turn key" and long distance. First things first, my definition of turn key is buying a rehabbed or ready to go property with tenants in place before I take possession of the property. All of the turn key places i have looked at call themselves turn key but they require me to purchase the property and wait for 2-3 months while the property gets rehabbed and tenants found. Does anyone know of any real turn key property providers that they have personally worked with? I am looking in mainly Texas or Pennsylvania but am willing to consider other locations. Thanks!

@Christian Bors, the OP said the tenant lost their job. Statistically speaking, the chances of any tenant catching up are slim to none. In order for the tenant to catch up, they would have to make well more then what they were making before they lost their job in order to pay what was past due and what is currently due. Not to mention the negligence on the tenants behalf for A) not actually switching the utilities like they were supposed to originally B) lying to the OP by claiming they thought they did it already but will do it again and C) not informing the OP that they lost their job in a timely manner. In my rental agreement, the tenant is required to notify me for any changes in their life that may result in them no longer being qualified to rent my property (i.e. loss of income). This situation is something that would result in me losing trust with my tenant and I would no longer want to work with them. A tenant is a business partner in the RE world, your business would be no where if you didn’t have them. I chose to not have people who lie to me and show no responsibility like that be my business partners. Think about it, would you rent to someone who lied to you on the application? I assume no, so then why would you want them in your property if they lie to you after they are already there?

the additional rent you would get will not exceed the damages, evictions and missed months of rent. 

Evict...pay the bill since in your name and sue to recover.

BTW my tenant and I have a great relationship and I couldn't have asked for better tenants.

I have one rental property and I self manage. Each month, I go to the property to pick up rent. While picking up rent, I glance over the main floor to ensure the property is being maintained. My rental agreement allows me the right to do a detailed inspection and take pics as I see fit. My tenant knows and understands this cause as well as every clause because we went through them one by one at signing. If it ever made him feel uncomfortable or he is unwilling to comply, he will be asked to leave and I will replace him in a heartbeat. At the end of the day, he is in my property that I own and am responsible for. I am simply protecting my investment. If anyone has a problem with me protecting my investment there is usually a reason and they can leave. I live in NYC and will have my rental turned over within a week.