All Forum Posts by: Jeff G.

Thanks Johnathan, I started the exact same way and oddly enough only listen to multifamily pod casts right now because that is my focus at the moment. I just closed on my first fully occupied duplex this week with rock solid tenants. I hope to buy a second before year end and then 2-3 more next year and pay off the mortgage on my first purchase. Our goal (my wife and I) is to have 20 properties (SFR and MFR) positively cash flowing 5K/year per property by the time my oldest goes to high school so we have 9 years to reach our first big harry goal!

It inspiring to see a real life example of success.  I will flag your podcast as my next to listen to, cant wait!

 I like that one!

Have you ever made an offer at 50% below asking or more?

There are several properties that have been on the market for 6 months or more in my target market which are vacant.  Some of these sellers are probably getting motivated.

I don't want to annoy my real estate agent with a ton of insultingly low offers and have her feel like she is waisting her time with me.  But I have to think one of these may hit.

Welcome from West Bend!

The existing leases we have are very strong.  Our attorney said they are the best residential leases he has ever seen, they are like 10 pages long.

I gave both tenants a letter today detailing how to communicate and explaining that their leases are still in tact and valid.  

Oh and my wife made them some cookies... :)  

We plan on being very firm as the lease is detailed and cut and dry with many items.

Aside from the obvious, make sure payments are in on time and property is taken care of (which is in lower tenants lease as his responsibility)

How often do you guys and gals check up on your properties both inside and out? My property is about 60 minutes from my house.

What else should I be doing?  I feel like I have everything down for the analyzing and buying side and now I am completely in the dark as to being a landlord....

We do plan on buying another property this year and then 3 more next year so I am sure it will be a steep learning curve.

Thanks,

Jeff

Welcome!

So we just closed on our first rental property this morning, the property is fully rented and has long standing tenants. My wonderful wife will be doing all the book keeping and managing of the property from an office stand point.  She already has a spreadsheet set up to track rents payments and payments of the water bill by our tenants.  However her primary question is how do people issue receipts of payment. I assume it is in everyone's best interest if we issue receipts so everyone has a record of the rent and water bill payments being paid. My wife thought about getting one of those receipt books and then mail them out?

Any hits, tips or suggestions are appreciated!  

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