All Forum Posts by: Michael Smythe

Distance from primary home has to make sense. 

Either 50+ miles or vacation-like amenities - on a lake or in the mountains, etc.

How about Detroit, MI?

How can we help you achieve your goals?

@C Rutherford you may not want to hear this, but:

YOU CANNOT SURVIVE OFF THESE 5 RENTALS!

So, you need more income:

1) Day job
2) Wholesale real estate
3) Flip real estate
4) Can you do handyman work for other investors & Realtors?
- Great way to network!
5) ?

Also, your screening process either needs major improvement or your units are in a Class D neighborhood - and this is the tenant pool you have to deal with.

Why don't you "shop" your local competition and at least see what competitive units look like? What is their showing & application process? 

Join a local real estate investors group to learn more.

Typical "Building my Buyers List" strategy.

If you actually have the properties under contract, why wouldn't you post them here?

@F Thomas Gehrig your Pro membership gives you access to RentRedi for free.

Start using that.

Also, NEVER pick up rent or accept cash!

Know a landlord that had tenant pay them cash, but arranged for friend to mug him before he got to his car. They thought they had a creative way to get "free" rent. He was able to fight the mugger off and then had him arrested - which is how the scheme was revealed.

Only logical reason to accept cash is if you're trying to hide income from the IRS.

Otherwise, require your tenants to send you money orders or deposit cash rent into your bank account.

When taking the test, time each question so you get to them all.

Pretty sure you can flag questions to come back to later, so if you get stumped, flag the question and come back to those after you get through all the questions.

You don't want to run out of time before you run out of questions!

@Mike Cronin 

https://www.facebook.com/AnnArborRealEstateInvestorsClub/

If you are living there, you should be able to figure out how to manage it yourself.

Also, why are you looking to live for free?

Appears each unit will rent for $1200, so find some middle ground on the cashflow -$400 up to -$1200 to make a realistic offer.

@Jason Frink you can also look into Detroit and Toledo.

Been reading that Memphis is becoming saturated with rentals.