All Forum Posts by: Mike Dymski

Nice work.  While others talk about real estate, you're out taking action.

Maybe consider moving into your next flip, handle some stuff yourself, and sell tax free after two years. 

Nice work.  While others talk about real estate, you're out taking action.

Maybe consider moving into your next flip, handle some stuff yourself, and sell tax free after two years. 

Ignore the past. Analyze projected returns for the existing property going forward vs projected returns from your alternatives and you'll have your answer. Include all returns (IRR) and not just monthly cash flow.

I don't see why it would make sense to pay a high rate and cash out in 5 years compared to paying a lower rate and cashing out in less than 1 year.  If another deal comes along while using you own cash, use the 100% private lender then.

Congrats and well done.  Hopefully, you will continue to be a guest on the real estate and market podcasts as you are the resident expert and we like that you share real examples of what you are doing with your hard earned savings.

If the place is in decent shape, I show it occupied.  If not, I wait until it's near rent ready.

I have been an investor for about 20 years, self managed for the first half of that and have worked with PMs the second half.  The differences with using a PMC have been much higher cost of maintenance/repairs, higher cost of vacancy due to longer turnover times, and inconsistent property performance with personnel turnover.  We have to buy right and add value to make up for management inefficiencies.

I like Sonya's idea for IVueit.

When I self-managed, I would post jobs on the job board for the local Christian college (cleaning, leaf removal, landscaping, painting, help me with certain maintenance, I had students help me move a few times).  It was win/win...students made good money, they were very respectful and hard working, and I got the jobs done.

Reply that rent is due on the 1st and late on the 6th (or whatever the lease terms are).

Increase rent to near market rates at lease maturity or non-renew with problem residents.

Provide proper notices and be respectful (and unemotional).

Every property I have purchased had existing residents.

I would not worry about the rude agent.  That's actually a plus because it may turn other buyers off.  The world is full of people who are angry for reasons we'll never know.