All Forum Posts by: Clayton P.

Originally posted by @Timothy Riley:

@Deb Allis

Not sure if this helps, but I invest in lower income neighborhoods which tend to have more problematic tenants. I meet with them a few times before renting to them waiting on any warning sign to show.

My first lease is always a 6Mos. lease. I let them know exactly why: "I might not like you, you might not like me..."

I only had to get rid of one tenant since I started that and the others are perfect (actually better than I ever expected).

Tim

 Interesting technique - I like that. My tenant base is 100% blue-collar type & I couldn't be happier working with this kind of tenant, although there will be unique situations.

Deb - 

Take some time and read through this book. It helped me add a handful of great screening techniques and even person-to-person conversations to have w/ tenants, handling disputes & other difficulties. In this case, check your state laws before enacting all of his tips, but as long as they jive, this book will probably solve a lot of your issues.

What's up Franklin, welcome to BP - I'm from Jersey too and own some rentals in a town called Franklin. It's a sign! 

Some people put themselves 10 feet deep in student debt that lasts years for a degree that may never earn them money, you on the other hand, earned huge class credits in flipping - imagine how your next one is gonna go considering what you learned. Probably way better. You should actually be proud of trying.

What kind of investing are you looking to do?

Originally posted by @Kevin Smith:

I would get rid of carpet - I have been using interlocking Home Depot Allure Ultra ~$3 SF that looks like wood in main part of house, glue strip Allure regular ~$2 SF that looks like tile in kitchen and porcelain tile in bathrooms. So far this has been a great investment.

I just had a unit go empty after 2+ years, mopped the floor and re-rented.

Even good tenants do not take care of carpet and after a year or two it will start looking worn.

If you are on slab you may consider Porcelain tile throughout the house.

 Do you carpet the bedrooms? Or stay with the Allure

Congrats on your success man. Gonna have to echo Mark Ainley & say philanthropy - better yet your own time than dollar donations at first. volunteering is really the way to help your issue, and as far as guilt, it'll probably wipe that one out completely. Try to still feel guilty after volunteering for a cause you believe in or even just where there's a need. Organizing the stuff in the local food pantry, Habitat for Humanity, literacy volunteer (helping to teach somebody to read for an hour) are eeeasy examples of things that are in every tiny town everywhere.

I just took a dry run and your form is actually what's pushing me to finally buy an iPad for my business haha, I like it. Nice work. Any plans for MF version?

www.mrmoneymustache.com As far as how to get ahead while working full time w/ a family AND trying to invest - this guys blog changed my ENTIRE view on things and actually was what launched me on my way financially.

I live in an area where the inventory levels are in the 11-13 month range. Yet there are guys in my market who do actively fix and flip, and in one case, a single zipcode supports one individual's entire business - & that zipcode is usually floating at 11 months inventory. AND, we're talking about rural-ish areas too. Seems so risky.

What kind of market indicators & metrics do you active flippers look at and try to stay within when you're evaluating markets? Days on Market? Inventory levels? 

I'm always thinking about stepping past the landlording & occassional wholesale deal & taking down a flip project.. But my local market makes me nervous. 

wow man. looks great

You're not far from me at all - I'm in Sussex county, primarily investing in Newton. I've wholesaled in Newton and own a handful of units in the county, and I'm also a Realtor. How's that been working for you out here?

@Eddie Hernandez 

@Cheryl Packham

These are the kind of answers I was looking for. I'm definitely going to try both of these and see which works better for my needs, they both sound solid. Much appreciated guys