All Forum Posts by: Mike Hurney

Brandon Turner, "...or at least broke even..." I hope that's a Freudian slip.
Market's been coming back strong here, I'm surprised it's not cash flowing?
By the bye, isn't that the First rule of Landlording "No Friends or Relatives!" (you can rent to my friends and relatives and I can rent to yours)

Hey Frank, I can't hear any violins so I don't think it's all bad.

If you send me the address of the property OFFLINE I'd be glad to send you your field card (Town Assessor's report) and some Comps (Similar houses that sold recently) then you'll know what you could expect if you maxed it out your 2 family?

This is a common exercise we do at Movers and Shakers.
Good Luck Investing and we may see you soon! Mike

Hey Bryce, That's good, we also advertise Apartments/Homes for rent on Craig's list and always put a sign on the building as soon as a Tenant gives their 30 day notice.
Craig's list folks always ask immediately for pictures which we take very carefully and send to their inquiries.

The sign 24" x 18"always has our office VM number as the largest text on the sign. Ever see those signs for cars maybe 11 x 8.5 FOR SALE and the little white box for the phone number 1/2 that size;-) And written in by hand;-(
The sign is in a location where potential Tenants are probably looking or friends want their friends and/or relatives to move close by. So it usually generates qualified inquiries.

Prior to selecting a Tenant we Always run a credit check and take a photo of their license (even when they forget it;-)
I'd even run my mother through this process if she were moving in! No Exceptions, Ever!
After selecting a Tenant we encourage new Landlords to meet either at our monthly MassRealEstate.net meetings the Junkyard Dog of Eviction Attorneys or setup an introductory appointment with him for only $79.00

For that $79.00
He'll give you all the paperwork you need for a legal Tenancy in Massachusetts.
He'll review with you what needs to filled out?
What you can and can't inquire about?
How to handle rejections?
and What to do in the case of a disagreement?

Of course you should be able to find someone of JunkYard Esquire's caliber in your area.

There's a lot of misinformation you need to sift through, to do this right, from well meaning experts that have no skin in the game or experience in Landlording and facing "Professional Tenants". i.e You've got a lot to lose.
Good Luck Renting! Mike
PS I think you're doing well so far.

Hey Bryce,
I'm more interested in the source of all those calls. How do these folks find your number?

I've always looked at the difference as:
Properties in a certain high priced area will never Cashflow but Appreciate at a higher percent and obvious higher amount.
Another area Cashflows at the Closing but only Appreciates at a lower rate.
Jonathan Lucas Before you analyze this to death, Jump in the water's fine!
Good Luck Investing, Mike

I've never had a bad Tenant go Good on me!

I'll bend over backwards for a good Tenant but once one Lies, Steals or Cheats me, I use every resource to get them out ASAP.

@J Scott, that's what I would expect.

It still (almost) embarrasses me when I get all the information I need to do a conventional loan for someone,

that same person will later ask me to recommend a Private Lender for a Rehab/Flip and only have a couple of sentences scribbled on a cocktail napkin to describe their Project, expecting 100% purchase and fix-up money by the weekend.

Wendy, Move on, next!

I think you need a Buyers agent, best way is to interview several yourself.

By the way what was the HOA?
Good Luck Investing, Mike

J Scott Cute kid! (must get his looks from his mother!)

Hey Alex S,
There's a huge amount of misinformation on this topic. Everyone tells you what to do and how BUT you'll be left "holding the bag", so to speak, when you step on the wrong landmine (like the MCAD Mass Commission Against Discrimination) here in Massachusetts of course.

IMHO I would interview several local Property Management firms, having them cover liability, discrimination, defamation, etc. for your own property. Eventually generating your own guidelines and procedures, of course. By the way, when you have someone that may need PM (older Landlord you might know) refer them to that company that was most helpful.

Also go to the Housing Court and hear some of the cases (Do Not be discouraged and get out of the business then;-)
Finally have a short consultation on your paperwork with an Eviction Attorney.
Good Luck Investing, Mike