All Forum Posts by: Account Closed

Originally posted by @Shiloh Lundahl:

@Account Closed, It looks like you have really 10X your goals.  That's awesome.  How did you acquire so many so quickly?

The fun answer is "very painfully" but the real answer is focusing on an area, knowing what I want to work with and what I don't, so I don't waste a bunch of time looking at things that don't fit my model.  I live and invest in the midwest so price point is a bit more manageable than some areas.  I work with an agent who is an investor and the more we work together the more he knows what will work and what won't work for me, so at this point, its almost on auto pilot.  He's like "this just came across my desk, you should get this one." and if I'm ready to get one, I get it.  2016 was sort of about getting myself back in the game and learning how to work with a team instead of doing everything myself.  2017 seems to be about reaching out of my comfort zone.  I had 3 deals in the pipeline at the same time, which was hectic.  I'll write a blog post about them eventually once things have settled down.  There's a few good stories in them.

2016 goals were 1 unit, and stretch goal was 2 units.  We hit the stretch goal (both sfh)

2017 goals were 2 more units (4 total), stretch goal was 4 more units (6 total).  We are closing on our 11th and 12th unit next month.  We are at 10 currently.  Units 3-12 are all 2-4 unit buildings.

Feeling really good about 2017.

Unclear what party you are in this as you reference your homeowners tenants and property management company.

A while back I had an account with Washington Mutual (no longer exists) for my rental checking, and they had "deposit ATM cards" basically its a deposit only card to access your account.  They go in to the teller, swipe the card, hand them cash, and it shows up in your account electronically.  It was pretty sweet, but I don't know if any banks do that anymore.

If you don't like dealing with a late tenant, you can consider getting them out.  The extra late fee income can be good, but it all depends on the amount of hassle you can deal with.  To me nowadays, it wouldn't be worth it, but that is a personal preference call.  If you want them out, I would just bite the bullet and end the lease.

I had a guy at my self-managed rental in TX when I lived there, who was a chronic late payer.  He lived in my rental for over two years, but paid late I would say 80% of the time if not 90%.  He always did pay between day 5-7 usually after a reminder phone call or notice from me.  I probably made an extra $500-$600 in that time from late fees.  But I kept an understanding relationship with him, while still making sure to give written notices promptly, to ensure my rights, which means when he really did run into troubles after a couple years and couldn't pay the rent - for reals, we were on good enough terms that he just agreed to leave in exchange for me letting him out of the lease and returning the part of the deposit he was entitled to.  I was wanting to sell that house so it worked out great for me.  If I lived close to the rentals, I wouldn't mind late payers who at least consistently paid.  If I lived far away I would not want to deal with the hassle.  I don't manage my own rentals anymore, I discovered I like finding the deals and getting them rolling, but didn't like the day to day once the tenant is in place.

I use debt for real estate investing but I would pay off the consumer stuff first one because you should finish your goals and two 80k in debt you need to get in control of your finances before adding real estate in the mix. At your rate it will happen soon. Pay it off then invest with debt.

Those property taxes are lower than mine, but the insurance is higher.  In total, your insurance + tax is pretty close to what I pay.

Yep, they snowed you for a month now they are crawling back.  Time for a deal:)

"I'm sorry, I allocated some of my money into another deal but I can offer you INSERT_BETTER_DEAL_FOR_YOU_HERE on your apartment."

Based on the houses I have in Parma, I bet you will get between 975-1000 if you didn't have those nasty carpet stains.  You might need to either clean or replace carpet.  Hopefully someone like Stanley Steemer can fix it.  Most of these houses have hardwood floors (sometimes under the carpet) do you know if there are any underneath?  Also, you appear to be in the better part of Parma.

I bought my houses in the low 60's last year and put ~6k into each of them for reference, and they rent for 950 & 985.  I think they are both 3/1s.

A quick google search says that in NC, you have to give them a 10-day pay or quit notice.  If you are giving this to them on the 15th, you are giving them almost a month of free rent before you even start the eviction process.  Why do you have 15 free days built into the lease?  Is that required in NC?  I would be posting the notice as soon as the deadline hits and I don't have the money in hand.  If you post a notice on the 2nd and they pay immediately, because they are forgetful or whatever, that's fantastic.  Some people can't remember what day it is and need reminders.  But don't wait 2 weeks to "remind" them with a notice (unless required by NC for some reason.)