All Forum Posts by: Nathan Gesner

@Account Closed

There are arguments against the ability to share, but let's set those aside. One thing we should all agree on is that the Fair Credit Reporting Act (FCRA) requires us to protect the data, to include proper disposal. If I share a copy of the credit report with the owner, I've lost my ability to protect the data or dispose of it. I don't print copies for the tenant's file. I don't save an electronic copy. Background checks are maintained in the screening software, protected by their system in compliance with FCRA. I view it, but I never "possess" the information.

I always ask Landlords the same question: why do you need to know this information? Why don't you trust your PM to do their job? If you know more about screening applications than your PM then maybe you need to hire a different PM!

My office literally screens hundreds of applications every year. If a Landlord feels the need to be involved in the process then I'm not the right manager for them.

You can include as many different signers as you need. I suspect there's a limit somewhere but I've signed documents with up 7 - 8 people.

Congratulations! It's a good deal when you can create a solution for the seller and a profit for yourself.

Condos generally don't appreciate as quickly as single-family or multi-family properties.

Condos are sometimes easier to rent because they are low-maintenance but they are sometimes harder to rent because the HOA can be invasive.

HOA dues will always go up.

The value of your property can be affected by the health of the HOA. Get a bad HOA board and the entire community can fall apart.

just a few things to consider.

@Constance Rahming you definitely don't want to be paralyzed. At the same time, you don't want to throw all caution to the wind and make a mistake that derails your investment plan and possibly impacts your personal financial health.

Consider reading "Set For Life" by @Scott Trench in the BP bookstore. It's a great resource for wrapping your mind around establishing a solid financial foundation before building your investment portfolio. You don't need 100 houses to be free. I believe Scott has two duplexes (four units total) and he occupies one of them but he's still making a great living and headed towards financial freedom while living an abundant life. 

Slow and steady wins the race, get-rich-quick falls on its face.

Yeh, I just made that up.

It's a pretty radical idea, right?

@Patrick Philip because it's such a general question. It's like asking, "What do I need to know before becoming a professional basketball player?" Answers could include the fundamentals of shooting and dribbling, shoe selection, contract negotiation, media relations, financial management, and a hundred other different topics. How can anyone possibly answer such a generic question?

There are entire books written on the subject of managing commercial properties. You should read a book to get a basic understanding of the business and then refine your questions to fill in the remaining gaps.

As there should be. My state doesn't allow an unlicensed individual to be compensated. I think wholesaling is a violation of the law and a lot can go wrong for everyone involved. I know there are exceptions but the whole process seems shady to me.

In that case, I can't believe you don't already have the answer.