All Forum Posts by: Nick Rutkowski

A rising market will indicate a good flip area. Rising market indicators are properties increasing in value, days on the market are shortening, multiple offer situations, and/or a tightening supply of houses.

Licensed RE agent. Part time sales, part time management, part time rehabber, part time acquisition manager, part time garbage man, part time handyman, part time odd job man. Yeah, I do a little bit of everything...it adds up to a full time job I guess!

Get licensed. You’ll have connections to better education, more deals, and mentorship from your broker. Wholesalers walk a fine line, sure. Why would you want to walk that line when you can do exactly what you want to do with a license? Now you’re covered by E&O insurance! Have you ever been sued for misleading someone? It’s very easy to do, especially in residential RE when emotions are also on the line.

Can you trust tenants to do what they’re told? 🤔

If they are good tenants, maybe throw them a small bone...someone suggested a gift card? If they are bad tenants then I’d say no to their electric bill. They should be happy to have AC again and that’s it.

I believe the saying is true, if the numbers work then it’s a good deal. I bought a $25,000 duplex that cash flows $2000/mo, and I net around $15,000. Call it a small deal, but making $15,000/year off of a $25,000 investment seems to work well for me.

Ohhh yeah, there isn’t anything that will make me slam my head on a wall more than Real Estate. I just go with the flow, there always is an issue that will come up. It’s like PB and J, you can’t have success without a challenge.

Thanks for the responses everyone. I'll answer you in order of replies:

@James Masotti Thank you for the inspiring words. Most people are good people, I'll remember that when dealing with my tenants in the future. 

@Thomas S. You're right, most investors don't consider the consequences of dealing with people. I guess people are a wild card, you don't know who you'll meet. All of this is still relatively new to me but I always love to learn.

@Caleb Heimsoth Would you like to rent one of my places? I'd love to have my next tenant pay me two weeks in advance!

@Marcus Johnson Yes, I had to evict someone out my first time renting out to someone. They passed a credit check, federal and state criminal and eviction searches. Apparently, while living at my apartment his life spiraled out of control. Tough luck right out the gate. Better luck next time!

@Erik Sherburne I'll try to keep everything mutual as much as I can. Thank you for the good advice. 

Hello my favorite community! How has becoming a landlord changed you? This is my first year being a landlord. I have to say, being a landlord has changed my life and how I look at others. I’ve learned very quickly that people will step all over you if you don’t take a stand. Also, I’ve become more selective with people I bring into my properties and into my life. I’ve had to evict people and that made me a little less tolerant of people’s BS. Just to name a few examples. Looking back when I first researched REI I was naive, I had no clue what I was in for. Now, I get what the veterans are saying a little bit more. I’m only scratching the surface and I can’t wait to share my experiences with you all.

It’s only common if you pick bad tenants. Screen, screen, screen! Class C people are usually low income individuals, who may or may not be tidy, and have the behavior of a teenager when it comes to taking care of the apartment. The best thing to do when it comes to screening this group is look into every single aspect of their lives. Take what they say to face value. I had a semi pro football player living in a unit of mine and he ended up being addicted to hard drugs...it wasn’t steroids. Never paid rent and got kicked out. Partner up with a lawyer, you’ll need to use his services every now and then. Nonpayment evictions could cost less than a holdover in your state. Ask your new partner. Finally, You’ll know you picked a bad tenant when they don’t pay the second month. (Unless they paid months ahead.) My advice to you would be to start the eviction process IMMEDIATELY, don’t wait. They know they can’t pay and are milking you. Good luck!