All Forum Posts by: Pat Goodyear

Sorry but I have to agree with the above - especially when it isn't your area of expertise - look everything over twice before signing. Another point - lending for real estate is going to get tight again especially when post-COVID foreclosures hit. Having a loan officer that knows you by name definitely helps. That said, can you refi the loan after closing when/if the rates drop?

Thank you John!

I tell this to my kids all the time...these are rich people problems. The issue: when you reach a point of growth and yet can't offload any tasks without detriment.

The backstory - I am a 55yo single mom to 5 kids age 6-13. Have a fulltime career as an Nurse Practitioner, a part-time career as an Army reservist. And I own and self manage 20 properties - 20 doors, 3 "camps and my own residence. I have been doing real estate since 1996. I hire out limited tasks to a few handymen who I know to be reliable. I have "tried" branch out with negative experiences - roofs that leak, outrageous estimates (15,000 for a porch on a 50K house), etc. I am in NYS - which has become HORRIBLY landlord negative since 2019. Evictions are unheard of, most use cash for keys. Of course we are still stuck in COVID. That said - all my tenants are paying. 

I work 40 hours a week at my W2; then most days off I am doing property work - cleaning the empties, painting for turnover, mowing lawns, etc. Truly, jobs that a laborer could do. The issue is finding good help and laborers. It seems the few i had are now collection major unemployment so don't want to work. 

So, when you reach that point where you have good income, don't see more growth - yet moving to a management company or increased cap ex ...how do you manage this? My rents are all reasonable. NYS legally bars rent increase >5% a year. I hear mostly manager horror stories, and after spending 30 years building this don't want to see it destroyed by a bad move.

Some thoughts i have tossed around - retiring from the military. i love serving but it is a commitment. It pays well and I get retirement.

Going part-time at my W2 - problem is I work 4 days a week now (10 hour days). Part-time is 2 days a week and i would lose so much benefit time and money (like $75,000/year) It would also effect my retirement

Try to find laborers. Kind of at a loss for this. Most of what i have paid is $13-15/hour. Maybe facebook post? seems craiglist is mostly scammers. 

Or sell and 1031 into a passive real estate opportunity. Any suggestions? 

Thank you for reading.

Stessa is free and super helpful! I also was just told about Tellus, also free. Tellus is app based only but allows free tenant repair requests, etc

@Kate Koeller I'm not sure how long you've been a landlord or the amount the experience you had. I've been doing this since 1996 and have 20 Doors. I am in New York state. Speaking of my own experiences, I have always done month to month leases. This is because exactly what everyone else has stated here, the tenant will do exactly what they want to do. The written lease has very little chief when it comes to enforcement. And now in this current anti landlord anti-eviction environment professional tenants can easily live rent-free for 14 months. You may have their deposit but if they choose not to pay rent then the deposit simply covers unpaid rent. If they claim loss of income due to pandemic it is unlikely you will be able to evict them or recoup your loss. My strategy is always to remember this is your property and you need to protect your assets at all costs. Thus even though it is hard to do, continuing to play nice and be accommodating will help you in the long run. You will not get and I'm sorry or our mistake not yours so don't even expect it. The best you can hope for is that you Market it for rent and they allow you to show it so you have little to no lapse in tenants.

@Matt Jennissen

I will give you my roadmap...YMMV. I got HELOC lines on my primary and vacation homes. I then looked for distressed properties near where I live...like a 8 block radius. I would cash offer, no inspection, no survey. Just updated abstract and title insurance. Fix it up, rent it out. Month to month. Aim for middle class, essential workers. Pay down the loan, buy another. Found houses on auctions, MLS, and word of mouth. Got a great insurance agent and tax preparer. Some years bought none, others bought 4. I am now at 19 houses, 19doors. 4 are not rented.

I still work a W2 job, but only because I love it and it provides my insurance. I own everything outright. No mortgages.

@Filipe Pereira I néed some assistance! I would love to mirror your process. I only advertise on Craigslist and Facebook. Bigger issue is section 8 and PA. Also, number of people living in the place.

@Brian Stutzman can you message me the name of the company?

@Frank Procopio would love to attend but may have to work that night

@Ed Sautter thank you! I'm going to check it out!