All Forum Posts by: Peter Philando

I invest out of state and this has become a pain point for me ... property management. Although I have formed a good contracting team in my market I don't want to self-manage because every landlord I've spoken to gets burnt out over time...from self-management. I'm in it for cashflow and as many units as possible, so I want that to be my focus.

Many RE firms add property management because they are in the real estate business but its really just a side hustle for them. They are really not good at it. They are probably great at real estate purchase, sales and even working with investors.. but the property management doesn't get the same focus. However, there are firms out there that have a truly dedicated PM department that gets the same focus as the regular real estate business side. They have handymen and other contractors that those things are easily done by (replace faucet, drain clog, small refresh when tenant move out, etc). These are routine maintenance related calls. Of course, there will be times when they need to call in the licensed big guns. 

PMs should be looking out for your best interest, especially for OOS investors, but many are lazy in their business practices. Also, PMs don't follow up on the work that was done. If your interest is not aligned with my interest, then we must part ways. You're in business to make a profit and the PM is hired to help facilitate that by managing your investing and keeping costs down. In turn, I add more properties to the PMs management portfolio and we grow together ... win win.

I'm looking for an attorney or title service who can close "subject to" deal and also lease option sales. Any recommendations would be highly appreciated.

I did not do anything with them but it's still on the table. I reached out the Lima One for my cash-out refinance and that looks to be where I'll end up unless I see something better

@Wil Reichard Great move and excellent results. I'm just about finished with my first flip and can't wait to move to the next one although I have major problems with it. Question: the kitchen looks great and I see that you painted the cabinets, how much did the kitchen reno cost you? If you can break out the price for painting the cabinets ... how much was that piece? Thanks and congrats again!

Congratulations!! It starts with one action, then another, then another, and before you know it ... there's an avalanche. Keep moving forward because success builds on success. BTW, thats a sweet deal, I pray you execute as you planned. Congrats again, and pay it forward to someone else. Here's to your future brother (glass raised in your honor)!

When is the next meeting scheduled? I will be in Montgomery from Jul 9-13. Thanks

Anyone have any experience working with Realty Capital Finance? 

www.RealtyCapitalFinance.com

Google Drive for all the reasons @Russell Brazil mentioned. The integration is awesome. 

One more compelling reason is that you get 15GB on Google Drive for free (with all that integration and apps), but only 2GB on Dropbox. If you have space your computers you can load the Backup and Sync app and now your Drive is just another folder on your laptop/desktop that will now automatically sync with the cloud version (and you can do this across as many devices as you please). Its quite awesome.

@Account Closed You absolutely have to make an offer! You have to make MANY offers, thats the whole point. You have the beginner's jitters, wanting to pull the trigger but cant really make up your mind. ITS OK! ... that too is part of the process. 

The trick is .... the more offers you make the more comfortable you become. Also, the better you get at working your numbers. Make sure to get your realtor to help with the ARV because that the most important thing to get correct, then you work your way backwards to your offer amount. Your offer amount is just that .. an offer to purchase the property at a price that will allow you to achieve your goals (execute the BRRRR strategy). Don't fall in love or get emotionally attached to the property. The most will happen is the seller accepts another offer, then you move to another property. But the seller might accept your offer, then you have a deal that fits your criteria. LET THE NUMBERS DRIVE YOUR DECISIONS! Best wishes to you on your journey

Does anyone have any recent experience with VA vendee financing? I see quite a few properties with this type of financing option, which looks awesome. Do they require more paperwork, longer time to close, etc?