All Forum Posts by: Eric M.

I like what Dave says and actually took FPU. I follow his debt free philosophy with the exception of real estate.

"Only properties with mortgages get foreclosed", but most people won't get an investment property without leverage in the first place, so even if they lose the property they are not really worse off than they would have been. That's the worst case scenario.

Many people end up much better off than if they had sat on the sidelines. 

I'm going to pay off my house, but will continue using leverage for my investment properties. I will consider myself on baby step 7 once I've paid off my house, even if I still owe money on my apartments.

One final thought on Dave Ramsey is that he says "people who use leverage underestimate risk". That may be true, though he overestimates it to the point that any risk is unacceptable. And THAT is what I find unacceptable.

There are obviously some benefits to pro. Unlimited use of the calculators was the benefit that got me to "go pro". If you have properties to sell, you need to be pro to use the marketplace.

If you haven't used up your 5 free calculator uses and don't plan on posting to the marketplace I would hold off.

If you do plan on going pro, watch a webinar first. They usually (always?) give a large discount code.

@Gino Barbaro, do you find any tenants that are turned off by RUBS as opposed to submetering? It seems like RUBS would be much easier to implement but might lead to "unfair billing" if their neighbor is abusing the water.

Also, my understanding is that using RUBS passes on the costs to the tenant. What happens during the transition when only one or a few units have a new lease and the landlord is still responsible for the remaining units? Do the utility charges actually increase until you can transition more units? Is the landlord paying the RUBS fee on those units that haven't turned yet?

Great post! BiggerPockets should so this for every state and put it in a FAQ

It is really hard to say of off just gross numbers.

Have you listened to yesterday's podcast yet? It is on negotiating and one of the rules he gives is to not give the number first. It really is worth the listen if you are considering making an offer soon.

@Aaron Miley, are you planning on bringing any money to the table? A 35% equity position plus a finder's fee plus everything over a 16% COC goes into your pocket seems excessive.

Disclaimer; I've never participated in a syndication.

I just purchased an 8 unit apartment complex. I was handed a key ring with over 45 keys on it, none of them uniform. 

Do you recommend that I rekey the locks as I turn my tenants? Rekey them immediately? Don't bother? I would love to standardize all of the locks so that i could use a master key to open any door - Am I just being anal retentive?

I use cozy.co and love it.

It has been very low maintenance and they are free.

There is a 3-5 day delay from when the money leaves the tenant until it ends up in your account but that isn't really noticeable as you get your money every 30 days.

I also love not having to deal with the " I forgots" and "the check is in the mail"

One more vote for Cozy.co. Very low maintenance and they are free.

There is a 3-5 day delay from when the money leaves the tenant until it ends up in your account but that isn't really noticeable as you get your money every 30 days.

I also love not having to deal with the " I forgots" and "the check is in the mail"

@Johnny Hastings,

Welcome to BP! I would love to hear more about the 12 unit you turned around. Where is it? What did you purchase it for and what did it take to turn it around? $4000 in monthly cash flow is amazing!