All Forum Posts by: Raymond E. Hopkins

@Victor S. thank you, but may I ask another question of you?  I'm a new to Bigger Pockets.  Where might I find my notes?  I think I've come across a "Note" section in passing, but I am not finding any type of alert to clearly distinguish that I have a "Note" waiting to be read.  I'll continue to scroll through the site, but any help would be appreciated.  More than likely I'll find the note 10 seconds after posting this reply!

@Kim Meredith Hampton I agree 110% on living in a very litigious world, thus why I asked the question. 

I do like your suggestion to hire a mover.  Although my original thought was in accordance with @Deanna McCormick thoughts.  It is her stuff, she needs to move it. I did give her warning verbally, and through text messaging.  I do like the idea of sending out a written notice.  I send most communication through email, so both parties have access to a copy of all important communication.  If it is something discussed over the phone or in person I let the tenant know that I will send an email to confirm our conversation.  My only real concern comes from the fact that I had requested her to move her belongings for the carpet install.  I fell as if this may have open me up to some type of litigation.  Some lawyers may jump on the opportunity even if it were a weak case.  Although, I may win it would still add stress and take time and money out of my business.   

Thank you both for your advice, as I was able to take a little from each of you that should help me in the future.  Lets hope this conversation was all for not in this particular situation. 

Thanks!

I am a new landlord, and just had my tenant tell me she fell and broke her elbow while moving furniture back into a room after removing it for a carpet install (storm damaged roof and sprung a leak doing some damage to floor and drywall).  I have a renters policy through USAA with coverage for accidents.  Should I be doing anything, or should I just wait it out to see if she tries to come after me.

They are new tenants that are an older retired couple, and seem nice people thus far.  I am not too concerned at the moment, but curious if anyone has any suggestions on how to handle from their experiences.

Thank you for your input!

Good evening,

Curious if anyone has a contact with a contractor from the central Oklahoma area that has experience in down to the stud rehabs? 

I've came across an off market deal on six properties.  I have not been to the properties, as I was approached with this deal just moments ago.  I have been told most of the six houses need work anywhere from minor to major repairs, but if I understood right 5 out of the 6 are currently rented.  Should know more in the next few days, but I want to start putting some preliminary numbers together in the mean time. 

Thank you in advance for your support!

Tareal, Yes, you should be able to have a VA loan even if you have a FHA loan, or vice versa. I have an FHA on my rental, and will be rolling my current rehab to a VA loan upon completion of the remodel.

Mr. Anderson,

Welcome to BP!  I just stumbled across it about a week ago, and now I have been binge watching/listening to the pod cast.  It seems to be and endless supply of information on RE.  Use it wisely, and I wish you the best of luck in your investing.  I am right down the road from you in the Shawnee, Ok area. 

Raymond E. Hopkins

Good evening,

First off, I am not here asking for a partnership!  I hear on the podcast how new members and new investors come on here just asking for hand outs.  That is not my style.  I enjoy learning the processes necessary to sustain long term success.  I am here merely to network, and pick up the information I need through the various content outlets on BP.  Don't get me wrong, if a partnership comes through the networking process then so be it. 

Secondly, what are your thoughts on partnerships?  More specifically, how would one structure a partnership in a BRRR strategy? Does one buyer typically buy the other out on an agreed upon interest rate, or do many of you have long term partnerships while using the BRRR strategy? In terms of the BRRR strategy, I think, it would be best to have a partner mainly to acquire and rehab the deal with plans on buying out the other upon refinancing.

Lastly, I always enjoy ending post with a question to give me an opportunity to try to get to know my peers.  So, what is your favorite vacation spot?

Thanks!

Nick,

It sounds like you have your processes down pat.  I've not had any experience in remote viewing.  It does sound like if you are having success in managing your property remotely then I would agree their is no need in hiring one just to solve your viewing issue.  A realtor may be your best bet, unless you can come up with some type of partnership on here.  Maybe some one agrees to do a few showing for you, in exchange for cash, mentorship, or help if they are invested in your area from afar. 

Like Mr. Hodge mentioned, "You're obviously doing a lot right".

Nick, Not 100% on the specifics of your home in OKC, but I'd imagine you may be at least partially correct. The Oklahoma economy has taken a hit with oil being down, but certain areas around the metro are still growing. Location of the home could be another issue, or possibly the distant management could play a role. How are you scheduling viewings, and getting applications? Has anything changed since the move? Typically I see a rise in applications when I have them fill it out right then. Rather than emailing or letting them walk with the application to turn in later. I'd say a small percentage of vacancy days shouldn't be a huge concern, but if it becomes a issue where the percentage continues to rise after every turn over then I'd worry. Hope this was helpful.

Cesar,

Thanks for your response, thank you for making my post your 1st post, and thank you for your service!

If you have the strength and determination most Marines I know have, you should have no problem building a successful RE business.  I understand what you mean, as far as coming from the bottom.  I am the oldest of 4 boys of two parents who both dropped out of high school.  We had our struggles growing up, but I used that background to become the man I am today.  Being from Jersey, who is your basketball team?  The Nets?  Thunder fan hear, so I'm ready to hear that Westbrook is MVP! 

Cesar, it sounds like you are there and ready.  You just need to pull the trigger.  I don't know the ends and out of your whole situation, but from what you posted...YOU ARE READY!  GET EM' MARINE!  My 1st property was fairly easy for me, because I was single at the time.  If I somehow failed I was not out anything, but money.  If you are smart, you can always make that money back.  My current property had a bit more stress, but my wife was behind me and she trust that I have our families best interest in mind.  I'm not taking risk that I have not calculated...that I did not feel I had "fire superiority" in if you know what I'm saying from an Army grunt to a Marine.  I realize Marines are only good at running through walls, but try to think like you were in the Army, lol (no offense, just a little trash talk between the branches).  There is always a risk, but you try to minimize the risk by having "fire superiority", or have done your due diligence.  Talk to your family, lay out your plan, and go for it!