All Forum Posts by: Reid Mayo

I confess, the subject header was just a sensationalist marketing ploy to get people to actually look at this post (few enter the "dreaded" renters forum). :-)

In actuality, my problem is somewhat unrelated (though the subject line certainly falls into the category of "white lie" as the landlords current price of 535 for the duplex section adjoining ours is unfairly high).

My brother and I just rented out the top floor of a house that has been turned into a duplex. The owner is renovating the basement into a 2 bedroom. I was initially excited about it because I was hoping some friends of mine could move in below.

The owner said the basement was to rent for $535. I know the markets in this area very well due to a lot of research as a renter (I've lived here 2 years as well while attending school) and due to my interest in real estate which I plan to exercise post graduation, and this price seemed appropriate sight unseen.

However, I inspected the half renovated section of the duplex today (with permission of course, since I had some friends who were interested) and was unpleasantly surprised. The area is small, and because it is the basement, the ceilings are super low. I'm a short guy (5 foot 8 inches) and I had to dodge around the ceiling lights so as to not hit my head.

Basically, there is no way this guy is going to rent this place for $535 in this market (to people that aren't complete dimwits at least). And we are worried that when he lowers his price, the low price will attract undesirable tenants.

We are trying to think of a way to discourage trash from moving in below us and driving us crazy. We are thinking of putting up a neighborhood watch sign in plain view in our yard and masquerading as the local neighborhood watch leaders to all potential tenants in hopes to scare out the bad ones.

Of course we will also alert authorities to any drug use etc if people actually move in.

Any better ideas?

Thanks BP community!

Well lets see...

Graduate in May.

Get settled in my job doing web marketing/sales for a company that I love (and hopefully can afford to retain me)

Keep saving those paychecks and hopefully have first 50% rule buy and hold deal done by end of year. :mrgreen:

Oh, and once I'm finally out of school, be more active at biggerpockets instead of just stalking the forums :lol:

You say cell phone and voice mail services. If you just want a "business number", have you considered google voice? It's free.

Reid

Why get an 800 number? when someone is selling a house they don't want to deal with some big faceless bureaucratic company, they want to deal with a human. Use a local number!

Oh, and at that rate, just get a google voice number. Don't know what I mean, just "google" "google voice". If you haven't heard about it, it will probably blow your mind.

Also, if you're going to do bandit signs, it helps to put a website on there, because people are more comfortable anonymously going to a website to get more information than calling a number and potentially getting "hard sold".

Now for my shameless self pitch :mrgreen: [REMOVED]

Reid

How does one go about setting the bird-dog fee? Is it just common knowledge that it starts at $500 and some investors pay more, or as a bird-dog can you demand a certain fee and hope they don't cut you out? What has been your experience Rich? How have your bird-dogs approached you?

Great information. However, I agree with Tony that you should publish some more. The more information about how to start out bird-dogging that is out there the better, I think this is one of the most crucial (and difficult) transitional steps for a lot of people to start making money in RE.

Bird-dogging is a "gateway drug" to real estate riches :-)

That said, thanks for the help.
Reid

Of course... that's the human condition. Are you caring about other people's priorities? When someone asks you for a favor do you always jump to it? No, you have your own priorities to worry about.

I always try to keep this in mind, and it sounds like you do too :mrgreen: :