All Forum Posts by: Rich Vogel

In my area it seems that I get the same amount of responses from both Zillow and craigslist but the quality of tenant is actually higher from Zillow which ever landlord loves.

Thanks

Rich

In our town the landlord needs to keep the water and sewer bill in there name.  So what we write in the lease is that they have to reimburse us for the water sewer bill every quarter.  We also request a utility deposit on top of the security deposit to help us be protected if they leave with our paying the last water and sewer bill.

Thanks

Rich

Hey Bradley,

I had to call 10 banks/mortgage lenders until I could find one that would loan me money on the stipulations that I needed.  So I would pick up the phone and just call as many places as you can you will eventually find one.  Also attend a couple RE meetings and do some networking you might find a mortgage broker there or and investor who knows a good broker.

Thanks

Rich

Hey Anthony,

how old were you when you started investing in real estate? I actually bought my first house at 16 with my uncle had to have my mom sign the mortgage for me.  Now I am 31 and own 11 houses 

What is your annual cash flow on your properties?

I make about 50,000 annually after repairs.  

What could you have changed what you know now? I would have spent more time learning about real estate earlier in my real estate career.  I bought a house at 16 and 18 and then took about 8 years off from investing.  If i spent more time learning then I could probably retire from my 9-5.  

Why invest in rental properties? I have two reasons why I invest in real estate one is for freedom and the second is for my kids.  I look around me and see so many people that work corporate america and work on someone elses schedule. I want to work on my schedule and give my children the same opportunity. 

Did you have a great mentor? I had a mentor.  Looking back at it I am pretty sure he didn't know that much about real estate but he did make me do the most important thing and that is jump into real estate.  

Just one more thing for newbie investors is don't let anything or anyone get in your way of becoming successful.  My family is very traditional they think that you should have a 9-5 job with benefits work your 30-40 years and then retire.  What I do is so outside that box that many of them thought I was crazy, young and stupid.  I just bought my 11th rental property last week and I am now just getting them to think what I do is a good thing.  My quote is SHOCK THE WORLD!!! cause some people don't think you can achieve your dreams...

Hi Nicole,

Walking away from the deal doesn't seem like a bad idea.  I would take the 55k and invest it in another property.  What concerns me is that he or she isn't refinancing the property.  I would not let my name stay on the loan no matter what cause you never know what can happen.

Thanks @Mark Gallagher for the help I will give them a call this afternoon.  Have you ever used them before what kind of terms are they offering.

Thanks

Rich Vogel

Does anyone know a portfolio lender in Northampton County.  I have a couple properties in Bethlehem and am looking to get more information of portfolio lenders.

Thanks

Rich

Hi All,

I am in the process of looking for a portfolio lender for several properties I own in Northampton County Pa.  If anyone knows of any I would really appreciate it before I start calling all the local banks.

Thanks

Rich

Hi Dan,

I would personally run the numbers as if you weren't going to live there this way whenever you decide to move it will be a great rental property for you. 

A couple of questions

Do the tenants pay for all utilities?

Do the units need updating? How is the furnace, roof, water heaters.

How much does landscaping/snow removal run in Missouri?

Do you plan on getting a property manager or are you planning on managing it?  If you plan on eventually getting a property manager even though you might not start out with one I would count the expense.  It is a very enticing deal on the surface with only 10% down and the seller holding the note but just make sure the numbers work. 

Thanks

Rich

Hi Adam, 

It really isn't that big of a problem.  I escrow my own taxes and insurance on 6 of my properties.  All my properties are in the same area so I get the tax paperwork all at the same time.  It depends on your town/county if you can pay quarterly,semi annually/ or annually.  Also I would make sure that all your insurance policies end in the same month. This way you know every april all your properties insurances are due.

Rich