All Forum Posts by: Rich Senyszyn

@Sam Rust I really appreciate you taking the time to share this. Thanks!

@Tom R. We just had a similar renter but with some credit. Moved from out of state and no job. He put down 3 months rent and the deposits cash My property management company recommended him agreeing to leave at the end of the third month if no job by the end of month 2. He has been a great tenant for 6 months.

@Eric Smith I used 99designs and was very happy with the outcome. I really liked getting multIple original designs to choose from, but it wasn’t exactly inexpensive. If you have a fairly good idea what you want, make a sketch and do it through fiverr. It is cheaper.

@Marlow Jones We bought plans online years ago and they were great. Also, I had a contractor who was going to do hand written plans for free if we used him. The thing plans don’t include that significantly affect the cost are the level of finishes. You get this with an architect. If this is your first build, you need to think about level of finish on the Sheetrock, paint, lights, floors, underlayment, etc. The price difference can be an incredible amount.

@Henrietta Mateaki I agree with Ned. However, I talked to someone recently who made $1000 in a week walking dogs through one of those dog services that has an app. I really believe you need to pull yourself out of your dilemma with a job, hard work, and fiscal discipline. If one is fiscally not responsible on their own, it will be dragged into their real estate dealings. I know some people get by paying for real estate with credit cards and other craziness, but most people still standing in 10 years are dealing from a position of strength: good credit, good reserves, good boundaries with others. $1500 is peanuts. I had an a/c unit go out and needed to come up with 3-4K the same day, and I only have 3 rentals. I’ve been told the same in the past. I didn’t want to hear it. I really do wish you the best of luck.

@Javier Blanco That is really tough. Different families have different requirements for helping out so I can only say what I would consider. First, I would never co-sign a loan, especially with family. Second, you could buy a bigger place and rent out rooms. This is where you have to put on you big boy pants: if you buy the place then you make the decisions. You get to decide where and what to buy and where everybody goes. Also, you can see on the site there are plenty of ways to get involved with real estate initially without buying anything. Bird dogging, wholesaling, managing, and others. All which will lead to more contacts. Even if you have to delay your career for family, improving you capital position is never a waste of time.

@Olivia DeMarco Before building/buying, I always visit with my realtor and ask what he can rent and the price. He tells me the current market and upcoming expectations. Currently, we are building a 5 plex and his input and his brokers input helped determine not only the design, but interior expectations.

@Angela Jossy @Angela Jossy We only have 3 rentals but I built in the 10% for property management. Just make sure you look closely at how they charge for things. I can make more at my regular job and do other projects with no stress. I hate managing tenants. I had our one contractor say he doesn’t even drug screen people. If he did, he’d have no employees. He has a cheap supervisor/coordinator present at all jobs to watch everyone. It still ends up being reasonable for the cost. I get all my maintenance referrals from my property manager when I need someone outside of our rentals on contract. We had an alcoholic put in a slab and commercial mail box for us. He disappeared after, but the job got done. Plumbing and electrical are easy, just ask the property manager/realtor for who is licensed and reasonable. They can give you names of others who have been around for awhile. I’m sure there are plenty of ways to find people, but I’ve gone this direction learning the hard way. I’ve been burned hiring from: Thumbtack, Craig’s list, and family/friend referrals. Going to Home Depot Pro desk can be an option b/c contractors don’t want to lose their relationship with them if you complain. Always make sure they are using licensed people. If you don’t demand this some will cheat. And yes, I’ve been burned this way as well.

@Raheem Mills I’m a small player. In general, I’ve almost always regretted selling properties. I don’t know your situation. When looking back at those we sold, we would have make a killing on most 10 years later f we would have kept them.

@Joe Brisindi This totally depends on your situation and age. I’m in my 50’s and need to have some security if my wife and I become disabled. When our home and five plex are paid, we can drop the disability insurance. I am able already to pick and choose higher paying jobs that are better because of current cash flow. After that, we will leverage appropriately. When younger, I made plenty of mistakes that were VERY costly. Moving forward, I’ll probably want 30% equity in new properties with reserves on top. We can’t afford a major misstep.