All Forum Posts by: Account Closed

I agree with not letting them show the properties, or screening for that matter.
I always show the properties and usually tell everyone the same time, i.e. 4:15pm tomorrow. Everyone shows up at the same time and an air of competition is created, I usually walk away with 3-7 app's and background fees ready to run my background checks.

Jeff, check out the conversation titled:
Hybrid manager/maintenance person position

We've gone over some of this already. The thread above should give you some answers.
Let me know.

I'll send you form, just keep in mind what Steven said.

That is true Steve. Thanks for the input.
I've been audited once, I don't want anyone to have to play that game!!!

Oops, let me re-look on two of those links. Just go to the home page and select your location.
It's still Monday for me.....

It depends on the state laws. Some states require an on site manager for a building with more than x units. If that's the case, they may have to go on the payroll.
Depending on the law, you might be able to allow the manager to stay for free and that is there pay. Unless bigger projects come up.
They can maintain the property, fix the small stuff, keep it clean, serve pay-or-quits, evictions, and show open units. Just control all funds through your LLC and have them make deposits when needed.

I guess I can throw a few cents in.
I've been through all the courses I can, appraisal, home inspection, real estate agent, re broker, etc.
I hold no licenses.

One thing to think about, if you are a real estate investor and you have or have had a real estate license of any kind, this could set you up for liability if a deal goes south.
My wife has held a re agent license from another state. I don't let her get involved with any creative deals that I do. The fact that a licensed person knows better than to pull a subject-to or something else creative, if things go bad, the court my see it that you should have known better and unwind the deal at your expense.

Hi Ed,
How many units are in the building?
I'm doing it now with 2 4-plex's that are next to each other. I had my tenant sign a release of liability to do small/odd jobs around the place. I just credit him on his rent for work performed.
The only problem that I ran into, was now the tenants ask him to do things that aren't approved maintenance. Just make sure your handyman understands that they will not get credit unless the maintenance is approved by you.
I actually added this into the liability statement and set it to bold.
I can send you what I'm using now if you like. Disclaimer, you should have your lawyer look the doc over for correctness and your states local laws.

I've been flipping up in Cheyenne, WY since 07.
I've had two so far that were only 7 weeks from contract to buyer close.
I actually moved up here from LA just for the real estate.

And even if you're stuck on a price and decide to rent, I've never had a unit that didn't rent within a week.
I always do a rent survey even when the plan is to flip, jic.

It almost sounds like your heading towards short-sale properties.
I haven't done that many, only when I had to.