All Forum Posts by: Rob B.

Hi Nicole, this is a one-off, and maybe based upon where you live the advice may not necessarily apply but I have a colleague who started buying new-used cars from a rental service (Hertz I believe). He was able to secure the new vehicles at a very low cost in comparison to buying new or even new-used from other authorized car resellers. If you want to limit your debt / don't want to take on more, it could be worth considering (again, I don't know if this applies in Ohio but it could be worth a shot). @Nicole Heasley Beitenman

Hi Greg! Great question; I don't have any PM recommendations directly in Sarasota, but since it sounds like you're going to be buying a rental property and won't be able to move in for about 6 months or so, it might be a good idea to consider a landlord software that allows you to automate a large part of this process. Keep in mind that most PM companies take 6-10% of rent and at least 1 month's rent (which can be brutal if you're only thinking 6 months). Is it a 1-bedroom/studio, or, rather, what kind of property is it? @Greg Mcswain

Hi Alex, thank you for the feedback; I'm sorry to hear that it wasn't a great experience. This is definitely something that has taken some time to iron out as far as making sure everything works as intended, but having said that, there have been quite a few changes/updates to the platform since the Rentalutions days. I'm going to DM you for some additional feedback if you don't mind. Otherwise, a lot of really great advice on this thread. Thanks for your reply!

Hi James, this definitely sounds like an interesting situation; since I'm not as familiar with the estoppel process, I'll defer to others but I will say once you've decided to move forward with the 3 family complex, there are a lot of tools out there that can help you to manage your entire rental process (including customizable online leases), in addition to you being able to list the unit on 10+ major sites with a single listing; in addition you can request tenant screening applications, online rent collection, and automated maintenance tracking + messaging, just to keep the process seamless). Let me know if you have any questions. Would be more than happy to help! Looking forward to reading other's responses. @James S.

Definitely one of those situations that makes you want to pull your hair out. That's why there are a ton of resources out there which can help you to turn away from PMs and towards being able to manage the rental properties yourself, with a certain level of automation brought to the process (ie. listing the property and publishing it to 10+ other major listing sites, comprehensive tenant screening applications which includes a nationwide criminal background check, credit check, eviction history check, and requires references for prior tenancy;  digital leases, payments/online rent collection, and automated maintenance tracking). This way you can remove some of those pain points from the rental management process and won't find yourself delving out 6 - 10% plus a month's rent to a PM. If you have any questions in regard to the screening process, let me know. Happy to help! @Alex Black

A lot of landlord software services have established partnerships with one of the major credit bureaus, but as part of that application process, there still is an area where applicants must authorize the request/consent to the request. 

Usually, it can make things easier if you go that route simply for the fact that there's not as much push back because it feels very automated. Still, those reports are being pulled via the partner so consent is 100% necessary. Public information - good to go, but in order to ascertain their credit history/score, you'll definitely need their approval. 

Having said that, some platforms help you to keep everything in one place and offer fully comprehensive background checks which include the basic application information (job history, rental history, and requires that the applicant provides some supporting documentation, ie. valid form of government ID, most recent paystubs, and contact information for prior landlords etc) - but in addition to the basic information, it includes the information pulled from TransUnion (one of the three major credit bureaus). This can include credit score, nationwide criminal background check, sex-offender list check, international criminal check, and eviction history (so any public records or information that might be connected to legal court proceedings would be pulled back as well). You have the ability to auto-request applications (keeps everything easy and in one place - so listing, tenant screening applications, leases and other tools like rent collection and maintenance tracking are all available, just to keep the process seamless). Let me know if you have any questions. Would be more than happy to help! @Theresa P.

Hi Michael, it all comes down to picking a strategy and then going from there. BP has a lot of great resources which are available to you (I've found their podcasts and webinars to be super helpful with learning more about the industry - I actually started because a family member needed assistance with managing one of their rental properties, and one of BP's Books, "Managing Rental Properties" was a tremendous help). It has also helped me in a huge way through the work that I currently do at a prop-tech startup. I say this because it really comes down to what you're trying to get out of it. Can't necessarily claim credit for these questions, but I know I used them as I started researching and reading up on REI.

• Is there an area where I already have connections?
• If not, can I get connections through local BP meetups or a local REI meeting to see where others are investing or can help make connections?
• What are my goals for my investment?
• What ROI am I looking for?
• How much cash flow do I want?
• How much will my expenses be (mortgage, cap-ex., repairs, PM, and so on)?

I hope this information helps! Best of luck to you in your REI endeavors.

@Brant RichardsonBrant Richardson is spot-on; when something like this happens it can be truly paralyzing but no matter how much you read or how many podcasts, there are always going to be those unexpected occurrences; the rookie mistakes made on this last deal are less likely to be repeated on the next one. I will say, educating yourself on the strategy you choose to implore is a great practice. Learn from your mistakes (smart) and the mistakes of others (wise). I know I don't know you but based on your post, I can tell you're still taking steps and that is bigger than anything else at this point. Keep going. I'm rooting for ya!

Looks like @Wy Kay and Jay have this covered! Great advice all around. As they've noted above, unless you plan on selling during the recession or anticipate major neighborhood changes as a result of the recession, keep the focus on your business goals/plans. I was just having a very similar conversation with a close colleague and it always comes back to what the underlying business objective is -- I will, however, say that having a diverse local economy should play a factor in the decision making here. Best of luck with your move to Vegas!

I'm in 100% agreement with @Anastasia G. - that pre-approval process is key; definitely, need to have that ironed out before seeing possible investment properties. Figure out buying power and go from there. I will say, once you do complete the pre-approval process, and once you find a place that you want to go ahead and pull the trigger on, there are definitely some tools out there that can help to keep the rental management process easy for you, as alternatives to divvying out 6-10% and a month's rent to a PM.