All Forum Posts by: Account Closed

Page, great diversity point. You buy one Multi for a million dollars and your screwed if it's value drops. You spread that million out over 5 properties, condos, singles, and a multi, in different economic classes and you get diversity that improves your odds without even getting into commercial property. 

Would stay away from one piece toilets. American Standard Champion, about $200- is decent.

Good feedback, in 5 years I've raised Ive raised the older gentlemans rent at total of $85- I could easily rent the unit out for $1OO more than I rent it out for without making any improvements. I will repaint install new cabinets, appliances  and carpet and partially remodel the bathrooms when he I get ready to sell. Will burn through 10K easily doing a lot of the work myself. I get your point about collecting enough rent so that when you do need to put cash in it's less painful. My point was partly non financial, it's really nice to have a tenant that rarely needs anything, particularly when you self manage and do most repairs yourself. Calls from tenants often come at the worst possible times. 

Brian, 

did not intend to exaggerate the powers of are MLS. I am able to view the recorded mortgage amount, date mortgage recorded, and name of lender. With that information and 25 years in the mortgage industry I am able to get a sense of their maximum LTV. In some cases people paid down mortgages ahead of amortization, in others they may have done interest only loans, or negative amortization loans, so there are some wild cards to the calculations.

That's true Dave often in my MLS searches the people with the lowest loan to values or no mortgage at all are most often landlords. Many are stubborn about lowering price though.

I have Statefarm on all my rental properties, premiums are reasonable. I like Traveler's better  for claims, property premiums were much higher with Traveler's though. 

Glad things are going well now, others may disagree, but if I were going to do section 8, would not want to do it long distance, way too many problem tenants.

Condos are better deals for cash investors because of their higher price and equity volatility. Problems people face selling condos creates opportunity for cash investors. The other big advantage of condos is limited repairs, and time commitment. Cashflow potential varies by market. An expensive condo or house rarely cashflows well. Renting to blue collars with spotty credit is usually much more profitable. Blue collar properties don't appreciate as well but its easier to find below market deals in blue collar areas. A long term hold with vitually no cashflow or actual losses makes more sense for people with large incomes looking for paper losses while gaining long term appreciation. 

I am spending too much time going back and forth to a rental I am preparing to sell and it's only 25 minutes away.

I notify tenants 6 months to a year in advance of their lease expiring of my intent to either leave rent the same or increase rent. Than follow up with new lease 90 days before lease expiring, tenants feel more secure when you tell them things far in advance.