All Forum Posts by: Rob Lane

Buy a multi unit as an owner/occupant.  That takes little money down with your good credit. 

Your taxes and insurance go up every year as well so the property is certainly less profitable than it was 5 years ago.  I would take them up slowly if they are great tenants. Give them a 3 month notice of price increase and explain why.  Hope this helps

Better to have an empty house than a bad tenant.  Seeing that you missed out on 1/2 of December rent and 1/2 of January rent and we are almost into February, and you have incurred fees for NSF I say she forfeits her entire deposit.   

Banks are asset based lenders who typically loan up to 80% on investment deals.  Unless you have assets to borrow against your goal of 5 houses in 2017 is impossible.  You have to have money. 

I hire teenagers all the time.  I come from the sales world and truly believe incentives drive people.  I make them sign a contract based on performance.  If they are sub par they make $10 and hour and if they excel at their job I pay them $12 per hour.  I'll even give them a little more cash if I am very impressed.  I always buy lunch everyday regardless. 

Victoria, sounds your a real do it yourself type gal.  That is awesome.  Hopefully yall are experiencing better weather than us in the Midwest.  I just bought an existing Airbb, turn key but I kind of want to double dip on trends.  When I bough it, it came with an extra huge corner lot.  Starting with OKC planning dept. but going to try to get approval to build two tiny homes also for Airbb.  If its okay I might message you if I have any questions?  Feel free to contact me about the long term leasing.  Take care.   

One of my favorite books too.  What is eating up most of your budget?  Do you have a car payment?  Are you living above your means?  Give me more detail.   

I prefer local bank.  Marry them young.  Build your real estate portfolio with that bank (make them your partner) and on down the road create a line of credit using the equity in your current real estate to pay cash for homes that way your not having to deal with getting approved every time. 

I  would take his rent up.  That's certainly not fair to you that he is costing you that much money.  I love dogs as much as the next person but sound like the dog has got to go.  I would put both in writing, send certified mail, give him a timeline of 30 days or you will begin eviction proceedings. 

I heard that book "millionaire maintenance man" by Rob Lane is a pretty good read too.