All Forum Posts by: Rodney Robinson

Originally posted by @Morgan Klein:

Let them keep paying late fees.  However, don't reduce them because you feel bad for them not being able to budget their money.  You're encouraging their bad habits.

 I agree with the above statement. They sound like good tenants, but they will not be motivated to improve if you occasionally reduce rent to help them out. Plus, they may begin to believe that the policy set forth is amendable and you are not serious about the expectations. Altogether, hopefully they begin to pay on time. To pay more than $100 more on time because they are consistently late is costly to them.

I look forward to getting this book soon! This month, I am closing on my first SFR rental using the traditional method, but for the next one, my goal is to go in with Cash and use the BRRRR method. Thanks BiggerPockets for being such a great resource in getting started.

Make it a win win as best as you can. continue to motivate her with your goals and genuinely do the same with hers. Make sure she is heard and she will do the same, going over and beyond to ensure your dreams come true.

@Megan Greathouse this is inspirational. congrats on your huge victory and what a great start. Thanks for sharing.

My wife and I are planning for our first rental purchase and I came across one of the few duplexes in my area that isn't either over priced a scary sight. I am doing my best to do a good analysis on the property. I did the below analysis just for practice, in order to get me into the habit. Below are some details:

Asking price is $125k, but I am working numbers for $100k, which is what I would want to pay, just as an exercise.

Rooms are currently rented. Gross rent is $1450 per month ($625 for one unit/$825 for the other).

Taxes: $1280

Insurance: $1400

Operating expenses: $725 (Accounting for 50% of rent)

Mortgage	380
PMI	0
Insurance	116
Taxes	106
Vacancy	35
Maintenance	725
Total Expense	$1,362
Income
Monthly Rent	$1,450
Annual Rent	$17,400
Cash Flow
Monthly Cash Flow	$88
Annual Cash Flow	$1,056

I understand that most target $100 per door, and that would be my goal as well. I just wanted to get my first deal analysis out for review and feedback from those who have done it. It is unlikely that we are ready to purchase our first property, or that we would be able to negotiate such a discount; however, I am doing exercises to ensure that I am familiarizing myself with the process.

One thing about this duplex. It is a very small duplex, with one unit on each side. I like it because its small size makes it not much to look after and is currently being rented by tenants and the owners have owned it for a while. I believe that the owners are older and ready to be done with rentals. Overall condition looks good, although I am sure there would need to be fixes.

Thoughts?

As usual, this podcast was very beneficial and highlights that the same disciplines used for 120 deals can be used on a small scale.

Small steps at a time. I recommend using the 4k that you now have as a start to saving towards your goals. It is certainly a great start.

Congrats on making the leap! That must feel great.

the answer has to depend on quite a few things. there are too many variables to describe. What are you planning on doing to/with the rooms? What is the current condition of the rooms? etc

This was a great show with info that is very fitting for my situation, and i am sure so many others. Thanks for always providing great resources to teach the community.