All Forum Posts by: Mitch Sheean

I prefer month to month so if there's a problem tenant you can get the out sooner. However, I find a lot of tenants like some security of a longer lease. I good option is a six month. If they turn out to be great tenants I renew for another six or a year. If they are so-so I go month to month.

I always use the phone and get their phone number. It's good to ask those pre-qualifying questions to make sure they know if it's a good fit. If so I usually tell them I am doing showings on a particular day and that I will be showing it to others around the same time. I try to make appointments in 15 minute intervals. This allows me to show to one person at a time but this usually overlaps. When they see others it creates an urgency for all involved. If they don't show you don't have too long to wait for the next person.

I always get their number and call them the day before to confirm and then an hour or two before to confirm so that they know I expect them to come. If they don't answer I don't show unless I have others coming to look.

I would think the advantage would be that the money people can be hands free and get a return on their money that is better than stocks or CDs. You have the expertise to find the deal and manage the property. A lot of people with money don't want to spend their time doing that.

I want to do a similar thing with private money investors. I would hold title and the private money investor holds a lien. They get a return on their money is all and it's secure and hands off. You hold title and get the other advantages of owning.
I hope to find enough money to fund the entire deal putting the investor in 1st position. An alternative would be to get the seller to carry a note and be in 1st position, then have the investor in 2nd. If the seller is very motivated they may even be persuaded to be in 2nd which would make it much more attractive to the money investor.

You need to use what you have to your advantage. Me being an experienced landlord can be a plus to an investor who will know that the property will be maintained and occupied. That's what I have to offer. Seems like you have similar experience. I just need to now find a good deal and see if the money will come my way.