All Forum Posts by: G. Brian Davis

Hi Bryce, 

If your tenants are offering you money for a buyout, I would personally take it. The alternative is them just moving out early anyway, and you having to try and chase them for unpaid rent, damages to the unit, etc. 

I agree with Kevin, demand as a condition of the deal that they keep the unit impeccably clean, and start advertising and showing it now. With any luck, you'll find a great new renter with no vacancy period.

Best of luck!

Brian

Hi Lance, I'm from Baltimore and own some rentals there, although I'm living in Abu Dhabi for a spell at the moment. 

Are you looking to flip, or buy, renovate and hold, or what? If you're looking to keep properties as rentals, I would avoid any area that could be labeled "slums." Bad properties mean bad tenants which in turn mean bad returns.

Your strategy will depend on your goals, but the first thing you might want to do is talk to some local investors who are doing exactly the kind of investing you're looking to do. You might want to partner with one as a junior partner, and let them introduce you to the right lenders for your niche, good local realtors who specialize in investors, and if you're lucky some affordable but talented contractors.

If you want a recommendation on a good realtor in Baltimore, I can provide one.

That rent is way, way too low compared to your mortgage payment. 

If you want to continue living in that property, why not bring on a roommate or two, have them pay the mortgage while you save up to buy a property with some better returns?

A lot of investors get started as wholesalers, to learn the industry with minimum exposure and to earn a little money. You could then move toward flipping, and then financing the properties you flip. Worth joining a real estate investing club and networking locally, no matter what. 

Laminate flooring is more resistant to stains but less resistant to water damage if not cleaned up quickly. 

There are decent higher-end laminate options that are tough to distinguish from hardwood.  

Also, you might price out bamboo flooring.  It looks and feels a lot like hardwood, is fancier than laminate, but much cheaper than hardwood.

Best of luck!

Brian Davis

Grant Cardone is great for sales training and motivation.  I don't consider him a personal finance expert.  I certainly don't consider him an authority on religion (seeing as the conversation took a turn in that direction).

As for real estate being an asset or a liability, I think sometimes Kiyosaki's message gets lost in the controversy.  His point is not "You shouldn't buy real estate" - quite the opposite, he has a huge rental investment portfolio himself.  His point is that your personal home should be considered a liability, whether you own or rent, because it costs you money every month rather than creating income for you.  He's simply defining a liability more broadly - anything that costs you money rather than earns you money.  

We all need a place to live, and it will likely cost money, and that's fine.  But he (wisely) admonishes those people who justify buying whatever house they want with the self-deluding logic that "it's an asset, it will appreciate and make us money!"

Buy or rent, do it below your means, and don't assume that a house you buy will appreciate. 

Brian Davis

It's a terrible situation.  Usually you have to go through the entire eviction process, but occasionally you can get them kicked out on a trespassing charge.  Worth trying both the local police again and the county sheriff.  

It's appalling to me that squatters and trespassers get the same rights as legitimate tenants.  Just awful.

Best of luck,

Brian Davis 

SparkRental

Welcome to BP Jason!

Local REI clubs can be great for all kinds of reasons: networking, learning from others, discounts at local retailers and more. I find it particularly useful to try and find good contractors and recommendations on good contractors - you can never have enough contractors and handymen in your rolodex!

Best of luck,

Brian Davis

Vacation rentals are a lot more work, but if you're in a high-demand area for tourists and can have high occupancy, you can make a lot of money.  Definitely find a private individual to handle the cleaning for you.  I don't mean to brush against a politically-sensitive topic, but I do know that there are many people who are willing to work inexpensively if you pay them in cash and don't give them a 1099.  Maybe you can come to arrangement with one. 

Best of luck, and keep us posted!

Brian

SparkRental

Wow they missed their target of $4.9 million by a lot.  

Hope you like your new neighbors!

Brian

SparkRental.com