All Forum Posts by: David Spurlock
David Spurlock has started 0 posts and replied 42 times.
Post: What’s the #1 Action You Took Early On That Moved the Needle in Your Investing Journe
- Posts 42
- Votes 16
Quote from @Rebecca McGowan:
Take the current value of the property and subtract the previous sale amount. Then divide your answer by the previous sale amount and multiple 100. The number you end with is a percentage. You can also divide that percentage by the number of years in-between the previous sale and today and find how much it grew each year.
Purchase price 250k, previous sale 100k (six years ago): {[(250k-100k) /100k] x 100} = 150% or 25% each year.
@Christopher Rubio The biggest step needle mover was getting into the world of people who already invest. This single-handedly created a new perspective, confidence, resource, and held me accountable. I can not recommend this step enough.
Post: Do Property Managers Add Value for Flippers?
- Posts 42
- Votes 16
Quote from @Kelly Schroeder:
This might be a bit unconventional, but I’ve been wondering — do property managers have a role in fix & flip projects?
For example, handling short-term rentals during rehab phases, or managing tenants in properties held temporarily before resale.
Has anyone here used property management as part of a flip strategy? Curious if this adds value or just complicates things.
A PM probably is going to hinder the process and won't add significant value. If you are looking to make an extra $100 or so, here's a creative idea for you @Kelly Schroeder: Target your flips to investors. Create an agreement with a property manager to pay YOU for your business.
A property manager would benefit from the opportunity to stay on long-term. They will also get some quick cash from leasing out the property (Usually the first month's rent at no cost to you). They can pay you a small fee for choosing them. Their opportunity is that the new owners/investors will keep them on long-term since they are already in place.
It may be more effort than it's worth if you are not doing high scale. Just an idea
Post: real estate agent for rental
- Posts 42
- Votes 16
Quote from @Tony Savage:
Your other option if you want to self manage. Form a c-corp or LLC and make that entity the owner and you are the property manager.
This is my strategy, my tenants think Balboa Management (which is my C-Corp) is the owner and I work for them. To my tenants Balboa seems like a big company.
When my tenants ask me for something like can I waive the late fees or complain because I'm raising the rent. I always tell them Balboa is raising the rent this year or let me check with Balboa and I will get back to you. I blame Balboa for everything, it's great!
Post: Here's one - woman tries to stop eviction with bees
- Posts 42
- Votes 16
Quote from @JD Martin:
This was on my local news today. Apparently she was arrested locally, hiding out after trying to stop an eviction with bees in Massachusetts.
https://www.wjhl.com/news/crime/mass-woman-who-unleashed-swa...
Bonus points for creativity, I guess
Post: Question about duplex tenant issues
- Posts 42
- Votes 16
@Jordan Quinn Any update?
Post: Question about duplex tenant issues
- Posts 42
- Votes 16
How are they getting access to mess with the water?
Post: High Realtor Fees, Can someone explain?
- Posts 42
- Votes 16
Hey @Rachel Weiss,
I agree with you that it does seem odd. It seems that at your volume it makes more sense to create an in-house brokerage. Or you could even hire someone, have them get their license, and pay them 80k a year to do all your deals.
Post: How long should I give my PM to Rent a Unit before changing PM?
- Posts 42
- Votes 16
I don't think the pm is the issue as others have already harped on this. BUT, to answer your question, go to Zillow and look up how long rentals are sitting on the market in your area. If the days are 1.75% over the average, I would have a serious conversation.
Post: Trying to switch property managers but existing one won't respond
- Posts 42
- Votes 16
Who is your current PM?
Post: I bought a neighborhood strip center and brought no money to the closing
- Posts 42
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That's wonderful to hear Alex! How was the switch to commercial? Was there another learning curve?