All Forum Posts by: Teresa F.

Hi Timothy.   Welcome!  Lots of great locals on BP.  Some nice local REIAs too.  AND the best market around!    Glad you're here.  Teresa

Hi David --  I am not clear if the woman just needs help filling out the application so her sister will help or if she wants her sister to apply and she will live there.  In my past life as a lawyer I have had clients who could not read or write so I do not have a problem with someone else completing the application.  I will talk with the actual applicant to verify the information.  However, anyone 18 or over who is going to live in my property has to complete an application.   So if the sister is completing (and not just helping) it means (1) she is going to live there or (2) she is going to be a co-signer.  Best, Teresa

@David Hall and @Patrick Wheeler --  So glad you are jumping in.  You'll find many folks on Bigger Pockets who are very passionate about real estate.   Since a lot of the stuff we do can be scary getting as much info as you can is a good place to start.  I love Rich Dad Poor Dad because it taught me about wealth.  The Millionaire Next Door is another good book.  If you haven't read 4 Hour Work Week it is another good book.  Rich Dad teaches you about entrepreneurial thinking.  Millionaire Next Door gives you a great insight into the real millionaires in this country.  Most don't live in fancy houses.  4 Hour Work Week just breaks your typical way of doing things and is a fun, informative read from an incredibly creative entrepreneur.  In addition to reading and podcasts, find a local real estate investment association.  Go early.  Make some business cards -- just to have something to pass out to others.  Collect business cards and stay in touch.   Passionate investors love talking real estate so if you find someone who can teach you something -- reach out to them and offer to buy them coffee/soda/sangria and talk real estate.  

Keep posting and let us know how you're doing!  

Best, Teresa

I am in no way a quickbooks expert and have now handed it all to my bookkeeper.  However, my CPA wants separate files for each entity.  Not a problem since I am using the desktop version.  Teresa

I charge 8% and one-half month's rent at move in for new tenant.  I don't mark up on service calls and will either use my folks or theirs (their preference).  Generally they just want me to handle it.  Owner gives me a maintenance deposit and I draw from that and if that empties they replenish or I deduct from rent.  They get a statement every month with copies of invoices for maintenance services, a break down of rent and a copy of the check deposited in rent deposited in the account.  I also get one half of late fees but since these are fairly upscale, I don't have tenants who pay late.   I am ridiculously selective in taking on a property to manage.  I will manage for friends or for investors who already know that properties need to be maintained, etc.  I also have property managers for my out of state properties,  I negotiated 8% with these too.  The going rate is 10% in these areas (New Jersey/Alabama).  Finally, although I am a lawyer, I don't do handle evictions for my property management clients.  Best, Teresa

Hi Jaelyn --  I'm a local -- Clinton, MD.  I LOVE this area.  While not as cheap as other areas, there are still some really good deals and if you find them you can also get really good rents.  Also, unlike some areas, there are rehabs with potential paydays over $100k.  There are also lots of knowledgeable and able folks who are ready to help.  You're in the right place.  Also, don't forget to look at Montgomery County you have to pay attention (like all places) but there's plenty of money to be made there, too.  

Best, Teresa

  Beautiful!  You got my vote.  Teresa

So glad to read this is about cremated remains.  I thought someone found a body!  Teresa

Hi Erica,  Thank you so much for sharing this.  I've been to many of these Free-A-Thons where the real information you receive is where to sign the credit card receipt.  Fortunately, my cheap skate nature and my lack of money precluded my further "training."  I hope that many here see your post.  There are some great "guru's" out there.  Generally they are the ones who do our work every day.  Many times they share their knowledge just because they are passionate about what they do and are nice people.  I recognize the help my "guru"/mentor has given me and try to send him some cash or recommend his book -- it is one of the BP's top books on landlording.  

We all have our lessons to learn, one of mine involved an oil spill -- talk to me about environmental clean up  : (    Again, thank you for naming names so that folks can steer clear from these programs and listen closely when other "gurus" make similar promises.  

Best, Teresa

@Gabriel Garces  Congratulations.  Be sure to remember your ex-bosses name.  You will want to thank him.  Sometimes I need clarity about whether I am making the right decision.  That clarity comes but not always in a way I expect.  I see the immediate termination as giving you that clarity.  Now go have fun interviewing your potential broker.  If he/she is not a good fit --  interview another.  Find the right person and get busy!  You have work to do.  : )  

Best, Teresa