All Forum Posts by: Terrell Garren

Quote from @Nathan Gesner:

Quote from @Randall Cornelison:

Does anyone have a collection agency recommendation for me? The properties are in Oklahoma… Any other strategies for collecting on deadbeat tenants?

DM me and I'll share mine. I've used four different companies over 13 years. The one I use now has collected more for me in the last year than the others did in 12 years.

Why not share the reference with all of us? 

It took me 10+ years to develop a local team.  Everything from grader to house cleaner. I find it challenging enough to manage remodels, new construction, and property management with me wearing the boots on the ground.  I admire the people that can do it remotely.  It's not for me. Best to you. 

I suppose if you have already been sucked into a whole life policy, REI is an option. Much like if you are under house arrest, using your time to study REI is not a bad idea.

Quote from @Account Closed:

Yeah, but has anybody made any money doing what he teaches?

Agree.  Did the world really need another REI course, book, social media group?  I fear buying education and mentorship simply feels better than saving for a down payment and learning how to lay vinyl plank. 

I had a similar experience with a husband-and-wife domestic dispute.  LE called me regarding which one could stay.  Good grief.  For the last 10 years, I only have one person sign the rental agreement. One person to deal with on all matters.  Simple is good. 

14 years, 26 SFHs, never a 2am broken toilet call, never an eviction.  It's not for everyone, but for those with the right skills, it is a wonderful way to build wealth and cash flow life. 

Colin Powell Rule #12 - Don’t take counsel of your fears or naysayers.

I started off with USAA, then hit their rental property limit and moved to American Modern, then they stopped doing commercial policies for rental, so I am with State Farm now.  Very pleased with them.  I use insurance to cover catastrophic loss - high deductibles, insure for around 75% of rebuild cost, $2M umbrella, and low premiums.  

Never use them. My offers are "as is, close in 10 days, good for 12 hours." 

M2M agreements all day long.  I have several residents that have been M2M for 5+ years.  One for over 12 years. If a tenant misbehaves, I can deal with it immediately.

26 SFS. 1 LLC. Simple is good.