All Forum Posts by: Tim Hall

@Maxim Yershov here’s what I do. I take lots of pictures of the property. Do a virtual tour of the place and put that on my website. That link is on the ‘for rent’ sign plus another link for a pre-application. It has a few questions such as employment length, do you smoke? How much do you make a month? Any felonies involving violence? Any pets? How many people will you be living with you? Credit score. They can answer however they like but if I don’t like any of the answers it lets them know they don’t meet the criteria and it didn’t cost them anything. No harm no foul. Once I find a tenant that fits the requirements I let them know that I’d like them to do an application to verify everything they’ve said. It costs them $39.95. They apply and once they’re approved I then let them see the place. I have really nice comfortable clean places and 99% of the time they take it. This cuts out all the B S and running around like a headless chicken showing to people who don’t qualify.

@Brittany Baker firstly don’t compare your progress with anyone else’s you will never win like that. Second some people start with money and other people put the effort in and learn different strategy’s. Others immerse themselves in the business. Everyone has a different strategy and different backing. You’ve got to find the one that works for you. Let me tell you if I used my own money every time I bought a property I’d be broke and bankrupt. Part of this business is to find partners that want to join you on your journey.

Another part is to find property that is either incredible deal or pays you a great return. One with which an investors wants a part of the action. There’s probably lots of info right here on how to raise private money. Good luck

@Katrina Dividina don’t feel pressured to close by anyone. Not the agent, not the title company or the seller. It’s not going to be a mess you just don’t release the funds until the property is vacant and you’ve done a final walkthrough. Take your time and do what’s right for you, otherwise you could regret it. Remember the old adage ‘ buy in haste, repent at leisure’ I know I’m such a cliché

@Alec Newman hey man, nice one and well done.

Here’s a couple of things about air bnb that I wish someone had told me.

To get the most out of your listing you have to be active. Just like a website has to be current so does your listing. This means updating it regularly, updating content and pictures. Also changing the calendar regularly so you get put back on the top of the list. It doesn’t take that long, maybe 15 minutes a day but it’s worth every penny.

Rating and reviews are everything in this business but there are people that will try and take advantage of that, so expect it. Have policies in place and try not to get emotional. It’ll serve you best in the long run.

Make sure you have your key players,

cleaner/ restock person they will make or break your business

Maintenance person, things will break and they will need to be available.

Sounds like a great place and best of luck to ya. Thanks for serving, I appreciate it.

@Jim Piety wow, mind blown. Sounds like you’ve got it all handled. I appreciate your post. Just the other day I was looking around a house and there was signs of a toilet, shower and tub having been backed up and I thought of this post. Thanks

@Jim Piety sorry you’re going through this mate. I take it the house is not new, right. So they had a connection at one point, right. So some one capped it off for some reason, whatever that reason was, possibly it was easier to do than fix the problem. I would call a locator company and get them to locate all the utilities, septics pipes and everything else. I just went through this and found that my sewer line had a cap on it. ( my house was abandoned for 20 years) also its a pipe, not a rocket ship to mars get some more quotes. Plumbers are like ‘ ooo it’s gonna cost ya’ because they know you can’t do with out it. It was there once, go find it.

@Shivam Patel the only thing you have to worry about now, is what’s happening right now. Right now you are living in the property and you probably have homestead on the property too. The loan officer shouldn’t be taking your dreams of the future as if they are reality today. Personally I’d find a more seasoned loan office that works for you and doesn’t put the fear of god into you every time you visit them. Thanks and good luck.

@Phil McAlister I totally agree in the most part. Here’s where I disagree. Firstly you found the property which was listed on the mls. You only found it because of a realtor. Therefore you are in their space. Now you don’t want to pay them. Also, even if you’re not represented the sellers agent gets the other percentage. What you said is great but go find your own deals and deal directly with the seller. Then you and the sellers don’t have to pay anything to a realtor, you can save even more money plus your not using the mls realtor area at all.

@Dylan Salem you’re 18, you don’t have to do anything. If you don’t want to do it say no. See this as an opportunity to start your real estate career and life by looking at the deal, calculating the risk and saying yes or no to the case in hand. Rejection is part and parcel of real estate and your folks should be used to it by now since they’ve been in the business a while. People tell me all the time what I should do and at the end of it I do what I want, you should too.

@Letitia Dean Abbott hey there, the term is ‘subject to’ as in subject to the loan. There’s a load of paperwork involved and there are things to be aware of. Such as the ‘Due on sale clause’ which the lender may execute. There’s many ways to do deals and this is just one of them. Personally I done a couple but prefer other methods. Good luck!