All Forum Posts by: Tony Savage

Real Estate Broker for a very long time and have been investing out of state for the last 10 years, I also self manage my rental units in Lansing MI.  Would love to come on your podcast and chat.

Brian,

Going forward, you need boots on the ground.  I self-manage my 9 doors in Lansing MI from San Diego.  If you don't want to hire a P.M then get a team in place... handyman, electrician, plumber, hvac, locksmith and whoever else you need. Give someone you trust there, copies of the keys and let your tennant know that you will give them 24hrs notice then you will have someone enter the premises.  

In this current situation have the police go by and conduct a welfare check.

Hey Jay,

Are you local? If you are you need to go and have a talk with this borrower.  Has he been making is mortgage payments since February? 

Just sign your name Nellie. You are a member of the LLC.

I'm flipping this deal and this project is in the rehab stage so haven't netted anything yet.

Anthony,
 Do not, I repeat do not take motivation from someone that tells you that you can't succeed in this business. Obviously that person does not have your best interest at heart.  This would be one of the quickest ways for you to loose a lot of cash.  

It's time to part ways with that negative energy and surround yourself with like minded folks!

Good luck on your journey bro!

I tell all of my tenants that I'm the property manager for Balboa Management which is my C-Corp.  I agree with Michael, nothing positive can come from you telling the tenants you're the owner. 

I blame everything on Balboa which takes the responsibility off of me when I tell them Balboa said no or when Balboa has to raise the rent, which Balboa is going to do this summer!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $95,000
Cash invested: $185,000

This is a flip that I purchased in the name of an LLC I formed with two partners. This is our second flip in Chattanooga. P.P was 95K and rehab is 90K.

What made you interested in investing in this type of deal?

The numbers worked for the return that I wantedN

How did you find this deal and how did you negotiate it?

A good friend of mine who is now one of my partners had contacts in Chattanooga

How did you finance this deal?

Cash

How did you add value to the deal?

Replacing pretty much everything... new roof, kitchen, bath, AC and flooring

What was the outcome?

In Progress

Lessons learned? Challenges?

Still learning, no big challenges yet

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, I have an agent in Chattanooga that works with investors.

I have section 8 tenants and I always use the name of my LLC and the ein number on the W-9. I have the housing commission auto-deposit the rent into my LLC business account.

What a coincidence! I just came across a video on youtube called How to structure you real estate flipping business with Toby Mathis.  Toby is one of the owners/founders of Anderson Business Advisors of which I'm a client of. Anderson forms all of my entities.