All Forum Posts by: Aaron Wyssmann

Gloria,

First I think it is great you want to start an PM company.  I can't speak intelligently for FL but in MO you do have to have a broker's license or at least have your license with a broker.  My question would be if you have ever manage property on a larger scale? If not then I would try and do that first...you will learn SO much.  That's what I've done for the past year and a half and it is tremendous what you can learn.

In MO one must be an agent practicing under a broker for two years before you can become a broker and run your own company, again not sure if this is the same in FL.  

I'd write up a formal offer. You can provide the information for how you came to your number, that helps some. Most sellers though like the guy you're taking about will see you reasoning and pick it apart but I don't think that it hurts to send it. It at least gives you something to talk about and negotiate from. Let me know how it goes. 

It's always weird when you run up against a seller who is selling but doesn't really want to sell.  I had almost this same scenario in working with one of my buyers a couple months ago.  To be honest there really isn't too much you can do other than find his "pain point".  He may not have one though and then it won't matter.

If you are that interested in it then I'd give him your offer and paper and maybe when he sees it he might sign it.  Not too many other options that I know of.

@Shaun C.  This is a great example of why you have to have a strong lease. Our lease actually has in it that any plumbing stoppages that are deemed to be caused by the tenants that they will be billed for it. I'm not too sure on MI laws but if they are leaving you might just want to consider this a great real estate lesson. As we all know the best lessons in life aren't free. 

For the next tenant I'd track down a local investor willing to share their lease or have an attorney write one for you. Go over the whole lease with the new tenant so they know exactly what is expected of them. 

Good luck and sorry about the issues. You'll come out just fine. 

This is a great tip. Thanks for the heads up. 

The way that we do that for our owners is to simply have a "balance" which is basically savings toward all their properties.  We have a reserve set for owners based on how many properties they have but there is no set rule for that amount.  Obviously the more homes they have the larger the total sum but the smaller the percentage that would exist for each individual home.

Great question, I like it.

@Adam Rees  There are lots of factors here to consider.  The first is will what you spend on the guest house going to be returned to you when you sell and more importantly will it make you money when you sell.

Typically it is less expensive to add on to a home than it is to create a new structure from the ground up.  When adding on you are able to tie into the existing plumbing, heat and air, etc.  

I know it my market that a guest house would be too much of a value add unless it was a substantial structure near our college in town.

@Karen Vyvjala  Welcome to BP.  First congrats on taking the first steps...now just follow that up with the next and the next.  I would encourage you to listen to as many of the podcasts as possible and read through and post on the forums.  Get some great free education out here.  Then make a plan for how you are going to move forward and how you are going to get there. 

I wish you much success and go change your financial family tree.

William,

Well welcome to BP.  Sounds like you've got a great plan for moving forward in what you are looking to do.  BP is a great place to network with like minded folks and find answers to just about anything.  Good luck on working out your plan.

LaWhit,

Welcome to BP, it is an awesome place to learn and grow, especially in RE.  I encourage you to look past "life's circumstances" and move forward.  I too for many years thought that it was life that dealt me some bad cards but now I know that it was my own thoughts, choices (or lack of them), actions (or lack of them) that really put me where I was.  Chose to move past them.

There are some great folks out there that can help in tremendous ways.

Good luck.