All Forum Posts by: Ryan Arth

In reading your post, it sounds like you might have a police issue for trespassing, not a court issue with an eviction. I would bounce this off of a local R.E. attorney, it's worth a phone call. I can provide referrals if needed. 

@Richard Schubert If the house next door is a solid enough deal you could always raise the money from people in your network to tie it up.

@Richard Schubert Congratulations. Another example of finding opportunity by being on site. 

That is unfortunate. Given that the home was $90,000 post rehab, I have to assume that it is in a lower income area. I spoke to a gentleman yesterday who put 400K into a four unit in the city and his first tenant in the one unit bounced their first month's rent and security deposit checks. He didn't find out until the were already moved in. 

A lower price point can look like better cashflow on paper, but those earnings normally don't come for free. The usual risk/reward curve applies to real estate the same as it does to other investments.

@Terry Bickerstaff You could easily partner with a builder on a JV deal if there is demand for housing where your lots are and the financials pencil. This is what I am doing with a landowner on builds right now.

@Ricardo Jones There are a handful of very active Facebook groups that focus on investing in this area. People post properties like you mentioned all day long. Try posting about your deals there and you will find your buyers.

 Depending on the extent of the rehab on property 2 it would make sense to have that completed by a contractor before handing it over to the new PM. That PM may refer a contractor though, but definitely do your DD on them. 

As Rick mentioned, which is not what any OOS investor ever wants to hear, but being present is probably going to be helpful at some point in this process. Best to prepare before doing so, so that you can meet with (or terminate) your existing PM, view your rehab, and meet with the new PM(s) and contractor(s) before finalizing things and heading back out. 

Anything can be handled remotely, but it is easier to be present, even if just for a couple of days.

I listened to a podcast about a guy who was doing this with sober living houses. He had his systems and house rules dialed in and was getting impressive yields, but this is a bit more of a hospitality play than LTR (same as STR is).

https://www.millionairemindcast.com/how-sober-living-houses-...

In my opinion you should move on. Relieve them of the management duty, as they are not representing you properly. You don't have August rent and its the 28th. If they don't provide the lease, the tenant should have a copy. If they do not, have the new manager draft a new lease with the tenant. There are multiple points of failure here.

On your rehab, if you haven't been asked for a draw then he hasn't done the work. I would guess if you went there you would see its sitting. 

You can separate the PM and contracting issue, but it looks like they aren't doing anything on either. And you may burn the bridge if you fire them from PM to where they don't do the rehab work anymore. If you could salvage that, fine, but it looks like they are stringing that along. 

Don't beat yourself up, but fix the problem. You will be happier on the other side. Owning rentals from afar isn't always easy, and rehabbing is even harder. Invest a few hours into trying to find a replacement and you should have a good start towards righting the ship.

We looked into a shipping container building a couple of years ago. Beyond the novelty of it, the mechanics of getting it done were such that it made more sense to look at modular construction. There is actual potential to scale and develop a market position that beats stick built in modular, in my opinion this doesn't exist with container builds. You can absolutely do a container project for the marketing factor or just because you want to.