All Forum Posts by: Allan Smith

Probably because they are bad at accounting or incompetent. I've had to hold my PM's feet to the fire a few times on that type of stuff. 

You could also consider some kind of secured trash system where residents have to use a code to access it. And then yes the cameras for people who dump it outside the secured area.

I have a piece of my backyard in the flood zone and I do not pay any flood insurance. Usually the building has to be in the flood zone. But if you were so inclined, you can come up with a new site plan, probably would want to have an engineer look at it, and then you would hire somebody with equipment to move the dirt around and read grade the property so that it's no longer in the flood zone. Pretty extreme but possible. Then you would have a surveyor reevaluate. I think they call it a flood certification

5 points?? That's not a private lender. That's a hard money lender.

that lender is for desperate borrowers.

I'll give you recommendations but ultimately you'll have to test your market with different types of advertising to see what works best for you. Even 2 investors in the same market could find different results. Bandit signs produced ZERO for me in 2017 (and were a huge pain in the butt), but I had buddies who got deals from them.

door knocking

Cold calling

sms

Mailers - PCs are cheapest and allow you to send more mailers with same budget.

Google and bing SEO

Facebook ads

Google ads

YouTube ads

Ringless voicemails

I understood them to be similar to standard real estate. Although there might be a bank here and there that doesn't lend on them.

all you have to do is run comps and compare the barndominiums to the other houses. They'll probably be priced similar.

This has inspired me to add an auto-reply in my prop mgmt software to say the price reflects all discounts. The software can detect if people are asking for a discount and send a template answer instantly. 

the discount people and the "are these dates available" people drive me nuts.

I've done lots of bank construction loans in TN. Almost all of them with local banks. F&m bank. First community bank. Farmers Bank. Franklin synergy, now absorbed by first bank. Wilson bank and trust.

Easy vote for me, start now under broker.

just a heads up, property mgmt is known for not being a very profitable business. Unless you stick to managing high end units and use that for realtor leads. But by itself it's just not that lucrative. 

You mentioned renting it for 1%, what you don't mention is what the actual Market rent rates are. The 1% rule does not matter, what matters is what comps are and what it will rent for in this market. It's sort of feels like you're running the numbers backwards and out of order. I suspect the same might be for the value of the home, you need to make sure your pricing it even with other houses like it that have sold recently.