All Forum Posts by: Anna Buffkin

Thanks @irina belkofer, but I'm too type A right now to let someone rent it for me.  Plus it's one of my strengths.  I'm usually really good and screening over the phone. I had 2 good canidates and 1 iffy one set up tonight.  I haven't had an eviction issue since 2014 and 4 of my tenants are long term plus 1 is getting ready to renew his lease next month and a verbal commit torenew in March.  I don't think a PM will give me that kind of consistency in good tenants.

There are plenty of posts for newbies to read about how exciting and lucrative real estate can be, how frustrating it can get or weird problems you didn't know existed before (like the poor guy with the hedgehog  that won't leave his property), but not a lot on the mundane parts of real estate.

What's the most boring or mundane part of real estate for you?

I'm currently sitting on the floor alone in one of my vacant rentals waiting on the next prospective tenant on a cold December night lining up prospects for my open house style rental showing Saturday as tonight is looking like a bust.  I have an hour and twenty minute ride home.  This part is definitely not on the highlight reel.

Call the power company and make sure that the power is on. If he shut it off, the tenant skipped on you and turn the power back on ASAP  to protect the property from cold weather damage.

No, but I did pick up a FSBO once pretty cheap by responding to an ad wanting a quick sale. He had a debt he needed to pay quickly. I had cash and was offering more than the debt. 2 weeks later we closed.

I am from Surfside Beach originally. I look at there from time to time, but like you, I never see anything worth pursuing.   I live in Greenwood now, but invest in Columbia.

Look at rental ads for similar units in your area to see what market rent and supply looks like.  Get an idea of what other units look like as not to over or under renovate.

Thank @Daniel Hyman.

I am pretty Excel savy and have sheets and formulas to track by property, by month, present of total revenue etc, but I am starting to wonder if I'm outgrowing it.  Adding a new property isn't bad as I have a template,  but adding a new expense or changing a layout is getting tedious. 

As I have experience in both bookkeeping and accounting, I should probably by answering this question rather and asking it, but when did others outgrow Excel for bookkeeping?  

I have 8 properties and plan to grow a little each year.  My Excel spreadsheet is probably more sophisticated than most, but is still starting to become cumbersome.  Should I start updating my spreadsheet for 2018 or upgrade to some type of Quickbooks-esque program?

I would pass.  Even if you get 100% financing somehow,  what happens when something breaks,  tenants move or even taxes come due.  Save your money, build your credit, then look to purchase.  No money down exists, but usually works best when you have reserves you wish not to touch.

Are you married?  I manage my husband and my real estate as I work part time in accounting from home and stay home with our twin boys. I am the day to day manager and property acquisitioner.  I call my husband my silent credit partner.  He's a teacher and football coach.   He doesn't have a lot of time, but looks great on a loan application.  I have the time, mostly, and enjoy the management.  He doesn't.