All Forum Posts by: Austin Petrie

Awesome, thank you for the rec!

Hey everyone!

Does anyone have any property managers in Denver they would recommend for a portfolio of single family homes?

Yeah that's shocking that Robinhood didn't actually get this approved with SIPC before announcing it.

It'll be interesting to see how this plays out over the coming months. If the money does end up being insured then would you all use it?

Hmm that's interesting to know @Aaron K., I hadn't heard the phrase "break the buck" before now.

Robinhood announced today that they will be offering a checking & savings account that offers 3% interest compounded daily. Prior to this, I know a lot of people on BP recommended Ally Bank who offers 2% interest. Will this be the new best place to store rental income and other money you're saving for your next property purchase?

This is pretty crazy when you consider that 1 year US Treasury Bonds have a 2.67% yield right now. So you actually get a better guaranteed return that is completely liquid by using Robinhood.

Some of the other key features about Robinhood's checking & savings account:

• 75,000 free-to-use ATMs throughout the US
• No minimum monthly balance
• No monthly, overdraft, or foreign fees
• SIPC insured up to $250,000 in cash

So what do you think? Will you start using this? What downsides do you see to it?

@Mary M. I think you bring up an excellent point! I couldn't agree more that the emphasis should be focused on providing constructive info that can teach people what works and what doesn't.

I believe that because the lines can get blurred if you aren't careful, people have to be self-aware of whether they are treating landlording like a business that emphasizes friendliness, approachability, and kindness as core values of their business versus people who are friendly, approachable, and kind but also happen to be landlords.

@Mary M. a hobby landlord is someone who treats managing their properties as a hobby, rather than as a business. They view it as a fun activity, they make decisions based on what feels good/nice/exciting, and treat their tenants like friends instead of using systems, making decisions supported by numbers/facts, treating tenants like clients, etc.

I completely agree with @Marie Fries. Especially attending meetups. Start going to them sooner rather than later, even with no to little experience you can still attend many of these meetups and you'll soak up so much valuable information and start building great long lasting relationships which are essential in this field.

People will take you seriously if you show that you are truly committed and consistent, so commit to a few meetups you will attend religiously.

@Sherman Dunn

I think honesty and expertise are very important complementary traits to look for.

I don't want my eyes on the ground sugar-coating anything when it's my money on the line. I want them to be brutally honest, but also have enough experience in this field to notice and bring up the things that are legitimate concerns.