All Forum Posts by: Mike S

Great, now everyone else is going to be snatching up all the properties! All kidding aside, congratulations! Love listening to them.

If you are fine with ~10% returns, plug your money into the stock market and forget it.

We make 3% per monthon rentals and with the sale of one of our rentals on the market now we'll make 250% on cash invested not counting rental income. That is in an 18 month hold.

Also a full time firefighter and I'm very open about it but only get into details if someone asks. One of my realtors is also my LT as well as an investor himself so it's pretty sweet.

Firefighting is a young person's game so we get a lot of 20 somethings that I try to steer toward real estate but nobody listens. They are after another 2% raise or another 2.5% on their pension or some other penny game. Maybe they'll get the chance to rent from me in the future!

For us it's finding a deal right now. Everyone wants top dollar for mediocre properties. Everything else is in place.

You really should know the landlord/tenant laws in your state if you're in this business. In the absence of specific guidance on this issue, I'd do a separate account for security deposits.

Electronic only. Erentpayment.com

We do use a local portfolio lender for our loans and I believe that the relationship being built will be advantageous to us in the future.

We had mulled over buying and transferring to our LLC but the DOS worried us too much. That's why from the start we worked with a private lender who wrote us commercial loans titled to the LLC and guaranteed personally by the partners. Sure we had to put down 30% and the rate is 6% but we don't worry about DOS.

Provided you have the capital, why not just refinance into a commercial loan?

I use electronic rent collection via erentpayment.com. Late fees are automatically enforced at $10 per day from the 4th to the 11th. Rent is due on the first and the grace period extends to the third. 

IMO it's the best way. Totally automatic and mandatory to pay prior to the rent.

My wife and I have very big dreams that a fireman's salary won't cover. Explained the short term cash flow benefits and long term benefits as well as scalability. For us it was a no brainer.