All Forum Posts by: Bob Stevens

Agreed. For the property, Management company is the key!! Thanks! 

Anywhere decent in GA is .7-.8. Anything worthwhile in Athens is the same. Can find stuff down in Macon that is 1% but you will spend sooooooo much money on repairs and chasing rent it won't be worth it. Buy good properties in good neighborhoods and after 3-5 years of rent growth you will hit 1%

Here’s a refined version of your message that maintains your original questions and concerns while improving clarity and flow:

Hello,

Since January, I haven't received the full rental payment from the property management company. This is my first rental property, and I'm already having significant issues with them. They initially told me I didn't need to review the contract, as it was solely between the management company and the tenant. However, I recently discovered that I'm missing about one-third of the rental income, and no explanation was provided. ( Actually, I just checked my account to get money: 10/2 $500, 10/17$700, 10/28$500).

Originally, I understood that the management fee would be 10% of the rental income. However, I’ve noticed additional charges that weren’t initially explained, and the rental payments are deposited into my account in multiple transactions each month. Could you clarify if this is standard practice with the property management company?"

As the management contract is ending soon, I am preparing to manage the property myself. I have a few questions about the transition:

1. Since I'll be taking over in the middle of the tenant’s lease, what actions do I need to take with the previous property manager?
2. How should the contract be handled moving forward?
3. What is the best way to officially inform the tenant about the management change?
4. Do I need to draft a new lease with the tenant, or can I continue with the existing one?
5. How should the security deposit be managed in this transition?
6. What specific responsibilities does the previous manager have to ensure a smooth handover?
7. Lastly, would it be better to introduce myself to the tenant as the owner, or as the new property manager?

Thank you for your assistance.

We currently have 4 BRRRR properties up for sale. Here is one example. Message me for more details.

1. Priced at $90,000 - ARV is projected at $160,000 - Estimated rehab is $37K - Projected rent is $1,400/month

Looking for recommendations for home inspectors in Cleveland area that are thorough, honest and investor-focused (i.e. not just trying to help the deal close). Thank you!

Hey Michelle, 

Welcome to BP! I would say the biggest thing is to find an investor-friendly realtor to connect with and try to help you find off-market deals.

Hello everyone,

I’m currently exploring ways to find off-market real estate deals and would love to get some advice from this knowledgeable community.

What strategies or tools have you found most effective in identifying off-market properties? Are there specific techniques or platforms you recommend for networking with property owners or other investors who might have leads?

I'm particularly interested in methods that have worked well for you in terms of finding deals that aren't listed on the MLS.

Thanks in advance for your insights and suggestions!

Best, Michelle

Hi everyone,

I am high income earner making more than 500k per year with my W2 job, 40hour week.  I am planning to build a business to replace my income in couple of years so as to have monthly cash flow equal to my W2 income. What's best strategy in 2024 or 2025? Open to out of state investing, non real estate etc? I am somewhat limited with time but have right mindset. Thanks in advance.

I have a ratified contract for a property. Among other things, the inspection showed signs of pest (mice) inside the attic space. (Tunnel holes in insulation and droppings). Also, the insulation in attic was noted as inadequate at the time of inspection. I guess the mice have chewed the insulation.

Additionally, the drywall at basement detected moisture. The repair work will likely involve the removal of drywall in order to
perform repairs. The extent of damage cannot be realized until the drywall is removed. The inspection also pointed out that the fungi growth should be checked once drywall is removed.

I am concerned about mice infestation and likely damage to electrical wires and wood because of that. There is no way to detect these damages unless something major comes up later. I am also concerned about possible mold in the basement.

What should I do? Ask the seller for repairs or walk away. Are these major problems?