All Forum Posts by: Joy Schimborski

I'm looking at asking better questions. Meaning I have made some costly mistakes when it comes to partnering, tenant screening and renovations. I have learned from each one of those experiences and now I was wondering if maybe I asked better questions the outcome could have been different?  What kind of questions have you asked that saved you money or possible headaches? 

I can give you a good example. I often go to the REIA's and meet with investors. They typically know what to say to make you excited to help them on their journey. Then you ask them how are you thinking of structuring your finances for this purchase? (Oh yeah I'm a Real Estate Broker) They go on about how they bought this course and have access to funds. STOP. At this point I have learned that this is going to go really bad.

Just curious of what your questions are and how your mistakes have modeled you? 

@Jeff Kushner

You are very kind. And hopefully she will continue to find you deals. Let me know if there is anything else I may help you with in the future. Can't wait to hear about what your plans are with the vacant land you acquire. Sitting on pins and needles.. 

When I was working for a very well know agency we charged 195.00 fee. If we didn't disclose it to the buyer and the seller wasn't willing to pay it then the agent had to pay for it out of their commission. On smaller deals that can be very annoying.  It is an administrative fee in order to help pay for the staff. Now that I own my own brokerage I don't charge these fees. But if you don't like paying it then make noise about it. It isn't mandatory and you are the consumer. You hired them to do a service and good recorded keeping is part of the service you are already paying for. However make sure you are willing to lose the deal if you can't agree or in the future when you are making deals avoid that agency. I hope this helps. 

@Chris Rey

Will they allow you to hire a management company that has had 6 months or more experience? 

Interesting

@Michael Siekerka

@Sharad M.

These are great points. I like the quit claim deeds for transfers . This is very interesting the strategies you are using. I can see that having multiple LLCs means more paperwork and having to do more  taxing entities. But I do see the need to protect your investments and liabilities.  

I like to use Buildium. It is very easy to use. If your investor or tenants have internet they can view and pay online. As well as have expense tools and tenant information at your finger tips. You can also send out notices and Lease renewal. I have found it to be very good tool to use. Hope this Helps. 

Joy Schimborski

Very good advice @Sharad M. 

May I ask how often you re-evaluate your assets to see if it is time to split out some of properties when there is higher than 220,000 in a LLC.? Thank you.

I have been a member to bigger Pockets for awhile however never posted before. I have been in investment real estate since 2006 just in time for the bubble. Yeppie. So I have learned a lot in the recent years. I mostly have buy and holds that I rent. Looking to expand in to my first Flip and using OPM. I also hold my broker license in Florida. I'm interested in finding out more about Flipping and using OPM. Have done a owner build with great result and rent it out. I have enjoyed real estate since attaining my license in 2003 but have been a weekend agent prior to this year. Now I'm ready to become a career investor instead of a education collector. Also a former President of the local REIA in Ocala, FL. I'm sure in a couple months I will look back at this post and say you were such a novice. So good job for making that first step to put your step out there JOY. Oh and be more selective on your keywords I have over 799 alert right now. Thank you.

Joy Schimborski

Buy With Joy