All Forum Posts by: Candace Ellison

congrats to you. The house looks great!

Thanks to everyone who responded. @Kyle B. you made a really great point. I never thought about checking with inspectors. 

@Account Closed I have asked colleagues but everyone acts like it's a big secret to divulge this information. 

I found thumbtack.com today and have interviewed 2 contractors today. One requires 50% up front not licensed but has liability insurance.

2nd does not require anything up front, licensed insured, has references. 

Will talk to the 3rd contractor Friday. 

Trying not to ask all the questions on my list on the initial call. Don't want to scare them all away just yet. 

I am in the process of getting cash out of two of my rentals. I am have been driving for dollars and located a few properties that I would like to buy to flip. So far, I have gotten one call back from a motivated seller. I will be meeting with her on Sunday to view the property. After the holidays I will start looking for deals via probate. I want to be proactive and make sure I have good contractors lined up so that the process can flow better. I have heard of many horror stories with contractors ripping off investors.

I am looking to get advice on questions to ask contractors. Potential pitfalls and warning signs to avoid. Are there any websites where I can check out contractors?

This work is simply amazing!

Welcome to BP! I am not too far from you. You will learn a lot here

For the past 7 years my husband and I have managed our properties. As our children have gotten older and become more active in various sports we have found that we are not able to meet the needs of our tenants in a timely manner. My husband or father in law usually handles repairs. Now that my husband travels often for work I am somewhat limited on handyman. Also, I am just burn out with dealing with tenants issues. I am meeting with a reputable PM in my city today. It will be a burden lifted when I don't have to leave in the middle of a softball game to handle a repair.

So far, I was told the management fee is 10% of gross rents collected. I have to turn over security deposits

$600 for reserves

Repairs are $85 for first hour and $55 every hour after that.

$360 for evictions

Does this sound about standard? 

I am excited and nervous at the same time. Excited that my phone will not be ringing at for leaky faucets and clogged toilets. But, also apprehensive because I am not sure of all the right questions to ask. I do plan on driving by properties often and staying on top of knowing where my money is being spent. 

 I am pretty sure I have been doing some things wrong through the years and have been putting ourselves at risk for lawsuits. 

@Devan Mcclish thanks for sharing your success. What you have accomplished is just amazing.  

I just had this conversation with a tenant recently who waited a month to tell me about a leak. Then complains about a $100 water bill. Some attempt to hold the rent hostage until you fix the repair. Honestly, I don't think there is a way to train them better. I highly enforce this in the beginning before move-in, but some ignore it until it's time to pay then they act like you are a slum lord. When you find out let me know. 

No, I have never sold anything. Only refinanced and did a LOC to buy more for cash and repeat with those. Some would argue how risky it is and I strongly agree but that has been my strategy and it works. I am working on paying down those LOC's now.

@Mark Douglas

I am in Chattanooga. I use the mls and a combination of other things. I buy mostly foreclosed properties. I also send letters to owners from expired listings of duplexes to see if they want to sell. Most of the time I just drive around and look for vacant and abandoned properties and send letters. Most of what I have are in low income areas. I have lots of relatives that live around those parts of town and I pay finders fees to them for anything I buy.