All Forum Posts by: Chance Cooper

I am having some issues with my tenant and HVAC issues. Is there any type of process that you guys use when there is an issue with the property, then dispatching a company out to fix it?

I am thinking about establishing something in my rental contracts where we have to have the work order emailed to us any time between Mon-Fri 0900AM-5:00PM. We then have 48 hours to dispatch a service company out there to the home to fix the issue. If the tenant is not there during the scheduled time that the service guy shows up, they are paying the service fee.

I say this because I have a tenant that expects me to dance around her schedule and its becoming an issue…What is your process to these types of issues?

At the end of 2014 I had a friend of mine that somehow talked me into buying a 41k brand new truck...This was completely outside my comfort zone, I have always been a huge fan of Dave Ramsey I was just stupid that day... Anyways, 2 months later I received orders to deploy to Afghanistan and had to pay a $588 payment on that truck, about $100 a month in insurance a month, and it sat in my garage for 9 months...That money spent on that truck could have been making me money while deployed or I could have saved it...Buddy I have learned my lesson...

During my tour in Afghanistan I aggressively paid off my first rental home that rents for $850. I know a lot of people on here leverage all their mortgages but I always wanted at least one home paid for, it helps me sleep better at night, mission accomplished... After reading "Rich Dad, Poor Dad" while deployed, I immediately realized this truck was a liability and was killing my portfolio. I felt like an idiot buying the truck before, but after reading "Rich Dad, Poor Dad" I really felt like an idiot...I had a terrible stomach ache for a few weeks lol...When I got back home I went and tried to get rid of it at that car place that takes pre owned cars (sorry I forgot the name of it lol), no luck...I would have been 12k upside down on it and walking home... Long story short I kept listing it on craigslist... Last week a retired 71 year old man called me and offered me a 2002 Dodge Ram with 105000 miles, and only he owned the truck, along with a cashiers check that would have paid all but 10k of the truck off. This was a great deal because it helped get me closer to not having any liability debt, and I received a truck and title to another truck as well. I wasn't left walking, so I took the deal!

Instead of deflating my savings and rental homes reserve funds I decided to use two of my credit cards that have zero interest for 12 months and I paid that excess 10k so that older gentleman could have the title... Recently the Army has given me orders to leave for Egypt on a 12 month tour this month only this time I got the ship headed in the right direction. I am leaving with my first rental home paid for, a second rental leveraged at Fort Bragg, and only 10k in debt. The 10k debt will be paid off by Christmas 2015 according to my numbers.

After being a biggerpockets guy that reads and pays attention to all you guys for sometime now, in January of 2016 (only 6 months away), I will only buy assets! I have learned my lesson, I can not wait to get started on 2016. I just wanted to say to all of you guys on here, you all inspire me. I am 33 years old and really feel my future looks bright due to all the great stories and advice on this website. Some of you guys have answered my questions through private messages, you know who you are, thanks for the advice, I really look up to you.

It's a GREAT feeling driving that old 2002 Dodge Ram that feels old and looks old..It's also a great feeling knowing that the money that would have been spent on a non paying liability will be spent on a fresh paying asset once I return home from Egypt. I must say, my wife and I finally have this ship headed in the right direction!!! And the best thing about this story is, during the whole process I was coaching and teaching my 10 year old son what I was doing, and why I was doing it. He completely understands the difference between a liability and an asset now.

At the end of 2014 I had a friend of mine that somehow talked me into buying a 41k brand new truck...This was completely outside my comfort zone, I have always been a huge fan of Dave Ramsey I was just stupid that day... Anyways, 2 months later I received orders to deploy to Afghanistan and had to pay a $588 payment on that truck, about $100 a month in insurance a month, and it sat in my garage for 9 months...That money spent on that truck could have been making me money while deployed or I could have saved it...Buddy I have learned my lesson...

During my tour in Afghanistan I aggressively paid off my first rental home that rents for $850. I know a lot of people on here leverage all their mortgages but I always wanted at least one home paid for, it helps me sleep better at night, mission accomplished... After reading "Rich Dad, Poor Dad" while deployed, I immediately realized this truck was a liability and was killing my portfolio. I felt like an idiot buying the truck before, but after reading "Rich Dad, Poor Dad" I really felt like an idiot...I had a terrible stomach ache for a few weeks lol...When I got back home I went and tried to get rid of it at that car place that takes pre owned cars (sorry I forgot the name of it lol), no luck...I would have been 12k upside down on it and walking home... Long story short I kept listing it on craigslist... Last week a retired 71 year old man called me and offered me a 2002 Dodge Ram with 105000 miles, and only he owned the truck, along with a cashiers check that would have paid all but 10k of the truck off. This was a great deal because it helped get me closer to not having any liability debt, and I received a truck and title to another truck as well. I wasn't left walking, so I took the deal!

Instead of deflating my savings and rental homes reserve funds I decided to use two of my credit cards that have zero interest for 12 months and I paid that excess 10k so that older gentleman could have the title... Recently the Army has given me orders to leave for Egypt on a 12 month tour this month only this time I got the ship headed in the right direction. I am leaving with my first rental home paid for, a second rental leveraged at Fort Bragg, and only 10k in debt. The 10k debt will be paid off by Christmas 2015 according to my numbers.

After being a biggerpockets guy that reads and pays attention to all you guys for sometime now, in January of 2016 (only 6 months away), I will only buy assets! I have learned my lesson, I can not wait to get started on 2016. I just wanted to say to all of you guys on here, you all inspire me. I am 33 years old and really feel my future looks bright due to all the great stories and advice on this website. Some of you guys have answered my questions through private messages, you know who you are, thanks for the advice, I really look up to you.

It's a GREAT feeling driving that old 2002 Dodge Ram that feels old and looks old..It's also a great feeling knowing that the money that would have been spent on a non paying liability will be spent on a fresh paying asset once I return home from Egypt. I must say, my wife and I finally have this ship headed in the right direction!!! And the best thing about this story is, during the whole process I was coaching and teaching my 10 year old son what I was doing, and why I was doing it. He completely understands the difference between a liability and an asset now.

One thing that I have found out over time is that most people who are not successful or trying to become successful really do not care to hear about your success. Dad,but a fact, some people like me are inspired,but that's rare...The only people I'd ever share my information with is people who are equally or more successful than me. Misery loves company, and a boss that feels that one of his workers under him is more successful is a bad thing.

Lay low, if he asks you a direct question answer it truthfully, but I wouldn't volunteer information, no loose lips... It may come off as you're bragging, cocky, arrogant, etc...Recently I was bored and got on gis tax map for my city (public records) and there were people in that city that I knew my entire life that probably owned 15-20 properties (commercial and residential). I never knew it, looking at them they never talked about it and they didn't look like they had money. Surprised the heck out of me that some of my kids teammates parents owned multiple properties all over the county...That's how I want to be, the one day quiet millionaire....

I have a current tenant that has been crying about his water bill for 3 months now…I sent 2 people over there and they found nothing that would cause him to have a high water bill. The city even came out, and nothing…

Finally he calls again on the 1st and asks for a discount on the rent due to the high water bills as of late…Fed up, I decided to drive down there (120 miles one way) to crawl under the house and find out what, if anything was wrong…I get there, go under the house and nothing. I asked him to run the washing machine, nothing…As I am under the house waiting on the washer to do its thing I was talking to him through the ventilation vent and he says "I detail a few cars on the side each month maybe 5-7, but that can't be the reason my water bill is so high…" 

Right then I become extremely pissed because thats got to be the reason…Your running a car detailing business. I don't have a problem with that, but I do have  problem with the constant phone calls about the water bill or whatever else under the sun he thinks he can use to get me to knock some off the rent with. Do any of you guys charge a work order fee or anything like that? I am thinking that if I charge a minimum fee it will make the tenant think twice before they call me. If they are willing to pay the work order fee that tells me that they really think something is wrong.

Any thoughts on this?

It looks like they are trying to stick their hands in our pockets…They want in on some of the action too!!!

http://www.myrtlebeachonline.com/news/local/article16705451.html

If you have used a HELOC on an existing rental property (or primary home), how did you use that HELOC to make more money?

I have one rental home paid off and have been thinking of getting a $25000 HELOC to use as a down payment on my next rental…

Thoughts?

Marcia- Yes, the Military retirement package is very valuable and one that I cant walk away from. Especially when I am halfway to the finish line. I can definitely rekindle my passion enough to finish up lol.

Johnny- I am stationed at Bragg and buddy Bragg will burn you out. The uptempo here is ridiculous. I have a total of 5 years enlisted time here, and 4 years as an Officer. Its time for another duty assignment! I am headed to Egypt for a 1 year tour in May (I volunteered for it), this will allow me to save some more money for more rentals. When you get this way shoot me a text, I in boxed my number to you already.

Lynn- I think the biggest challenge for me right now is the Patience department. I guess “Rome” was not built over night. I will continue to grow slowly and strongly. Once my “Rome” is built it will be well built, and hopefully by then I will be retired from the Military.

Bob

Yes I am an Army Officer and have finished my Bachelor's Degree. I have two classes completed towards my Masters and should be complete with it this time next year.

I will stick it out in the Military, it would be an absolute mistake to exit with ten years remaining. My goal is to have a handful of properties so that when I do retire I can go "Play" with those properties while collecting a retirement check.

Joe actually that is what I am doing now. When something needs to be done with a property or if I need something handled at the bank I have my wife go handle it. I just wish I could be the one doing it full time not her lol. 

She gets to have all the fun! Lol