All Forum Posts by: Corby Goade

I think the problem is that most self managers don't have a clue HOW their problems are arising- they think "that's just how landlording is," not knowing that they are creating their own problems through lack of process and professionalism. 

Proper, legal screening and professional processes and documentation. Basically everything related to management. 

Hawaii is expensive because people WANT to be there. Property is cheap in places that aren't as desirable. High prices aren't a bad thing, it's actually a good sign. 

I'd start looking at house hacking where you live- find properties that you can live in for a year, force some equity and keep them as rentals. Repeat that every year for a few years and you'll be amazed at what a difference it makes in your life. 

Have you connected with a QI yet? This is a good question for them- however, the entitly selling the property must be the same as the entity buying the replacement. 

We renew at whatever the market will allow- just because your own expenses are going up doesn't necessarily mean that the market will support it. Sometimes a renewal without an increase can be a big win, you have to know what's going on in your market and adjust accordingly. 

Yeah, we get requests like this occasionally. No, we won't stop caring for our property in the way we feel is best. If it's a big deal to them, let them out of the lease without penalty. 

It gives you the option of giving them 30 days notice at any time too, so depending on the situation, that could be a benefit for you. 

Your least should have a built in increase if the tenants allow it to roll over to M2M, typically about 10%.

This is a very common concern- and this is probably not the answer you want, because there is no correct- way to do this. 

You can set up structure as you go, it doesn't have to be all set up before you start. Action is way more important that doing it "correctly."

Go out and buy an investment property- finance it in whatever way works for you, manage it professionally and figure things out as you go. 

Absolutely not- wouldn't entertain it for one second. Now that you have that knowledge, you also have the liablity. What's the purpose of screening tenants if you will rent to a sex offender anyhow?

Welcome! That's the best investment strategy for the average person, and it's SIMPLE. 

If you are looking to buy and house hack in KY, you have to talk to

https://fivepillarsteam.com/about/. I'm not sure if they work Louisville, but they will definitely be able to connect you with a local, knowledgeable team who can help you get rolling. 

Best of luck!

I'ts a high risk proposition for sure. There's a reason some of those properties look so good on paper, yet they are still sitting there, waiting for a buyer. 

I have a friend who bought a Fourplex in Ohio a few years ago- paid $235K and gross proforma rents were $5K. He kept it for 4 years and was only cash flow positive TWO months out of 48. Never once collected $5k in rents, lost money every month and sold it at a loss. 

Make sure you know the neighborhood and tenant base very well- hire a VERY experienced property manager and work with an agent who has high production in that area.