All Forum Posts by: Chris Frank

 That's not what they taught at all.

 I attended the 3 day bootcamp and that is not what they taught. I believe you were misunderstanding the training. They teach you how to raise capital from LPs while the GPs who are not required to incur debt manage the asset.

Gerry, 

Thank you for sharing. I’ve been burned by Scott and he has not made any returns on the money he acknowledges was made. He always has an excuse. How have you proceeded? I’m having a tough time with legal and would love to join in or talk with your attorney. I even accused Scott of fraud and he denied it. Have you all ever noticed he’s always on vacation with our money??

Hey All,

We're planning to expand and would like some suggestions on how to train the new hires. Yes we could type everything up, use a table of contents and then build a continuity type binder, but I was hoping to find something online. For instance when someone calls the office, I'd like for our staff to be able to have something to review or click that brings them to the appropriate section or answer. Does anyone have any knowledge on how to do this?

Thanks a lot!

Buildium is amazing, but might not be for you with a small portfolio. However, I recommend it if you plan on growth. They're customer service and support are ridiculously amazing.

We've used Buildium since January 2016 and it's amazing. The tech support is also amazing. You can pretty much run your entire real estate business through it. I suggest calling them and giving them scenarios to ensure you can get what you need accomplished. I'm currently looking for bookkeeping services too because that takes up the majority of my time. You can add bookkeepers in with their own accounts (and track them) and also restrict them from viewing or editing items you don't want them to touch.

@Jameson Sullivan,

I'm currently active duty and supervise a lot of folks. As renters they're just like anyone else. If you rent to a group of younger troops in their 20s, you'll probably experience how a group people in their 20s act. However, right now there's a huge incentive for them to put their housing allowance together and rent rooms under a master lease because they get to keep the difference from their individual allowances. This all but ensures they pay their utilities and have extra for groceries without even dipping into their base pay. Likewise, renting to military families is just as beneficial to you. I would always recommend renting to a bunch of singles because if one leaves due to orders or a deployment, the others may still remain. Obviously a family will leave together if the military member gets orders. Lastly, you do have a recourse if they don't pay up. If you contact their commander or first sergeant and it's deemed they didn't pay their bills, there are career implications for the military member. I have counseled some of my troops' landlord-tenant disputes since I'm also an investor, but I've never had any issues where they didn't pay their rent or pay for damages that were not normal wear and tear.

Consider small claims court or issuing an IRS Form 1099 and write it off on your taxes as a loss. They'll have to pay Unkie Sam. I did this on a former tenant and lo-and-behold, I got a phone call that that opened up the dialog for repayment.

@Renae,

I go to Capital City REIA and Leads to Deals (at the Chinese Buffet) the most frequently and have been to a military veteran, BWI, Baltimore REIAs. I don't mind paying the small monthly fee to be a member because the networking is crucial. You absolutely don't need to buy any product or mentorship program. Just find a way to be valuable to someone to learn from. For instance you can supply money, supply the deal, supply the maintenance/rehab, provide property management, bookkeeping.....and the list goes on and on. Also, I just so happen to have done a deal in Baltimore with @Eric Johnson above by viewing his wholesale deal on one of the meetup emails and then taking it from there. We finally met at the closing table.

The hosts and hostesses of REIAs are a wealth of knowledge and experience but there's some in the room who may be even light years ahead of them. Talk with the members and learn everyone you can. These REIAs have skyrocketed my knowledge and business in the last two years.