All Forum Posts by: Coco W.

Not in an apartment, but I knew someone who ran it in the neighborhood, the soda company came and took care of the maintenance.

Thanks Dave Visaya !

Cody L. I tried to pm you but I'm not sure why I wasn't given the option? Maybe it had to do with my free account status and I already have a conversation going? Can you on me instead?

Dave Foster that's good to know, I've never done a 1031 and have only heard of it as a possibility. Thanks for your input.

I envy those of you who have had good luck with PM's, I believe this is where networking comes to play. I've fired two PMs in the past year, but being out of state it wasn't easy finding my next PM. One of the new PMs I signed with was courteous, efficient, and said just the right things over the phone, and I believed they were the right fit. However as time proves it was not the case; I visited the properties personally after it stayed vacant for 6 months(?), they say it was because there was no interest but it was clear to me when I arrived the unit was not ready to be rented, it was dirty, toilets were broken, the refrigerator has not been cleaned out since the last tenant was evicted 10 months ago etc. So I can say I have had my share of bad managers. Two weeks after I visited they found a tenant. From this lesson I now believe a regular visit to your out of state properties is important, meet your managers face to face also keeps them honest too.

Ok BP, I have a sticky property I'm not sure what to do with. This is my first time asking for help so bear with me. My mother had purchased a house in Houston 3 years ago at an inflated price (around $100k cash), it came with rental guarantee for 2 years so for two years neither of us paid attention to it. When the guarantee ended the rental income dried up, and that's when I took over the management and realize the place had been trashed and needed major make over. Being a newbie that I was, we have spent over 17k rehabbing a remote property as per instruction from the property manager, the local realtor estimated it to be worth about 70k now after rehab. We've had a hard time finding renters presumably because of the neighborhood is very trashy. Anywho this begs the question what should I do with it? The unit is now rented at below market rate, but it's considered rented nonetheless. My mother wants out of the business so we are left with a few options 1. Deed it over to me, and I cash out refi it to access its equity. This is risking the current tenant is decent or it can actually attract good stable tenants going forward, obviously 17k turnover cost is way too high to consider again. (On this note, anywhere I can do cash out refi under a year's worth of ownership?) 2. Sell it as it is, cut losses and use the money for future deals. There shouldn't be capital gains but I heard there is 20% withholding due to her being a foreign investor? Can she get it back when filing taxes or is it just gone? 3. Deed it over to me and 1031 it to something else, avoiding the capital gain tax I'd have to pay since my cost basis would be $0. Any other ideas welcomed!

Congratulations David Zheng ! I'm also newish similar to where you were, I run into bank financing since I'm only technically a few months in with my rental income. How long did it take you to convince the bank of your ability to attract high paying renters?

Thanks Brett Snodgrass ! I have been reading a lot, often that raises questions and I do not have anyone to ask. BP seems like a great place for that sort of things!

So how many offers have you made in 2 years? How many deals actually took off?

Hello BP world! My name is Coco Weeks from Joplin, MO. 9 months ago I left my job to stay at home with my 3 children. I have rentals in Orlando that are doing fantastic, couple in Houston that aren't. I live in Joplin with one rental in town as well. Despite an awesome start up portfolio thanks to my family, I'm still new to the REI world and finding my way around. I'm hoping to learn from others how best to navigate in the landlording world and be profitable. My RE goal for 2017 is to have a steady enough cash flow to live on and have enough knowledge on non-traditional financing so I can further my portfolio in 2018 and on. I'd love to network with any investors and professionals in these three cities I mentioned. Any helpful advice for my many questions to come is highly coveted. :)