All Forum Posts by: Colton Taylor

@Denzel Faulken

I found an old truck (2000 model) on Facebook marketplace for 2500. It has saved me well over that amount in delivery cost of materials and the convenience of being able to haul whatever I need. That being said you don’t need a 35,000 truck. I would be a want not a need.

This isn’t my first rental purchase, but I feel just as nervous as my first one each time. Even after running the numbers multiple times and doing more than enough due diligence.

@Joe S.

With floating vinyl click lock, if a piece is damaged in the middle of room you don’t have to pull up the floor up to that point. Make 4 diagonal cuts, pull up that piece. Glue a new piece down to click lock edges around it. Done it many times and looks like a clean install. No way I’m pulling up the whole floor for one piece

@Peter T. I love to hear a success story. Could you guesstimate how much time per day (or week maybe?) you spent managing at 70 doors.

@Nathan G. Thanks for the input. You are right about some investors not wanting a part time landlord. I am hoping to automate a lot of the processes. I work in IT so I am confident I can use the resources that are out there to automate as much of the process as possible as far as screening tenants, taking payment, repair request etc.. .

It would be nice to pick your brain sometime about the software you use and its pros/cons. Also I am curious how you screen potential clients for business.

@Eric Chiang

I use a CPA that was recommended from a friend of mine who also invest. I began using this CPA as soon as As I started collecting passive income from real estate . When I started out one property plus W-2 income ran $350.

You can save yourself money by being organized with your expenses/income, anything to make it quicker and easier for your CPA. Personally the advice I have gotten from my CPA plus the fact I do not have to stress about doing my taxes makes it worth it.

Hoping to get some input from investors who also run property management businesses.

Is it possible to launch a property management business while working a fairly demanding W-2 job? I personally know many investors who I think would trust me as a pm which would be a good starting point. But I am not certain how much time I will need to dedicate while growing it? Is it possible to start as a side gig and grow it slowly until I make enough profit to do it full time. Keep in mind I want to do property management alongside my investments as well.

How did you guys get started in property management?

@Matthew Smith

I invest in the central Arkansas area. If you are finding turn key properties for under 100k, they are either in rough neighborhood’s, or very rural area’s. In both cases the rents are low, and low class tenants. I Wouldn’t advise investing turn key here if 100k is your top line.

The other area to invest in is North West Arkansas (Fayetteville, Rodgers, and surrounding areas). Finding a turn key for 100k would be rare in any neighborhood In this area.

With that being said if you’re looking to go the brrrr route in central Arkansas theres a large supply.