All Forum Posts by: Cordell Martin

@Ryan Guffey

Buy & Hold has been reasonable for us.

Most effective has been to develop a relationship with a good realtor, find a market and focus there to start building a team of maintenance people, banks, etc.

Screen tenants throughly but reasonably.

Depending on your area eliminate some ‘non value adds’ which can cost you time & money - water lines to fridge, ice makers, etc.

Create a plan what you want it to look like - uniform color scheme in houses, common light fixtures, pulls on cabinets, etc.

Even if it’s your first property tenants don’t need to know that - provide a brochure of business norms - when to call for non emergency issues, what is an emergency, how/when to pay, etc.

After a few buy & holds and some procedure, BRRRR is a reasonable next step.

Good luck!

@John Fider

Get an idea of what she might want/ value (seller finance, X amount of cash for something immediate, etc) and change terms but not necessarily price. Otherwise, it’s ok to move on and keep it cordial. We’ve had multiple properties come back to us weeks or months later after they realized their price was too high. Good luck!

@David Acconcio

We have walked thru several tenant occupied homes over the years; typically realtor has provided 24 hour notice and rarely has it been an issue and tenants have been very willing to share with us what is really going on in the house as far as repairs/problems. That being said, we have also made several offers without seeing the house with a walk thru contingency within X amount of days if both parties agree/sign. Good luck!

@Tuan Tran

We have been pleased with Buildium; there base package I believe was up to 40 units. It’s been very reasonable for us to start with a few units and manage homes & mobile home parks on it. Best of luck!

@Ryan Planchon

Find out if leases are to transfer to you at sale or terminate with sale. Otherwise include a contingency as others have said that leases will be provided to you within X amount of days of both parties signing AOS. Best of luck!

@Nick Troutman

Yes you can challenge them after purchase; flexibility depends on the area. We have bought several in a nearby city and challenged taxes on probably close to a dozen (not at one time) after we purchase each and had taxes dropped on each one. Talk to your attorney & others in the area to get a feel for the flexibility. Best of luck!!

@Richie Thomas

Restaurants - specifically steakhouses, bars and coffee.

Think corner bar vs craft breweries - craft breweries tend to be a more positive.

Steakhouses -

A - Ruth Chris, local independent steakhouses specializing.

B - Outback, Lonestar, Texas Roadhouse, though these can be in A as well, but the A list places are typically not in B class.

C - We’re a restaurant and have a steak or two on the menu, Friday night is prime rib, etc.

D - no steak 😕

It’s not a science, but a little from my experiences...best of luck!!!

In PA, a broker's license is required to manage property owned by others. Aside from that, network and let others know of your services at REI groups, etc.! Good luck!

Sounds very solid...far ahead of where many are at that point.  Best of luck!

Verify & do not accept less than full security deposit and first month's rent.  If they cannot afford that, there will probably be payment issues in the future.  My very first 'tenant' that was set to move in lied about a fire which displaced his family, as well as provided numbers of friends as 'supervisors' at work to lie about his job performance, etc.  Another reference on his application texted me about what was going on after their conscious got the better of them.  We also verified with the fire department that no such fire had occurred on that street or address provided.