All Forum Posts by: Danny Gonzalez

Wholesaling also has it own regulations coming down the pipeline...  States like South Carolina and Pennsylvania have already banned it.

The NAR settlement doesn't change anything, besides the need to get a buyer agreement signed up front. Buyers agent will still be paid, but now you have to communicate your value to your client.

Jumping from one thing another isn't going to solve your issues. Typically it takes sticking with one thing over the course of a long time to figure out the intricacies for that specific sector.

Just my suggestion.  Sharpen your skills and you'll earn money in any market/sector.  

 This is one area that I'm not great at.  We currently recommend renters insurance, but we don't require it.  So far in the past 5 years, we haven't had any issues, but you're right, all is takes is one time and things can hit the fan really quick.  

Any suggestions on best renters insurance companies to use?

Anytime man!  Us property managers have to stick together, it's a crazy industry. 

Send me a direct message if you ever need some help or want to brainstorm together.  I've been running the company for about 5 years so I've seen a lot over the years.  Would be glad to help you out!

The first thing that comes to mind is what is your friend's goals in real estate?  Is she wanting to live off it with the monthly cashflow?  Does she need a lump sum of cash now that she's getting divorced?  Also, the other thing to consider is what is the potential rent from that property?

The reality is that she has a lot of equity and options, which is a good thing. Knowing my goals, which are to hold on to real estate as long as I can, I would go the HELOC route. You keep the low interest payment, yet still capture the equity to be able to buy more properties.

Just my 2 cents.  

I run a PM company in Birmingham with 300+ doors. Yes, paying a referral fee to an agent is a great way to increase door count. We pay $250 for each door that signs on with us. We'd gladly do this all day because we charge the leasing fee and automatically in the black, plus our clients stay with us on average 3.5 years so there ROI on that $250 is easily 10X.

See it was an investment into the business.   If you have your operations dialed in, you're going to be quickly make a profit on that referral.

Increase the # of properties that you are underwriting by networking with wholesalers, scouring the MLS, and even going Direct to Seller yourself. The trick is to stay strict on the formula, but once you find that right property (and you will if you keep looking), act on it quick. The first one is always the most difficult, but if you can make the jump, you'll be forever grateful. Keep going, you'll find the right one.

Good luck!

I run a PM company with about 300 doors under management. Here's a breakdown of what this clause is and why it's important:

Additional Insured means your company is listed on the policy by name, and will be defended alongside the property owner in the case of any legal action.

As a property manager, you are an Agent of the property owner. If a personal injury occurs for whatever reason, you (the property manager) are almost always the first target, in place of the owner. If a legal claim takes place, it is highly likely both the property owner and property manager will be named co-defendants. Having the insurance coverage extends to both parties, creates a unified defense with one insurance company defending both parties. This streamlines the defense, reducing legal expenses which the owner (or their insurance company) is ultimately responsible for. 

So 

1. Is this required in general?  It's a good practice, but not required by law (at least not in AL)

2. How do you explain this section to your clients?  "If something were to happen at the proeprty, having the PM added to the insurance will create a unified front and will be more likely that we will be protected".  It's in their best interest as well to have you on their insurance.

3. What does it actually mean and what does it protect against?  See above.  

I haven't been suepr strict about having every owner get that to us prior to starting management, since we all know how challenging PM is, even without the additional paperwork.  But it is something that you should chip away at, especially for the new clients that you onboard.

Hope that helps!

Hey Quinton,

I just came across your post.  How's it going with the self-managing?  We run a PM company in town, Freedom Ventures PM, that helps owners like you.  If you're still looking for a PM software to use, I've heard apartments.com and Buildium are both solid option for PM softwares.  

Don't hesitate to reach out if I can help out in any way!

Nice deal! Just curious, what's the ARV on it? Also estimated rent?

Private lenders are a key way to invest in real estate.  I did my first 5 deals in real estate with only Private Lenders.  Would recommend for someone that has the time and experience, without a ton of cash to invest into deals.