All Forum Posts by: David Gonzalez

I would ask my self two questions:

1) Do I have an even temper and can handle/manage the personalities of different people?

2) Am I close enough that if an issue occurred that I can solve the issue? (Factor maintance and the management of vendors as well).

If you can’t answer both questions as a yes then find a property manager and factor it in as the cost of doing business. Just don’t settle on the first property manager you meet and be willing to fire them when the relationship does not work. Also even if you said yes to those two things it may not make sense to self manage. Your time is better spent finding deals then managing the property.

I feel that the real estate market will be tough in a small percentage of the markets that depend on restaurants/tourists as the foundation for the economy. In other markets it will be a small and most likely negligible drop. Will the market be like it was in 2009? Absolutely not! The real estate crash of 2009 was a once in a generation opportunity and won’t be repeated in our life times. Waiting for the next real estate crash to buy real estate is like waiting for the next dot com bust to by internet stocks. Ain’t going to happen!

Hi @Steven Jackson I would talk with an experienced attorney to see what the process is and what the cost would be. I would only make an offer if I liked what the lawyer said and the seller discounted the home appropriately. This may be a great deal because a lot of people would be turned off by the need to evict people and the seller is tired of dealing with the issue. Just figure out your numbers and be willing to not do the deal if it does not pencil out.

Hi @Jimmy Lieu I would suggest you find an apartment to move into with a lease break provision in the lease. Networking is great but it really helps to actually dive and visit homes/neighborhoods. You want to get a feel for the housing stock and demographics of the area. Even if Columbus OH doesn’t become your “forever” home/market I commend you for starting your investing journey!

Good luck and let us know how it goes.

It is misleading as the rent and pet rent are separated at professionally managed apartment communities. What is important is that the amount listed is the rent you can get in the open market and your due diligence checks out. If both check out I don’t see an issue.

Sellers will never be 100% honest with you. When you buy you have to double check what the seller says and make sure you have enough “meat on the bones” to cover any surprises you may encounter so you can still meet your investment goals.

At the end of the day you should close when you feel comfortable closing. You are the one who will be dealing with the problems and benefits of the property when it closes. If the seller wanted a shorter escrow period he should have negotiated that up front. Always be cautious when the other side is trying to pressure you into something. What do they know that they aren’t disclosing.

With regards to Goals the only Goal that is reasonable is the one that compels you to take massive action.

Back during that time asbestos was every where. It was on roof shingles, insulation and even in appliances! Up until the early to mid 90's a small amount of asbestos could be used in the manufacturing of certain goods.

As for whether or not you should do asbestos abatement on the property will depend on whether it is friable or non-friable like @Brian Ellis said earlier. Asbestos is only a problem when it is broken up and in the air. If I were you I would do further research with environment organizations that could give you more information on how to test for it, how to remediate it and how to make that decision.

I will say that if you are planing on adding/upgrading the Air Condition I would suggest you work with an asbestos abatement company to do the work for that portion of the house.

I would be careful about working on the popcorn ceiling it may have asbestos. 

@Katrina Cabral I am so sorry to hear that! As a professional in the field it makes me angry to see people being taken advantage of like that. What your property manager is doing is wrong on so many levels.

To ease in the transition I would recommend you read @Brandon Turner book on managing properties. He and his wife do a great job outlining the process of property management. Depending on your state (or city) your home is in I suggest you buy a separate book on tenant landlord laws. If your property is in California I would be happy to send you the list of resources I sent Mindy Jensen a couple of years ago on where you can purchase a lease for California. Just send me over a private message and I would be happy to give you that as well!