All Forum Posts by: David Long

Hi Levi, My wife and I own a property management company in Bellingham WA and we hate these kind of situations.  Please check out the article at

http://www.tenantsunion.org/pdf/Assistance_and_Ser...

Here's the paragraph from the article on Pet Fees/Deposits

Can a housing provider charge pet rent or fees, or require additional deposits, for assistance animals?

No. Owners of assistance animals should not be charged pet deposits or fees, and cannot require a tenant with an assistance animal to obtain extra insurance. General cleaning or damage deposits can be charged, if all residents are similarly charged. Please remember that a housing provider can hold a resident with an assistance animal liable for any damage the animal causes.

Good luck!

It's tough with low unit count properties to meet the 1% rule.  Gary Keller recommends at least 0.7% in his book "The Millionaire Real Estate Investor".  The condition of the property is a big part of whether you can shave that percentage down or not.  If you are anticipant above average maintenance costs, I'd be very careful with purchasing properties below 0.7% rent/price ratios.

Ryan, I think your message is deceptive.  You simply can't make a living by charging no fees.  You have to charge fees to remain in business.  Can you do it for less than other businesses because your operation is smaller and doesn't have a lot of overheard?  Yes, I'd agree you can be more efficient than a large company.  However, can you do it without charging a fee?  No you can't.

Hi Mitchell, sounds like you guys are getting it going on!  I love to hear success stories.  Investing in real estate, especially now with super low interest rates, offers immense opportunities.  I don't know the LA market, but you always need to remember that current cash flow is king and the potential of future price increases is queen (unless your bank roll is really fat).  I recommend getting yourself a broker that is intimately familiar with the area you want to invest in and also doing your due diligence (look at rents on craigslist, Zillow, redfin etc. in the area you are shopping.).  BP will be a great resource for you too.  Don't forget those podcast...they're awesome!

As an owner of a Property Management company, I find your comments a bit misleading.  You can't run a business if the money doesn't come from your clients.  Come on man, the numbers aren't smoke and mirrors.  You need to operate above board and cut the hooey.

A great real estate broker who knows where rents are headed in different areas will be huge for you.  We just bought in downtown Colorado Springs (remotely) and the cash flow is very nice.  I'm not sure if Fountain offers the same rent/price ratio as the Springs...keep that in mind when selecting location.  Is your rent going to be 1% of your the price you pay or have the potential to get there, how old is the property and how will that impact maintenance costs etc.?  Also, I recommend going pro if only for the period of your purchase.  The tools are worth well more than the fee if you know how to use them.  You can get help with using the tools too in the forum.

HI Ian, my wife and I own a property management company in Bellingham, WA that does a lot of work with condo associations.  I think with a duplex, you are talking about a lot of hassles for the potential gain on a duplex.  What do you think you gain by going with a condo association?  Are you building in some kind of perpetuity-based Transfer Fee?  My gut just says, if you don't want your duplex, find a great broker and sell it for top dollar while interest rates are still low.  Some of the other comments mention this, but the structural liability hazard is huge considering your potential take with only two units.

I'm a little late to this question, but we just purchased rental property in the Springs form afar in April.  We got great cash flow (double the mortgage with a 25% down payment on two homes and two lots on a single parcel).  We can build on the two empty lots and increase that cash flow as well.  I don't know , , but I agree with his comment that you need a great broker/professional on the ground working for you.  It makes all of the difference!

I recently worked with Gary Jordan of Remax on a purchase and he did a great job working with my wife and I.  We live in WA and Gary did a great job covering the bases for us from afar.  He also connected us with Stewart Ritter of Pillar to Post for the inspection.  Gary and Stewart both have been great assets after our purchase as well.  They've connected us with a number of contractors to help with property upkeep.  If you contact Gary, please let him know we recommended him.  Best of luck with you on the rehab part!

Congrats!  That is so awesome!