All Forum Posts by: Dean H.

I don't like to paint enough to buy inexpensive paint. Buy quality paint and be done in half the time. I try to use the same color scheme in most rental units to keep life simple.

@ Christof Gardet

They are not ugly,,, they are challenged and challenges are quite often profitable !!!!!

So if there were no lien, repair, hoarder, meth lab, asbestos, divorces, back taxes, etc. issues.   would there even be wholesalers ?

@Scott H.

I assume you are talking an Air B&B or Managed vacation home so you can get your 4 weeks? If so if done right in right area should work great. Another thought that crosses my mind would be a above garage mom in law setup or RV pad and RV so you could have long term tenants in place on main property and still " infringe" on them 1 month out of the year. My wife and I are kicking the same idea around for Lake Havasu area.

Tracey remember you only really have an offer submitted, we explained above that the bank could take up to 10 days ( I think ) to accept or reject your offer. More important is how you elected in all that paperwork to close the transaction. Did you elect to purchase title insurance ?

My wife won a bid on one on Feb 24th, we had to submit about 53 pages of doc's within 24 hours ( which we did on doc u sign on an IPhone from a hotel in Vegas ) memory says it took them about 10 days to accept our bid. It finally closed April 3rd. We did take the option to get our own title insurance and close at our title company so we received a warranty deed. Only real problem is no one could ever track down the lock box code so we had to break in after closing to inspect and secure with new locksets ( new locksets are normal, breaking in not so much )

A light cleaning and a little paint and it should be rent ready on the 15th

Hang in there and don't get frustrated when they need everything immediately and then take forever to respond.

Roll on,,,,,,

@Jay Hinrichs

"luck of the draw.. you get a tenant that moves in is clean neat and stays 5 years your PM is a hero"

That statement is many investors "perception" of how it works

We both know that in my areas of investment it is a thankless job and a good manager is hard to find, keep, and compensate for risks many here do not understand.

Wow, maybe i'm in the minority in this conversation but I deal with 3 managers in 2 states and feel that all of them are keystones to my success and consider them more as partners in the plan than just some guy or gal sucking up 10% of my gross. Maybe the problems you are having is not stressing your needs from the start of the relationship.

I appreciate the professionals I work with and value the fact that they do a hell of a job dealing with the day to day issues while I work with the parts of investing I enjoy

@Shaun R.

My wife and I are all cash in a portfolio of rentals in Memphis. It has both good and bad situations but although I never say never we are  expanding that portfolio, closing another tomorrow, still all cash.

The one thing I would change in your plan is not payoff your residence mortgage. You have a lot of tax advantages with that debt and it will remain a good equity "war chest" if a rainy day or incredible opportunity arises. Save the cash you can and find an entry level property and start the ball rolling. you will be amazed at how fast it can manifest its self into more units.

We are real rebels here, all cash purchases and actually thinking enough might be enough soon ( I could be banned from BP for this attitude, LOL ) but for now we like the choices we have made.

Invest on !! 

@Eric Hyde @Caleb Heimsoth @Martin Arrowsmith

For the record my wife and I have Multi and Single family rentals in Memphis and we live in Oregon. 

My advice would be talk to a few providers over the phone to get a feel for their style then GET ON A PLANE AND GO MEET THEM IN PERSON. Get a feel for the areas they want you to invest in and why. See some of their projects in various phases and make sure their workmanship meets YOUR EXPECTATIONS. Shake hands and look them in the eye. You are making LONG TERM INVESTMENTS.  I would think sacrificing a couple of days to actually KNOW the team you have chosen and SEE areas you will be investing in would be priceless. Memphis has some great turnkey providers and although I have a different investment strategy I think for most out of sate investors who want passive returns it is the best way to get in the game. 

Go, See, Meet, Evaluate, Choose, Analyze, and Invest !!!