All Forum Posts by: Dean H.

@Nanette Miller

Once you go out of pocket for the first month what difference will it make. Hopefully you have reserves to cover a month and 6 months would be much better. I think your PM is doing what would be considered normal for the industry.

@Ron Fletcher

As @Ned Carey eluded to above we change batteries in detectors and HVAC filters each fall. We use this and an " annual inspection" in the spring to see how tenants are treating our asset and look for issues they might not report.  

@Nanette Miller

1. Why did you hire them if you had an issue with their terms?

2. I would consider 30-40 days " float " to be normal for the industry especially in c-d areas where a lot of rent is still collected in cash or money orders and possibly even picked up by manager.

3. Look at the good side, if you have a vacancy or eviction you have a month to absorb the lower cash flow.

4. As @Luke Anderson eluded to they need some time to make sure funds are clear and if they are paying repairs out of proceeds they need vendor invoices prior to settlement.

5. Back to first question, did you make sure you agreed to their terms before hiring them, If not you just learned a lesson about research.

@Cara Lonsdale

Cara,

I'm a fan of mini splits. No duct work needed just a pair of small tubes and a couple of wires to each " head " mounted on wall, small condenser unit sits outside. 1100 sq ft probably 2 heads depending on layout of house. We have also used ventless gas wall heaters with blower and window a/c on small dwellings

@Amy H.

Amy I'm an old man but if I were you I would contribute every dime that I could get an employer match on. I would then do the necessary conversions to get it into a self directed checkbook IRA and invest in long term rentals. My wife and I are following that strategy and I sure wish I was your age not mine. Totally awesome that your thinking it thru at your age.

 Brian Eastman at Safeguard advisors set ours up but there are others

Derek, Ned nailed it but forgot to mention in some tax sale situations the property title will be clouded for a time. This limits your exit strategy as retail sale or refinance will be difficult. Check in your jurisdiction, could be different. 

This might be a long shot but if the market in your targeted area is that hot you might have to pay closer to market or lower your standards to gain traction

Remember all, If this is like most land bank sales you will be years from getting an insurable title. Not all bad but don't go into these thinking your going to flip, refinance,  or resale quick. I've got a few in my rental portfolio and they can work nicely in that situation.

This might not be PC to all but Christmas just brings us to reflect on the blessings of the past year. My wife and I are blessed with our health, jobs we enjoy, a lifestyle beyond our expectations, four fine children and, oh yeah, this is bigger pockets, a fine portfolio of rental properties. We wish to thank all on BP for there guidance, mentoring, and occasional scolding when we needed it. We would also like to thank our teams in Oregon and Tennessee without whom none of this would be remotely possible. To all a Merry Christmas and a Happy New Year. Remember the reason for the season!

Please join us with your blessings 

When my wife and I got started the goal was 10 " Doors " that were paid for and enjoy the cash flow for lifestyle and retirement enhancement. Well that goal has been reached recently and we are still having fun doing it so now we are thinking 20 paid for all professionally managed. At the rate we are going that leaves a couple of years to figure out the next " goal ". As we get a little older and start to think retirement we do discuss backing off a bit, then i'll be on auction.com and lean over and ask if I have 2500.00 for a bid deposit, lol   Just to much fun playing the game and dealing with the challenges. We have had lots of employees over the years and we do have a strict rule, no direct employees" and will have great property managers make our portfolio as passive as possible.