All Forum Posts by: Daren H.

It is like applying to job, accepting the job, but then hating the place you work. You simply find another place to work. On a more serious note, to the extent legal, get your rules (whatever they are) in place in the lease so that you have recourse. I moved into an older neighborhood. Didn't really think about older people and their ways. They called the cops on me twice for me and my 8 year son playing basketball in the front of the house. My bad for moving into a neighborhood of old people. Now I am moving, lol.

When you never set foot on the property you purchased and got a hell of a deal

When the phone isn't ringing but you keep spending on marketing and don't view it as throwing away money 

When you have multiple projects and deals going, but are never too overwhelmed to keep marketing

When you absolutely need an Admin Assistant

When title companies, past sellers, and realtors are referring people to you because you "handled ya business" with others

When your rehabs go from $15K to $90K, and you aint scared

When your estimated ARVs and appraisals are consistently in the ballpark

When your lenders start telling you they can do "this and that" for you that they didn't tell you before

Even God raises rent! That 10% he is asking for is on gross. If your gross grows, he stills wants that 10%. He doesn't say, nahh dog, you good at 10% on that $100K you were making even though you at $1M now.

Just purchase in your name. You are likely going to be blocked from getting traditional financing (Fannie Mae, Freddie Mac, FHA type stuff you commonly see) via the LLC route as a primary residence. Traditional financing is going to get you the best rate, low down payment, etc. You wont get this stuff buying as an LLC, from my understanding. Not to mention, if your LLC owns, and you are renting from your LLC, there are a host of other issues, tax and otherwise. Just KISS, and keep it moving. The LLC thing when you start off is overrated. I owned my first 10 properties in my personal name before forming an LLC. I used insurance and simple "do the right thing" to to protect myself. Never had an issue (cross my fingers).

Cities have economic development departments, or the like, which publish all sorts of data on demographics, income, housing, schools, population growth, growth, employment,  and a host of other data. They usually publish every year or two. This would be a good start. In regards to crime, most city PDs keeps stats of this type of data. Some have online portals to pull all sorts of data. Or you can do it via public information request. For example, here in Dallas I can pull crime data online for the neighborhood I am about to purchase in. It will give me the incident date and very brief description of what it was about. This helps gives you a good sense of what is going on in that particular neighborhood. I would start with these free sources. Just check online with the city website you are wanting to research.

720-790 credit score from the 3 agencies, been seeing the same on refis (~5.5%). This is still cheap money. I simple assume this rate in my buying decision, when I am looking to hold long term. If I am refinancing an existing property I own, I also assume a similar rate. 

The constitution evolved, civil rights evolved, women rights evolved, etc. Water supply, heat, plumbing, evolved. I don't see any dudes in bell bottoms, stacks and afros but I do see dudes with tight cloths, high heels, and colorful hair. Point is, sh** changes so businesses have to evolve as well. "Most of us" live in one house, we buy and sell the rest. That tells me most of us don't love real estate. Who constantly sells the thing they love?  I love my kids and wife. That's why I don't sell them. Back to the point. For most people, real estate investing is a vehicle to something else they crave. Freedom, money, time, cars, fancy houses, family, kids, travel, charity, faith, community service, side chicks, boy toys, or the ability to just be lazy. Why not talk about some of these things? I was just kidding about the side chicks and boy toys....but I would definitely tune in to hear some stories, lol.

I would not personally interact with my tenants with any form of personal, financial or life training but providing them with an onboarding package of information so they can educate themselves and learn about resources sounds like a good and noble thing to do. 

Just let your current Realtor know that you are going in a different direction and let them know the specific situations in which you still plan to give them the opportunity for your business. I view agents like barbers. I have one for different occasions. I have my Saturday regular walk-in barber. I have my scheduled appointment barber when I am on a strict schedule. I have my Sunday barber when Saturday is not possible. When all else fails, and I am in desperation mode, I hit up Sports Clips. I don't know any bruthas who want to go to Sports Clips, lol. 

Like most things, the answer is "it depends". It is were a slam dunk, almost no risk type of situation, and I am getting that interest off of ~$10M and I just wanna be in retirement chill mode, I can do 4-5 percent and live off $400k-$500k a year. If it is a high risk, 50-50 chance I could lose my $10M, that 4-5 percent aint gonna cut it. In my personal opinion, residential rental real estate requires (threw in a tongue twister) managing a bunch of factors to go right which makes it a high risk high reward type of thing in my view.