All Forum Posts by: Derrick Fisher

I use Quicken Rental Property Management software. It's served me well thus far.

I have an issue like this. My tenant was on section8 in Beaver County PA. An investigation was done and the boyfriend was receiving mail in his name to the property.

That was enough evidence to prove the terms of the lease were being violated. There was no way to prevent that from happening but in this case, the trace of mail was enough proof to terminate the lease.

Hope this helps. From your friendly Baltimore Raven 😇

Has anyone encountered this kind of issue during an inspection?

If so, what was the cost of rectifying this issue of asbestos was found?

My contractor is dealing with this at one of his properties.

He purchased an older place of course and doesn't know what to expect from a worse case scenario cost wise.

Any suggestions would be appreciated.

Thanks,

Derrick Fisher

When I first started out I didn't know anyone in the industry and had to take a leap of faith. But I took a wise leap of faith. I started out on the low end but in Western PA that is an option. In other markets, getting a bargain very cheap may not always work. I went for a property to use as a rental that I could afford to pay off even if I could never find a tenant. That way, I felt like I was avoiding major risk.

The rental income was ok but I used my personal income to pay off the place quicker. Once I had position cash flow and I set aside a cushion for repairs, then I used the equity in the property to purchase a multi-unit income producing property. I took a route that fit my comfort level. I wasn't focused on equity, I wanted a property I could own clear in 5 years or less. Personal finances can go a long way with the choice you may or may not make.

I'm in a much better position but I'm still seeking cash flow properties that I can pay off fast. That way whether it appreciates or not I'll still collect money every month. When the market is bad people will be renting and when the market is high some people can't afford to buy and will still continue renting. Hope for the best but always plan for the worst case scenario. Making a poor investment is bad enough but making one that takes you down with it will cause far greater damage.

Like others have said, there is not good or bad option but may sure you have planned carefully and wisely.

Best of luck! 

Thanks to all of you for responding. I'll respond to each of you later today I'm hoping.

Thanks and have a great day all.

Good morning and thanks! After several years I found a good property management company. Is that the area you specialize in?

Based on the income being generated I'm going to say around 300k but I was I my looking to get 100k.

I own a 6 unit apartment building that generates almost 6k per month in rent. When I purchased the building I got a commercial loan and formed an LLC to place the business under. The first 3 years of ownership I operated at a loss due to several factors that have been corrected. In the 3rd quarter of 2015 I began to see a profit after a management change and some other steps that were needed. All of 2016 has been positive cash flow. I expect a 30-35k profit per year going forward. I was rejected for a SBL since 2013 & 2014 the business didn't generate a profit. My credit is excellent and as an IT Contractor I'm well compensated.

What would you recommend as options I could pursue in order to get funding? The property is paid for and I was interested in pulled out the equity in the form of a line of credit so I could purchase other income producing rental properties.

This is my 1st post so I think everyone in advance for any advice they can offer.

Thank you,

Derrick Fisher

Thank you very much, I look forward to making connections and learning a great deal from everyone.

My name is Derrick Fisher, I have 19 years experience in the IT field. 

My 1st rental property was purchased in 2007. In 2012 I purchased a 6 unit apartment building and now I'm looking to expand further.