All Forum Posts by: Derrick White

@Dennis M.

I’m trying to put a coherent and respectful thought together in response to your uneducated, stereotypical, and unhelpful comment.

Even though I’m pretty sure you made your percentages up, you are right about a small percentage of people who invest in real estate. I’m one of those.

I also hold a professional, great paying job. I work until 5. When I got out of school, I was in debt up to my ears. I followed Dave’s plan and cleared up all my debt and now I hold a good bit of rental properties. Oh, and I have all my teeth. Cavity free even.

I'm an investor in the Knoxville area. In the last 6 months or so, things have become even crazier. It's been a hot market here, like everywhere I think, but it's really turned up lately. There are deals to be had, but they are a little more challenging to come by. I look everyday. I drive for dollars. I ask everyone if they know of anything. Feel free to shoot me a message. I'd be happy to tell you about the areas you are looking in. 

In regards to your question, I think $800 for rent is low. I'm pulling $600 for a one bedroom apartment and around $1200 for a 3 bedroom/1 bath SFR. We have a higher end house that rents for $2200. The money is there if you can make the deal(s) work.

I had this almost exact scenario happen to me, except I inherited the tenants when I bought the place. At closing, the sellers stated that this person hasn't paid in 2 months. I gave them one chance after I bought it. When they didn't pay, I sent eviction paperwork to them and even offered to give them $300 back if they would just leave. They left. Now it's rented to a quality tenant and I only lost a months rent. Sucks to lose it, but I couldn't handle wasting any more time. 

Send them the paperwork. As stated previously, this is a business. I know you felt bad for them at one point, but they have proven to take advantage of you. 

I’ve listened to one of the more recent podcasts and the guests were talking about how they utilize text messaging to reach out for leads before direct mail and cold calling.

My question is does any one on here do that? Once you have your list, what’s the next step in order to start texting? Is there an app or manual input, etc...thanks in advance!

I don't remember if its that episode or a webinar, but what I do is "drive for dollars". I will drive different routes to work, errands, etc...while driving, I look for properties. I make a note of the addresses that I find interesting and come home and look them up on the internet (county tax office). That's how I find out of state owners. 

@Jeff S. Thank you for your reply. I’m glad I’m not the only one that just simply doesn’t like a property.

 I agree with you. I know people preach partnerships and I will probably get beat up (more than I am already) about this, but I'm solely responsible for my wealth. I've owned a few businesses and I have trust issues with other people. 

I can't put my finger on it. When I bought it, I put a ton of work into it (new roof, siding, etc). It's just missing something. I think a lot of the problem is I want to upgrade it as if I lived there vs what makes sense on paper.  

@Matt Leber I guess the same purpose as your reply.

 Very true. I wouldn't do anything based on emotion in regards to the duplex. Just wondering if anyone else just has an overall dislike for a property. I can't be the only one.