All Forum Posts by: Dominic M.

I can vouch for @Lane Berry he manages I think at least one our units in Houston, excellent job 

Build out your network and analyze deals; underwrite, underwrite, underwrite. 

My first question would be is this profitable? Have you modeled the deal conservatively and fully understand the downside risks. I'm all for this strategy if you can execute and it's profitable. 

Market dependent and condition/ age dependent. 

Application/Screen every tenant

IMO I wouldn't allow pets since it wasn't leased with pets

Otherwise a non refundable pet fee

I would charge at minimum 350 upfront per pet or not allow them at all

To touch on self managing vs professional management. A bad manager costs you and you should self manage but the value a great property manager brings will far out weigh the cost - interview a lot of them. Unless you prefer an active job and happy to gain the savings in return - nothing wrong with this. 

A great property manager will essentially work as a project manager and asset manager for you. PMs should have the widest network of contractors, knowing the good from the bad, better pricing, insights into rental rates/ condition of rentals to not over develop your unit. Amenities tenants prefer and bring higher value and the list goes on... They can identify potential investment opportunities... not to mention all the tenant/landlord laws, eviction process, security deposits, accounting, end of year tax statements etc. lots of pitfalls to be avoided.

wish you success in your ventures!

get at least 3 quotes, have them itemize every item and separate labor cost

Having family with trades is a huge benefit, even if they don't do the work, utilize them as a resource. 1. Sourcing reputable contractors via your network 2. Not overpaying and getting great terms 3. multiple bids/ quotes 4. project management. 

The link would be to capital, sourcing and analyzing deals: underwrite, underwrite, underwrite. Speak to lenders, have a nice package together: they will want an SREO, your background, your assets/ income etc, they will want your "business plan", your underwriting, your capex breakdown line by line. 

Connect with local wholesalers and investor friendly agents and provide your criteria to start receiving deal flow.

Start the eviction process immediately, no exceptions. 

Should you want to, negotiate alternatives thereafter. 

Amazing! But perhaps you would be better served helping a local experienced investor find deals and ask them to show you exactly how they analyze deals, what's good vs bad, how do they finance (debt vs equity) etc etc and understand their business model that has a proven track record by providing value to them. You can earn commissions while learning and tapping into an existing network - all with potential partnership opportunities before you go out alone.