All Forum Posts by: Edward Mccracken

I have been working on some pretty intense policies and procedures for the way I run my business. The goal is to be able to hand it over to anyone and be able to do it. I'm doing it all web based (google sites) supported by a bunch of videos I created. Videos, meaning recording my video screen and you hear me in the background saying what I'm doing, I don't want to make it sound like I'm making some fancy video. I probably own 20 and manage 10 give or take a couple with low income tenants, so its like managing double that, than normal areas. I don't spend more than 5 hours a week managing these properties but I have to be available. Meaning, receive text messages, very few phone calls unless I have something for rent. I tell tenants I don't want to talk to them, if theres a problem take a pictures and send it to me and I will send the right guy. I'm already working with some VA's for bookkeeping in buildium and quickbooks, data research and creating seller databases. Its going pretty good because I interviewed sooo many.

I have two little road blocks in making this awesome.  First, how do I hire someone to be available?  My job isn't an hourly job, I might go a few days with out taking a call.  I don't expect someone to only get paid for the phone calls they take.  How do I get someone to accommodate my schedule?  

Second, implementing this thing??? Kind of scary...

I could handle most of this myself as of now, since I'm hiring out most of my labor, if I acquired a few more units, then I might not be able to handle it.  So my goal is to build the infrastructure now managing 50 houses, so on the way to getting there it will be easy, any help is appreciated!!! 

I'm not too good at describing this so I might mix up the terms a little bit but you should be able to get the idea of what I'm asking. So I set up a solo 401k with quest ira, now I'm looking for a bank place my money at. Does anyone know of any big chain banks that do this and how to describe this in English? Someone recommend me US Bank, I called US Bank and they even talked to my IRA attorney where he translated everything I could say correctly and they never heard of it before but they were going to ask a different department, they called me back and told me what department to call, and that department told me there was no such thing lol... Any ideas?

What do you have?

I'm working on the same Liz.  I have tried Upwork a few times.  It was kind of a rip off but I researched the most qualified person and that had amazing feedback, and they turned out more of a headache than what they were worth, then at the end of entering a few months of bookkeeping, they said going forward they need to be full time which came out to like 800 per month lol.  It was equivalent of hiring someone in the US.  I'm searching onlinejobs.ph and its cheaper than upwork.  To me upwork charges too much, on their end.  

@Roger Rustad seems to be knowledgeable. I would listen to him. I'm still interviewing a bunch of VA's.

Kind of a newbie question but I'm trying to convert my life over to buildium.  Are you able to run your entire business accounting through there or do you need quick books in addition to that? Its a little late but I'm trying to set everything now before my portfolio gets any bigger.  My goal is to get an virtual assistant / bookkeeper / office manager to handle everything and I'm just trying to figure out if its a must if they need to know quickbooks.  

Thanks!

I have been burned plenty of time but instead getting up set up about it, I educated myself to see where I messed up and rented to that piece of garbage.  It took quite a while to learn the system and I'm still learning.  There will always be decent people that need a place to rent in all low income areas.  Its all about screening and even then, some will slip through the cracks.  I'm still buying out there... 

Are you wholesaling this off the mls?  There are like 10 of these (3 bed 1 bath slabs) on the mls just like this.  This one does appear to have the garage finished into living space.  What makes this so much different? 

I’m meeting some friends in Las Vegas for the weekend. I am arriving a day earlier than everyone else to get some work done or network with other real estate investors.  I’m sure that idea was a bad one, but it’s the thought that counts. If anyone from the area wants to meet up and discuss their process and procedures or just show me around and how they do things, I would be interested in meeting. I will be available Thursday morning / afternoon on June 9th, message me if you are interested. I’m interested in property management and the things that I specialize in… Some of them are tracking down absentee homeowners, rehabbing, low income rentals, tax liens, and nontraditional real estate acquisitions such as buying a house with bad titles or pretty much anything that makes the average person say I’m not buying that house.  

Wow I hope you get some good responses from this. I lack knowledge in this particular area. I would find a lawyer who specializes in this and ask what they charge per hour for consulting. You might spend 350 for the hour and not get this deal but you then have the correct knowledge for future deals.

Now on to my issues... 

I'm at 20 plus with a full time job.  I also like to think the D class properties are like having 2 or 3 B class properties because of maintenance issues, entitlement feeling owed to them, wrong priorities, and drama issues (which I don't have many because of my selection process, knock on wood and subject to change at any moment lol) So to me I'm at least at 40.  My biggest challenge right now is that a lot of people pay late or a little here and then the rest a week or two later.   I don't want to get in discussions about late fees and telling tenants to pay on time but tracking this is a nightmare.  I recently hired a leasing agent who is pretty awesome.  She charges me a 1/2 month.  I acutally had her at a fixed rate but I then thought there was no motivation for her to ask for more money.  The fact I'm not taking calls all the time is priceless.  These people still have to pass through me and my process still.  

Now if I can just get this payment process automated. I had a couple of ideas of having a VA check my bank account and clicking on the deposit slips to see who paid what. Chase I can set up the account where its read only access but US Bank does not have that. So I'm kind of stuck on in this process and its seriously holding me back right now from actually having 40. I don't want a property management company because I'm not ready yet to give up that 5-10%

Any thoughts? 

@Wendell De Guzman Great point.  I don't know if you knew this or not but if you get a PAYNE Furnace or AC installed, you get a 10 year warranty on parts and labor.  Don't quote me on that, but I'm almost positive I'm pretty accurate. I'm just not sure if the AC is covered.   I know the furnace is.  I never looked into Home owners warranty but I do remember back in the day where I used to get excited about spending time to find good deals on used appliances.  Carrying them from one location to the next, getting rid of the old ones, yuck!  Now, I buy a decent appliance and get then 5 year warranty for $100.