All Forum Posts by: Edward Allen

Hi Cody! You are on the right track simply by having this mindset of wanting to be an investor. At 21, not knowing your full story, $3k seems like a lot of expenses for a young man.

You can use some of the good apps recommended by folks here or do a basic Excel spreadsheet identifying all the monthly re-occurring expenses you have. Once you itemize those expenses, you can then work on how/where to minimize those operating expenses to reduce the 3K monthly overhead.

I would advise like others to have No-Car Payment and drive a car you can pay off within a 12 month period. Something presentable/reliable without costing a monthly fortune. Assuming you reduce the car expense, you are likely to also reduce your insurance premiums.

Next, If you have any University Loans, you may be able to defer them for 12-24 months to reduce some further expenses. From there, Housing/Food/Entertainment need to be analyzed to see how you can reduce these expenses. 

Trimming non-essentials like entertainment/food out will drastically reduce your monthly overhead. You can still do these activities but perhaps 1-2 times every 2 months to see an improvement in monthly expenses.

Having expenses is good to motivate you to continue working hard & earning more, you just need to find a good balance so your expenses don't hinder you from working on your ambitions.

Feel free to DM me.

 Hi Phil, When I have worked with Section 8 clients, I first contact their case worker & let them know a rent increase is imminent, in some cases the Housing Case worker will also send a letter of adjustment showing the "New Tenant Adjustment Rate" to be paid. IN any case, I would send a certified copy of the new terms to the Housing office along with same copy to the resident; Then I would confirm with the Housing Authority/Resident they received the letter & acknowledge the new terms. Should the tenant/housing authority "NOT" agree to the terms or sign, you can then let the Housing Authority know in writing that you will NOT be renewing the contract for a new term. 

You should not have to go to extremes for hiring an attorney, but you can always consult your Evictions attorney in writing for input on the steps you plan to take-

 HI Jererll, Depending on the size of portfolio you are managing, various platforms send out the auto-reminders as others have mentioned. I use Appfolio for all my residents & the system does the auto-reminder. Also, you may consider writing contracts that have a processing fee put in place for client that "OPT" to "NOT" pay online as a motivating tool to sign up for online payment. Automation helps the accountants do their work much more efficiently & there is less likelihood of payments coming back NSF.

Thanks everyone, I went ahead and had a policy written with Kentucky Farm Bureau, so far so good. Premium was same but cost was 1/2 of what I spend with Liberty Mutual. We had 1 small ice storm incident & they doubled the policy during renewal cycle.

HI, Looking for a trusted insurance broker to write a policy for 2 separately deeded townhome units in a multi-family building in Lexington. Currently insured with Liberty Mutual but looking to expand and explore other rates before a 12 month renewal commitment.

Edward

@Alexander Johnson Given the time of the year that we are in, It is best to close on your home, start collecting rent through year end & then give the proper notice to vacate per your state/local laws. Spring is good time to start a remodel for a May/June re-rent calendar as the market is traditionally stronger during this season. Remodeling a home while tenant's are living in the home whether you are firm or easy going always leads to some problematic situations that you will not have to deal with when renovating a vacant home. Review the lease you are inheriting, put together a budget of what you plan on invest for capital expenditures, study the market for what the home can rent for with the renovations & move accordingly. Good luck- Edward

HI Steven, Not sure which software you went with, but I have been using Appfolio from 2011; I love the interface as it is very user friendly. The iOS & Android apps make it very accessible on mobile platforms on the GO! Customer service & support is second to none. Everything is very fast, seamless & easy to grasp. I love the ability to create custom reports, letters, uploading (drag/drop) of client files, communication, photos & reports into each property profile. Let me know which direction you went, would love to hear some feedback on what you are using for your business! Edward