All Forum Posts by: Edwin Williams

This seems to be a hard decision but in reality it's a very easy call. You charge market rent. Your tenant pays market rent. Since you are using external reasons to debate this dilemma it's time to hire a professional property management company to handle your rentals. Last thing you need is more stress or to be taken advantage of. Once you start bending it gets worst. As a landlord you are going to have vacancies it comes with the process, I would expect a few months of vacancy between tenants.

This is the worst deal ever. Who got you into this money losing deal... Just joking!!!! It's looks good... all the best with your Real Estate dreams, you're off to a good start.

If you're asking that's enough for me to suggest to have the professional do your taxes. It's one less thing to deal with. Use the time saved to research more deals. 

Hello everyone It's too bad you have to deal with this person. I found the nice neighborly advice completely hilarious. Has anyone heard of fighting fire with fire. Put a camera up and call 911 whenever you have evidence. Not everyone understands decency. 

Hey Maggie, another option is to join the local real estate group that have meetings near you. You are going to meet like minded people who were and could be in your position. Maybe you could meet.... Let's be positive...you will meet a person you can partner with. It's not always money you have to offer but time. You are in Chicago land. Offer your eyes and time and partner with someone. I'm now out of the country and would love to have your opportunity were I could go to these real estate group meetings and find partners. People have money find someone and partner up. Find a group and make some new friends that are doing exactly what you want to accomplish. 

Investing there sounds great. The big question I have is regarding property management. Finding a great deal with bad property management is an opportunity killer. Any comments?

Here's an easy picture: Buy a property that's abandoned or really delapitated. More than likely no one is living in the property since it's so run down. You get it for a good price. Get a contractor and fix it up. Once fixed up it's market price (ARV). Will be more than what your total outlay was. In theory 125% more. Then finance the property and pull your money out. There are books on this subject and lots of post on this method. We all start somewhere. The best start is education!!! Good luck.. cut once, measure twice.

Stick to plan. Is this a rental house for a family or a short term boarding home. In six months you are going to be looking for another tenant. Bite the bullet and find the right tenant now.

Forget the people (tenants) at the property. They can be changed. Sometimes depending on the property class you are going to have these  issues. If the tenants are breaking the law call the cops. If they are breaking their lease by not following the rules, start the eviction process right away. With these properties keep the rules simple and stick to it without hesitation. I've self managed properties like this and it's not easy but the cash will follow. With that cash flow get a property manager to help with the issues to save you some of time, because you are going to have to be involved with decisions all the time. 

If you do go ahead think about an exit strategy because drama gets tiring after a few years.  

yes. Turnkey providers.