All Forum Posts by: Account Closed

Good Lord. Talk about "over broad as to be incorrect"..... 

I know many D class landlords and do not know of one single landlord who hires a security guard to collect rent.

Further, I worked as a police officer in some of the worst neighborhoods in Long Beach, CA for over a DECADE and not once was I ever dispatched to a robbery of a landlord, attempted robbery of a landlord. 

Generally speaking, landlords who decide to play the D Class landlord game have a very good idea what they are getting into. Further, her in the Midwest, nearly everyone has a concealed carry permit and they actually do carry. Two of my closest friends are ER Doctors and they both carry.  Neither of them are landlords, but I'm just saying, guns are not a dirty word here in the Midwest or in the South. 

DL

Software ? Hogwash ..You simply gotta get your rent competitive with everyone else or you’ll be sitting on a vacancy forever . All the software technology and analyzing in the world won’t help you if your higher than the guy down the street . Look at Zillow and Craigslist for what it should go for . Very easy to know

Let's say a seller is going to be taxed on 100K capital gains.

Would it be advantageous for them to accept a lower price (40K lower)and carry the note? Say over 20 years they would make an additional 130K on principal/interest payment....Am I missing something?

Erik S. I’m not an expert on real estate or multifamily but I understand the basics and can probably provide some help if it’s on a basic level of simply wanting to own rentals.

If you’re wanting to syndicate or something else I can’t help with that.

What do you need help with more specifically? What market are you wanting to buy in?

Feel free to drop me a line if you want. I can possibly help some and I won’t charge you anything

I’d like to share the story of my first house hack. I was in my early 20’s and eager. I found a 4 unit building I house hacked. I got the building for a great price and the inspections were great. When I moved in my mortgage with a 3.5% down fha loan was $1400 a month with taxes and insurance. Each unit was rented for $650 so i thought I was living there for free plus cash flowing $550. It turns out the previous owner of the building was very sick and then passed away. While he was sick he had no one to run the property. His daughter from another state sold it without letting me know that part. No one was paying rent. They hadn’t for months. Once they were used to living there for free it was next to impossible to get them to pay. I tried for about two months to collect rent, one person made good. Then I had to go through 2 evictions. One of them left right before the eviction date, the other knew what she was doing and managed to drag it out for 6 months. Both evicted tenants damaged their units in retaliation. One of them flushed those little green army men toys down all the toilets causing overflow and pipe damage. And poured what I assume was bleach in the AC unit. The other left in the middle of the night and took all of the appliances with him. My first year I Iost 32,000 in mortgage payments, repairs, lawyer fees and court costs. I thought I had made the worst mistake of my life. Every free penny went to that building. There were many nights I stayed awake in a panic. The second year though I got it cleaned up and filled with quality tenants. By the 3rd year I took a job transfer out of state and hired a PM company. They were able to raise rents and It cashed flowed about $1,000 a month (after all expenses) for several years. Then the market all of a sudden became hot. I sold the building for 400k more than I paid for it. The moral of the story is things can and often times do turn around. Hang in there!