All Forum Posts by: Shane Potter

We go with the 10% late fee after 5 days here. One other thing that we implemented was an incentive for getting rent in on time. 1 Drawing per quarter for tenants who get their rent in on time, for Christmas one of our tenants received a $150 dollar gas card.  You can get creative with rewards. 

When we took over about 30% of our portfolio was late, implementing automatic notice to quits and the incentive has taken us down to 9% late last month.

@Jerry W.

Thanks Jerry, I will be keeping in touch on how things are going on this current deal. Positive thoughts. And to answer your question on the W2 It is within the umbrella of my brokerage and I am the only active member running the PM side of things. I know that they did not give me a W2 at the end of the year and made sure I am responsible on the tax end of things for any compensations I made through the PM side of things. 

Not sure this of any use of just mudding the waters... Learning this message board as I go.

-Shane 

@Donald Shaver Tenants are responsible for utilities. I'm definitely not robbing the bank on the deal or relying on it to feed the family but to get it under my belt with potential I will take it. At first glance I'm barley afloat, maybe 100 bucks after all said and done. each unit is under valued between $100 - $150 per unit. All units have been long term and consistent, like as if the government were paying the bill. Each vacancy I have opportunity. And it was bought at value, had it hit the market the opportunity would have never been there.

@Christian Scully most definitely. Purchased: $315,000 Down: $15,000 Rate: 5% Payment: $1,700 T&I:$350.00 Income: $2,400.00 And I am a licensed agent here in town. Only one in the office when they walked in the door they pulled up a chair and we hit it off. They were looking for a new investment and were happy at 5%. I feel super fortunate. Not only that but the moment we notorized the mortgage and signed the contract we proceeded to look at two more potential deals.

Hey all!

Today was an exciting day as I have my first Multi-Family deal in the bag pending a good roof cert we are on to closing. I secured the deal with owner financing @ 5% . I am beyond excited about the opportunity because I am acquiring a cash flowing property that is fairly maintenance free all brick is my favorite feature , plus, I manage properties already so we just add this one to the stack.

One tenant pays a year in advance and will put the account in great shape from the get go the other he has been there for 8 years and the apartment is in great shape. The other three units are on section 8 and have been for the past 8 years on average. All apartments are in great shape and tenants are happy, I have already been through the entire building and I am jazzed up about it. I am cash flowing with the current tenants and their current rent so I am happy, yet, when we get one turn over each unit stands a $100 - $150 increase... 

In the words of the late great Bart Scott former New York Jett's Linebacker "CANT WAIT!"

even though I will... As long as I am cash flowing and they keep the apartments up like that I wont change a thing. 

Best part, the negotiations on the owner finance have developed into a relationship where further investing is on the horizon. Fantastic! Especially after my meeting today with a commercial lender and hearing that they want more proof of income. 

Beings it is my first taxable year as a fully independent 1099  employee "responsible adult", you know, the moment Mom and Dad prepared you for, a 46% dip in income has warranted the banks speculations. I left them a copy of my business plan and gave them a couple of days to review it, I put a few fictional deals into the plan to portray my vision; they either want to make money or someone else will. 

My current deal is going to open the door to many more, I will keep everyone posted. 

Cheers & Happy Friday

-Shane

Thank you all for the warm welcome. 

It is great to see such a strong presence of successful people all within this surrounding area.  I am ambitious and this site is stoking my fire.

@Corey Loghry I have seen some of the work you do around Cheyenne. I think what you are doing for our community is fantastic. My fiance and I toured Linden Ct. the other day at the Open House, my jaw was on the floor, amazing job! Also thank you for the invite to the meet up, what perfect timing as I was just mentioning the need for a good CPA real estate minded, I look forward to meeting you.

@William C.I am in Casper from time to time, and I see that they have a fairly active market on the hudhomestore If you come down for the meeting I look forward to meeting you. Or I will link up with you next time I am in Casper.

@Nathan Gesner I have lived in Wyoming my entire life and have yet to make it to Cody. I hear nothing but Amazing things and I know how the market is up there, touche. I am super encouraged by what you have going on, thanks Nathan.

@Jerry W. Does Themopolis still have the best 3 on 3 tournament basketball has ever seen? I use to play their as a kid, nothing like playing a little basketball and enjoying the Star Plunge hot springs!

Again thanks for the welcome!

-Shane

Hey BP community my name is Shane I am a licensed real estate professional down in Cheyenne, WY and I am new the the Bigger Pockets arena.  

First reaction is overwhelmed with the amount of information there is to consume on this site. I have been bouncing around the site for the past few weeks and just now am mustering the courage to write an introduction post.  I work in the industry and feel like I just stumbled upon a magical treasure chest of abundant resources. Any how.

I am 14 months removed from being a W2 employee and want to ensure that all the hard work I am putting forth is working even harder after money is earned.  I am getting ready to close on my first investment property it is a 4 plex with 100% occupancy from long term tenants (avg 6 years per unit) set to close on 2/28/18. Rents have the potential to be raised $100 per unit and I am beyond excited to get this first domino to start falling. 

My goal is to acquire atleast two other properties throughout the this coming year.  I listened to both Cardone podcasts today and he has me really intrigued with Multi-Family projects. In all honesty every strategy gets me overwhelmed with excitement now its just which one do I want to experience first.

What do you think?

Cheers!

-Shane