All Forum Posts by: Frank Wolter

@Jeffrey Calabrese in box me I have a question

@Elana Greer inbox me. I'm in Cleveland

I'm old school and I have a lot of unleveraged real estate. I like to keep everything paid off but getting to my goal is much slower. Its time to leverage. I'm looking for some lenders that can lend on about 40 properties. They're worth about 40-75k each. In addition I have 6 apartment buildings id like to leverage. Any referrals would be great. 

@Anthony Gayden it is helpful in determining areas to buy and beneficial to investors. But as realtors they are held to laws and regulations. This seems to be a violation of redlining or definitely at least in the gray area for sure where most tend to live in. BUT as an investor I see other out of state investors buying in E.C. . Someone should be able to say something about that. We all know locally that that's one of the worst places to invest. This is exactly why I don't get my license.

@Michael Zuber I'm very excited. I bought tactfully this year. I was still able to turn over a good amount. I cant wait for my next calculated strick

@Marlon Long raise the rent

Listen water is an expense. Where I'm located in Cleveland you can have a tenant of a single home put the water bill in their name. But if its a double your pretty much stuck with the water bill. So here's some simple tips that I do to my rentals. Make sure you put it in your lease as well

1. Of course no washer and drier. I use to say no washer and you can keep the drier in the basement but then I found out that they would wash their cloths in the bath tub. Then dry the cloths in the drier. So no to washer and drier.
2. Cut water lines that would go to the water supply to where the washer goes.
3. Cut water lines to outside water hose. Or you'll be paying for their cars to get washed.
4. You can buy a shower head that is 1gal per min. It cuts the flow of water and saves water
5. Adjust the water pressure on the main water line coming in the property. You can reduce the pressure of the water thus slowing it down saving money.
6. Keep track of how many people might live in your unit. If you feel its pushing close to too the max of people you want in the unit. Inform the prospective tenant that due to the amount of people your going to anticipate a higher water bill and would have to increase the rent ( what ever you deem reasonable) . Here a two bedroom can legally have 6 people. That's a lot of water. So your not turning them down but when they apply inform them that the rent would be increased do anticipated water increase.

 I hope these tips were helpful. Lets keep costs down

@Mikael Kjeller I'm an investor and manage my own properties. I have been approached by PM companies seeking my referral's. I will be meeting with a couple this coming week. Who ever I feel has the best product I will be referring in my PM discussion. 

But one thing I will say. The area your rental is in is not an easy area to pm. I don't know who told you to invest there or how you got the lead to that property but you need to research more where you invest because I believe no matter what pm manager you have this problem will always be the same. Good luck to you

Wholesaling to me is just a huge grey area. I don't see an issue wholesaling. I have actually bought from some and still do. They really bust their tail. But the realtors I know it annoys them.

Thank you everyone its much appreciated