All Forum Posts by: Frantz Joseph

@Tom S.when I started out we offered washer and dryer’s, now we don’t, as you become more tenured you will find out what’ works best for you. I no longer offer them,

We were going to initially get 11 sets, we soon discovered it wasn’t worth it. We got 4 sets than we started removing them out of the units, all you need is one nasty tenant to destroy your washer and dryer

@Jamison Shaw look into lending one I worked with them in the past I have 3 loans with them.

@Sam Yin

Same here, I have a separate partner and keep my wife away from everything, she just enjoys what the money affords her. She has no care in the world for rei, if she was involved in the business we would be able to do so much more but what can I do? Nothing but continue to show her the money that I could never generate working for someone else.

@Erika Caba

As an out of state operator with 15 units 6 of them being commercial office residents, I had to learn how to trust my maintenance techs. I never meet them.I hire them directly and I get photo confirmation the job is done.

You will get burned but it’s par for the course, I let them know they can make slot of money of me once or they can have a repeat customer for years. Act like you manage more than what you own and they will work hard and don’t over charge you to keep the repeat business.

Also, It has nothing to do if your a women. My property manager who handles repairs for other owners is a beast, she doesn’t allow anyone to take advantage of her.

That being said, I rely heavily on thumbtack to hire my techs, I carefully read the reviews and I always do my best to pay for all the supplies. You should have a commercial account with lowes and homedepot. You can easily do a phone sale at the store. Get at least two quotes when starting out. I don’t have to nowadays but that happens over time. You should look to make relationships in this business, I have dedicated techs, they know I pay fast upon completion of work. I also cross check the quality of their work by talking to the tenants, that’s why I don’t have to be on site. It’s been working for me for 5+ years. I have visited my properties twice since I bought them. Two years ago I finally made enough cash flow to get cameras on the building, so now I have a lot more confidence and don’t have to reply on third parties to send me pics. I have multiple unrelated parties always taking pics and sending them to me. That’s the way I keep my eyes on the properties.

Lastly, it’s not usually in your benefit to let anyone know you own the property, if you act as a humble employee, just trying to keep your job and have everyone like you, no one will try to get over on you.

@Alexander Rodriguez

I have a tenant which always seems to get mold buildup in her bathroom. I ended up switching the fan switch to a motion sensor switch so that it automatically turns on like the ones in public restrooms. Make sure you apply kills on that mold so it will kill it and don’t allow it to grow. These people are nasty, they do not clean their bathroom and at the end of their term I would not renew them.

@Ken M. I don’t know but there might be someone else in the forum that can answer the question for you.

@Chris Seveney

I worked in hand full of midsized firms, as a CPA, tax professional you are not an order taker. You are hired to advise. I work in audit, so I do all the due diligence before the tax work is done. If you want someone to do a transaction for you go to a tax preparer. A good CPA, advises on threats before they occur, and not tell the client after the fact they owe money and the client is shocked.

@Chris Seveney

Based on what you said, it makes a lot of sense. I got my policy for the opportunity to save while I had a decent life insurance policy.

@Joe Black

This is unacceptable, as an accountant. This is an irresponsible mistake by the CPA, I would make sure to fire him and leave bad reviews on all their social media accounts. I don’t fault the attorney as much. These so called professionals enjoyed taking your money to do the transactions but become as silent as rats when there is a mistake.

@Tim J.thanks for the article. Great read, I have a 3 family in college park. It’s good to know that these options exist.