All Forum Posts by: Fred Cannon

@Steve Newsom. I prefer Zelle but use Venmo as well. Both are free. I will

Not rent to anyone who insist to pay by check or who can't use ETF to pay. Any red flags upfront is a no go for me.

@Jorge Vazquez to each their own. I like to manage my own properties. Just 8 to deal with. I like to meet the people before they move in, snd I like to be there when they move out. I want to know what issues they are having and I want my handyman or my AC man to handle it. I like to make sure it is cleaned properly between tenants And minor cosmetic repairs and completed. My business plan has switched to small condos for rentals, no exterior or lawn maintenance, lower insurance cost. I find managing a condo much easier than a SFH or multiplex. No family's and no pets makes life easier as a landlord. I have one SFH left and will be selling it after this current lease and replacing with 2 one bedroom condo's. Can't wait.

@Jared Johnson be careful what you wish for. In 2008 I was getting 900 month for a one bedroom condo. In 2010 I was getting $450 and hoping the tenant kept his job so he could pay rent. It's all relevant Bad times hurt everyone. Of course I agree horde cash. Be wary of carrying to much debt. I am happy to buy 30 cent to the dollar but you can only do that will cash Between 2008 and 2012 I was able to ensure my families future because I had cash and paid cash. If rents drop I am ok because my expenses are minimal.

@Melanie Stephens. There are a lot of "big time" investors on this thread. As a small investor I have learned to not take checks for payment ever, especially post dated. I use Venmo, Zelle, and Cash App. Done be afraid to say no to checks, even if it is at the last moment. Not only do you not get your money but you have to pay your bank a fee for the bad check someone else wrote. I now put into the lease and into all ads placed that checks are not acceptable.

@Russell Payne. For instance if the local market for an unfurnished 1 bedroom is $1000 a month for 12 month lease, I know in my area I can provide utilities and cable/WiFi for @ 100 per month. I add 500 or so to the market price for unfurnished 1 bedroom condo's and Apartments. When a traveler makes a request on furnished finders they will let you know what their housing budget is so you can pick the ones that meet your criteria as far as length of stay and price. I charge a $200 cleaning fee and $100 admin fee, $300 refundable deposit plus rent at move in. If it's 3 or more months I will give a discount for prepayment of total rent $50 per month. It's a good deal for the traveler, and good rent for me. Plus like I said it's a win for the local community to have housing available for traveling medical professionals.

@Russell Payne. There are a few websites dedicated to travelers. I use Furnished Finders. $99 a year to list. Check it out. I have been very pleased how this has worked for me. You don't have the headaches of ABNB renters and people trashing your place. It's mostly a crash pad as these workers and doing 12 hour shifts

@Russell Payne. Traveling nurses are a great market, and in a small way you are supporting the local community by providing housing to a critical need. The rent is never late and some will

Pay all up front. I provide a nicely furnished condo, cable and WiFi. I am able to charge around $400-500 more than if it was long term unfurnished. I choose condo's for this market because it's no exterior upkeep and provides pool, gym, tennis etc. I usually get 3-4 request a week, booked up thru June 2021. Just need a cleaning lady and maintenance company on call. I manage them myself from 5 hours away. Fairly easy once everything is in place

@Russell Payne during COVID I have modified my business plan to include STR's By short term I mean 60 days or more. There is certainly a growing need for housing in this niche. My tenants are mostly traveling nurses and stay for 3 months on their assignment. I use 1 bedroom condo's and it's an ideal fit, you have to research your HOA to make sure it's allowed.

@Forrest Faulconer I loved the book Rich Dad Poor Dad but I think RK is dead wrong about a primary home not being an asset for many reasons. Unless you are homeless you either pay rent or you pay down a mortgage. Being homeless or paying rent does not build wealth, owning a home certainly does. Also I would never buy without 20% or more down. If you can't put 20% down you really should stay in the home you currently have. You could Heloc your current home for the 20% and then turn it into a rental after you find your next house. You seem very savvy in your post so I'm sure you have it figured out anyway. My best advice is to stay clear of too much debt. I not of the mindset that having 10 rentals and 1.5 million of debt is owning assets.

@Eli M. I don't accept checks or anything in the mail. Venmo, Zelle, and cashapp are what I use now.