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All Forum Posts by: Steve T.

Steve T. has started 14 posts and replied 33 times.

Post: REAL ESTATE ACCOUNTING SOFTWARE HELP FOR CAVEMAN!

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

My name is UGG and I live in the stone age.  I do all of my rental transactions and accounting with paper and pencil on columnar sheets. I pay all expenses out of a checkbook with each property having a separate account. My only income is from rents received. My accountant is Ok with this.

I want to upgrade to the 20th century and keep my records on computer, but am unsure of what type of software to buy. I currently have 14 properties. To say I'm bad with technology is an understatement.  I finished dead last in all my computer classes, I was passed just so the instructors wouldn't have to look at me anymore.

What recommendations do you have?  I need something simple and easy to understand.

ps  I started reading Bigger pockets years ago when it first came out, applied what I learned, and am now a multi-millionaire, despite eating Bronto-burgers and Tetradactyl eggs! 

Post: SECTION EIGHT-DON'T HESITATE----

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

RUN!!

It has been a while since I have been active on this forum- and the main reason is SECTION EIGHT!

Let me explain.  I have 17 units of mostly affordable housing for moderate to lower costs renters which I turned over to a management company.  They convinced me to accept sect8, for  all of the usual reasons. One of the absolute worst decisions of my life.

These tenants completely destroyed most of my units, doing thousands of dollars of damage to most, constant maintenance issues, constant trouble with the neighbors and police, and a lifetimes worth of headaches and problems for me. 

They all, each and every one, had entitlement issues, were ultra-disrespectful to management and maintenance workers, and tried to get away with whatever they could. It quickly went from bad to worse to god-awful, with the last part of a year getting them out and recovering my properties. 24 months of my life were spent cleaning up this mess I never should have gotten in the first place.

government beauracracy 

Post: Finding property managers in Hampton Roads Va

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

Can anyone recommend a great property manager in the Hampton Roads area? The one I am now using is just plain awful, and I am looking for something quality-long term.

Post: Finding property managers in Hampton Roads Va

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

Hello everyone! I am seeking referrals for a property manager for my single family homes in Hampton Roads Va. I have been wildly successful in investing, and now have 13 units, all Paid-For! Some are section 8, all in good condition. But, I am now overwhelmed with management of these units, and need to find a manager that is a good fit. My present one was referred by a contractor who gets all his work from them, and it was a mistake from the start. I almost made the same mistake again, but saw their true colors before I got involved.

This process reminds me of shopping for a used car!! Everyone I talk to says they are the best, can do wonders, etc. I try to check feedback/references, but most seem like they are fake or very unreliable. From Angies to Yelp I glean very little useful information. I have also read all the forums, and learned a lot, but still would like more information.

Any advice??

Post: Auction.com???

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

I bought a 3/2 thse valued at 106k at auction with a high bid of 48,900.  They could not deliver clear title after 6 months, so they let me out of the deal.

It was re-listed, and THIS time I bought it for 25,300.

The good news is that it was being rehabbed by someone, and was 95% finished when I finally got it.  Such a sweet deal!

Post: Some better or worse????

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

I do all my own maintenance, and the tenants do contact the pm directly.

However, they do not screen for what is a real emergency or a valid maintenance call,, and what is a nuisance.

Whenever the tenant calls, they send me a work order, and never question the validity of it.  They just take the tenants word, and usually the tenants lie about everything.  The pm does not take any responsibility for discovering if the call is an emergency, ( they all are) and seem to take the tenants side.

Post: Some better or worse????

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

First of all, I have been VERY successful using the info. I have learned here. So successful, that I am having to use a property management firm to handle  the 14 houses that I now own, all free and clear!!

I have turned them over to a firm that is well known, but I am now having second thoughts if I have chosen wisely.

Most of my rentals are 750-1100, of the lower range of rents in this area. There are 50% section 8, the rest regular.

Instead of having  more free time, I am now working twice as much, with the tenants demanding more and more, with an excess of nuisance service calls.

Is there a hierarchy of property managers, or a way to gauge how effective one is vrs the other?  The firm I use now has my listings at the bottom of the price listings all the time, I that they normally handle 12-1900 rentals.

How does one choose the firm that is right for them??

Any info would be Greatly appreciated, in that this is becoming a major problem in my life....

Post: Cost for boiler service call?

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

I am also a hvac tech from Va, with extensice experience in hot water systems.You have a choice--pay for quality work, or get some incompetent in there to rig something up.  I work on hydronic systems daily, and I can tell you, if a valve breaks, you are in for some real water damage, especially if the system has a make-up water feed system. Should no one be there to notice it, it will keep flowing hot water continuously non-stop until someone secures the valve.  Thousands of $$$ in damages.

Quality costs, but it is priceless.

Post: BedBuggs!

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

I have a marginal tenant in a class c property who has just informed me that his single family detached house is infested with bedbugs, and it is going to take thousands of $$$ to get them eradicated. He took possession Feb 1st, and has had no problem until today. 

The previous tenants in all my property's had no problems at all with bugs, but to be safe we have every property exterminated professionally before a new tenant moves in. My lease clearly states that "all pest control issues are the responsibility of the tenant, property is delivered free of all vermin and pests" and the tenant acknowledges via walk thru and inspection.  I feel that he brought these in himself, unintentionally,  and is attempting to place the cause of the problem  on me.

What are others thoughts and actions concerning this?

Post: Can I get an Air Conditioning Expert?

Steve T.Posted
  • Real Estate Investor
  • Norfolk, VA
  • Posts 33
  • Votes 43

I am a master hvac contractor with 35+ years of experience.

That sounds like a REAL GOOD price to me!

The equipment costs around 12-1800$  ( my actual cost)  and there is labor involved.

if I were you, I would run, not walk to this contractor and get it done.

I charge 5-7500 for this in the summer.

NOW-HERE IS A RULE OF THUMB FOR ALL----------

HVAC systems are like your cars,  (heat pumps)

given care, most will last 10 yrs.

they start to die at 15 yrs.

A few will go 18 yrs.

Not many make it to 20.