All Forum Posts by: George Red

Lol I've got a few...

* Better managed my former property manager.

* Approached rental property investing as more of a business than a side hustle.

* Didn't potentially over-improve properties

I'm about 2 years in so still learning (as we all are) but those are some of mine for 2023... you live and you learn and are typically better for the bruises.

Sorry to hear that is happening, doesn't sound like fun at all. I would think that any improvements made are between them and the prior owner, you purchased it as it and it's not your role to go through the historical (how could you even verify) layout of the garage. Some thoughts.

* Talk to an attorney to get their point of view. If the attorney says they have not rights tell them everything needs to be out in "x" number of days or you'll clear it for them.

* Get a restraining order so they cannot come on your property.

* Moving forward the lesson may be to ensure property is delivered vacant prior to closing... we all learn along the way.

I hope it all works out!

@Mackaylee Beach any streets/intersections/areas that catch your attention more than others in the area. I own on Arleta duplexes, and a SFR around the corner on 75th. Seems like values get higher immediately west of the Paseo between there and Troost. Seems like a good amount of the flipping I'm seeing is south of 75th. Your take too or you see something different. Again I'm OOS so interested in a locals take.

@Mackaylee Beach I know it's been about a year... I own 3 properties in East Meyer and interested in what pockets you see transforming. As I look on Trulia etc. it seems like there is a good deal of flipping going on in the area as it is "more affordable" than other parts of the city. Interested in your take and Happy Holidays!

@Timothy Burns fingers crossed for you... sounds horrible. I'm in the middle of an eviction now and the tenant has not paid since July, when my agent goes by he's never there and his "girlfriend" and some local rif-raff seem to have pretty much taken over. Per legal advice we cannot just change locks and have to wait for eviction to proceed. I'm really hearing the echoes of everyone on the forums here talking about the importance of tenant selection (we inherited this tenant).

Fingers crossed for you, I can only imagine how stressful it must be.

Full disclosure I have never house hacked (I wish I was educated on the concept when younger) but being as you were previously paying $1,600 rent your PITI is just 1k higher and you getting the advantages of property appreciation, rent appreciation, built equity and tax write offs... sounds like better than renting. Congrats on landing the unit off market. Singles are valuable in the baseball game... sounds like you just started the game with a solid single, that may turn into a double/triple over time. It's a positive step so I see no reason to beat yourself up at all.

- Congrats

I own 5 properties in KC MO and have worked with 2 property managers. I presently self manage as I found myself pulled into numerous situations and ended up questioning why I was paying the property manager. In the end, I think I have learned a lot from self managing and I'm a better investor for it. I now don't get vague cost descriptions or tenants reaching out because property management is unresponsive. I found the biggest issue even when I reached out (after signing on with them) was responsiveness... if they're not responsive to me as their customer... they are definitely not responsive to the tenant (which is my customer).

I would (as others have said) ensure that any fixes over $X require your approval. They are also probably just placing anyone and you're paying the cost. They make money on the placement, repairs and the turn. If you're just in a really bad area it may be time to sell but I think it may be more of a tenant placement issue.

If I'm interpreting correctly they're anticipating .75 rate cut next year so depending on what rate you're looking at today, knock .75 off of it and that's your rough target for the end of 2024. If they start cutting in time for Spring it will for sure help with a market upswing more than the traditional Spring bump. I don't think there will be crazy swings but welcome to the new normal and if you bought properties during the past few years enjoy the upswing.

I own multiple investment properties in my name and I live in CA (properties are out of state). Because of the moratorium of writing new business in CA I cannot leverage my "normal" insurance carrier for an umbrella policy.

Looking for a provider recommendation from someone presently using an umbrella policy who has had positive experiences with the carrier/vendor. I've gone online and can obviously find vendors there but looking for first hand accounts/recommendations and potentially why you chose one vendor over another.

Thanks in advance.

In the middle of trying to get a tenant out and offering cash for keys instead of going through the whole eviction process. When doing cash for keys what is it customary to have a tenant sign agreeing that the tenancy is terminated and they relinquish any claim to be in the property? Do you just create a quick document and get a wet signature or what is best practice?

Any advice appreciated.