All Forum Posts by: George Red

@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.

My crystal ball says that rates  establish a new normal and hover in a tight range for the next year and maybe come down a little in 2025 depending on how inflation fares. Investors will continue to struggle to find deals that pencil as the price/rent ratio will not have a catalyst  for disruption. Long term buy and hold real estate has historically been a winner but I think other strategies (flipping/str) will be more challenging than when we had a low interest environment.

The best time to buy real estate was always 2-3 years ago but that especially applies today. People late to the party are feeling locked out and trying to "make the shoe fit". As affordability flags, people and investors will move into lower priced product as it's still "more affordable" and in the right areas the "path of progress" will accelerate. My 3 cents...

I’ve had the same thought as I purchased an investment property under my own name and quit claimed into an llc. The goal is asset protection but with the loan in my name… curious how much protection there actually is. Any insight appreciated 

@V.G Jason to answer your question about who cares that he's "othering" people and calling them savages and animals, I do... I imagine others on the forum who may not speak up aren't too high on it either. It's offensive, disrespectful, conveys superiority and is the kind of language you'd expect from someone who holds unflattering opinions of multiple "others," not just Section 8 others. This is America, speak your peace but @James Wise comments say more about him as a person than what he's conveying about Section 8 participants.

James your comments about the volume/frequency of horrible tenants also does not make common sense because if that was the case... no landlords would participate in Section 8 because everyone would be losing money on the vast majority of rentals. Free advice for you James, if you held frequent inspections you could catch/address issues early. Some of those pictures look like they were in there wreaking havoc for a while. As a landlord you have the right to inspect your unit/property. Doing so will help to minimize the chances you end up with a really bad experience.

@Jake Minyen from personal experience I inherited 3 Section 8 tenants and 2 were fine, the other had mental health issues and was rough on the property. In hindsight I should have performed inspections independent of the housing authority and listened to the voice in my head that said he needed to go about a year ago... but I didnt act on it because the money was coming in regularly and why rock the boat (lesson learned).

I hope everyone is having a good weekend and James I hope you learn to view your fellow man with respect... and to maybe vet tenants better and do inspections.