All Forum Posts by: Gerald Peters

I pay for lots guru information.  I’ve never paid more than few hundred dollars. I think $200 is limit. 

My understanding you don't get depreciation on many of the deals on CS or RC. Your just investing in the debt. Grants deals you also get the depreciation.

What does "sell on rent out" mean? If you buying to sell in two years get interest only loan. You could buy it because your plans might change, then rent it when you move. So buy a house you can easily rent for profit.

why would you even consider renting to this person? I take her application and wait on many more to come in. No way I am renting to person claims a chicken is a support animal.

I recently purchased a property that is a 1 bd house. Its only 740 sq ft. I have completely remodeled it an its beautiful. This is small property but it sits on 2 acres. I plan to build another house on the property toward end of winter. The yard being 2 acres really needs riding lawn more. Not many people moving into 1 bd houses with lawn tractors. I'm in college town so renting not an issue. I'm planning to provide lawn service passing it along in the price of the unit. Now thinking of experimenting with providing all utilities, lawn care, basic cable and internet, to include basic furniture. Wife thinks won't be worth the effort. I'm thinking its move in ready. Your chilling on the couch tonight and attempt to target a new teacher maybe for the college or new working professional to the area that wants little privacy. I don't want to do daily or any leases shorter than 6 months. Obviously, I want to add premium to my cost of paying electric bill, cable bill, trash etc. My portfolio is 15 properties so I am not new to being a landlord I've just never provided "all utilities" included. Had any luck or bad luck doing this?

My system is super simple. Save up a down payment, start looking. Find a house that will cash flow at least $100 hopefully more. Fix up property myself over 3-4 months. I try to only hire only when licence is needed. Lease the property go back to saving. I try buy at least 1 house a year. Super simple. 17 years later I have lot of houses, many are mortgage free and the cash flow now buys more houses and fund the repairs and remodels. I've pushed all profits from properties into dividend stocks for first 10-12 years. That helped me get loans and its cash flowing now and growing nicely. Easy....

Sounds more like being hotel manger than a real estate investor. No thanks. City shut you Down in 1 vote. Buy some houses and rent them out.

I started at 32...48 now have 15 properties I manage and looking all time. I'm looking even when I don't have money to buy!  My advice new people don't is first don't get caught up in find a great deal. Even ok and slightly bad deals make money over time. Time in the market beats timing the market.  Just find a great house that will cash flow. My goal is $200 month but I will take $1 if its a great property. One house I bought I totally got numbers wrong...ended up cash flowing like $12 a month and spent like $10,000 more than I budgeted. Five years later, cash flows nicely, and its appreciated more than any other house I own, was able pull out equity and still cash flow the $200. Its a very forgiving business that often mistakes turn into gold. I would really recommend you guys try to do as much of the work as possible in the beginning so you learn how it all works. I actually enjoy working on houses because of that its allowed me to retire much sooner because my overhead cost is much lower because I don't outsource all the work. I paint my own houses. If I paint all 15 my houses say over next few years the savings alone lets me buy another property. I act as my own carpenter etc. Worst case you break it or make it worse call a pro. My wife handles day to day management of properties. My son grown up at rent houses. We put in baby kennel while we painted. I give him paint brush hes 4 and scrape wood to paint etc. He's 15 wants to buy his first property, actually got mad at me for not letting him buy my last find. So again our overhead much lower than lot of other investors allowing me to retire at 38 to focus on houses. I looked forward to waking up and heading to the house I am working on. If you asked me year before I got into real estate investing the thought of me changing a ceiling fan or building a deck I would laughed at you. I didn't own single tool. Thanks to University of YouTube...and books I can pretty much do anything or at least know how it should be done to get the right people. AVOID always paying lowest price for everything. Use good people. Its ok to pay little more for a plumber who does the job correctly and stands behind there work. They deserve the money. Same with electricians foundation people etc. 

I cant tell you number of times I been on vacation and sent my plumber, electrician, foundation guy etc to fix a problem and they just bill me. I let them know all time I only use them, I will recommend them to all my friends. I make sure those friends tell them I recommend them. I want them to love me. That has helped me SO many times when I was way over my head. Times when I was actually breaking the law didn't know it...they helped me out real quick. 

Quick nightmare story...I didn't know (many agents are idiots dont turn to them for investing advice.) you must be on 1/2 acres or more in Texas to repair an old septic. Passed this law to get everyone to upgrade. If your house is say on .25 lot...your screwed. The house is condemned. We have quite few of these outside the city in poorly designed sub divisions. Agents will sell you these houses and not tell you this. I bought one such house. My plumbers like me, so he told me a story about plumbing faries that sometimes fix issues like this when people leave cookies on back porch. I left couple $100 bills and some beer that house was fixed good enough till city finally annexed it and provided services.  He will be my plumber forever.

I don't get quotes any more I call them to come fix it. Because of that my houses are beautiful, and I have waiting list. Everyone tells me they are rented to low...but my turn over average is 7 years. One tenant just left after 11 years. I will fully update it and expect to not be back in that house until I'm almost 60 if all goes well. Most of the houses I bought are from other landlords. I would have been embarrassed to sell the house to another landlord in condition I buy them. I am just happy so many other people are awful landlords. Be a great one, its pays better! Don't forget...you are providing an amazing service for people. I have single moms who live in house they could never afford on there own...they have zero concerns about maintenance of the property and safe place to raise there kids.  The moment I think my tenants are taking that for granted I don't renew the lease. I tell them up front, I am the best landlord in Texas, you will be best renter or I need find someone else. Easy agreement.

Never rent to get a renter...never...find the right person for that property. One bad tenant can make life a nightmare. Find right person. Sorry for grammar...I sucked at school! 

Gerald

Killer! My first deal was 17 years ago, was two family deal,  two units on same property. I'm at 15 properties now and always looking.  Keep the momentum going, congrats sir!

I would say no, I’ve had almost this exact situation. I’ve had many similar. From house robberies to tree limb fell hit renters car to ac going out on holiday it would be 4 days to get new unit, they claimed health issues and rented hotel room. They wanted me pay some or all of it. I always ask myself, if this happen to me, at my house, would someone be paying my electric bill? Repairing my car dent? House break in or dead ac. Answer is NO. They are renting a home and NOT apartment. If they don’t like that answer free to move, I’ll let you out your lease. I have conversation every renter explaining this isn’t daycare, I’m not here help them or to be their handy man. If they need adult daycare need more into apartment. I explain this so no confusion of their responsibilities and mine. If ac went out your house, u be hot, you have higher priced electric bill and no one would be subsidizing your electric.