All Forum Posts by: Isaac S.

All the above are right....

Overpriced, not advertised properly(use Apartments, Zillow and Facebook). all laminate or vinyl plank/no carpet, add washer and dryer for $100-200 per month value over the comps of $550-650 for that type of rental and neighborhood.  Oh, and fire that lame realtor that didn't mention any of this painfully obvious stuff. just my 2c....best of luck

well, i would say at 17 many of the books won't be as generic for him, as they seem to you. I would think that he could benefit from at least a couple of books, that expose him to investor lingo and concepts, to help augment or further cement what he is learning from you. 

Also, I am in business with my parents and what changed my attitude(at a much older age) was when they started to involve me in the business discussions, when they told me what each of me and my siblings would be beneficiary of based on our contributions to the assets. Basically, when I really understood the significance of my efforts and how they directly contributed to family business/lifestyle in general and my life specifically, that my responsibility and contribution had a real bottom line impact for all of us, that's when my efforts and results increased significantly and I eventually grew past their knowledge base.

Keep doing what you are already doing, eventually he will earn his partner status and either allow you to retire, as he runs the family assets/trust(his future inheritance) or strike out on his own with you as his primary/initial investor, of course still holding him to the same standards you would for any business partner(more difficult to do with family)

You don't need to rush/force anything, keep being a great dad!

Generally, I try and honor this sort of request, when it's reasonable....but, she is not being reasonable at all, and is requesting service that is not standard operating procedure for scheduling this sort of work. I would try a bit more direct explanation of this reality before I go the lawyer route, but ultimately @Bruce Woodruff is correct, the tenant needs a serious attitude adjustment to be a "good" tenant.

Depends on what state you are in as the to the specific road you take, but, all roads should lead to removal of defaulted tenants and if you intend to keep asset, do deferred maintenance/capex and then rent for market value to great new tenants that are highly qualified.

exit strategy, AKA disposition strategy....listen to @Tony Kim and be sure to work through all the scenarios of the potential/acceptable capital redeployment, so that you have a well crafted road map for your upleg(the replacement property), that realistically works on multiple test properties, so you know it's not just theory. IMHO

Start with amounts and formulas generally accepted with lenders, only experience can fill in the grey areas, IMHO

Ok....here's the full fledged list of preparations:

First be sure to wear one of those white lab suits with hood and footsies just to make sure you don't shed any dna containing cells. Of course you must have Latex gloves, N95 Mask, and goggles. Make sure to completely vet all showings social media, copy of birth certificate, drivers license, passport, blood sample, medical records, geneology report.

Then be sure to record all conversations, make a journal of your thoughts and impressions of every interaction, be sure to have multiple go-pro cameras on your person, like attached to a helmet or body rig. Also, be sure to have multiple car dash cams, and ring cameras in every room.

Don't ever go in the same room alone, never close the front door or any door in the house, never look her in eye, for goodness sake never make any comments about her clothers, hair, appearance.

.....depending on what specific things listed above, you think are a joke or good common sense, will determine your level of neuroticism about the topic and should probably let you know if you have right mind set for the leasing agent job...jus sayin

I agree with the 2-3 year turnover is good principal....for all the above reasons, and i find the more often the turnover, the easier and faster each progressive turn is because I am not playing catch up on multiple years of deferred maintenance. I think my sweet spot is 4-6 years, with 5% rent raises the 2nd  or 3rd year and past, unless market indicates otherwise.

Quote from @Allen W.:

@Isaac S. I lol'd at the reference to the next post in 3 months. I agree with all, yall made me look past the good that I'm trying to achieve and remember the possibility of the bad too. Thanks all

You are trying to do good, and be a source of good positive energy in the world, and that is not lost on most of the posters here, as we have all tried to be that and gotten stung, from time to time.

You will have plenty more opportunities to be that good energy in the world.

The best example is on the plane when they talk about the instructions for when the oxygen mask drops down, you put yours on first and then your child or elderly companion or neighbor. 

Focus on your oxygen, aka smooth fast pro turnover with as few complications added to the already existing pain of the eviction. Get the investment turned and stable cash-flowing.

IMHO, I have a very small percentage(10%) of my units, that will get some sort of charity discount or if they are at market rate a deferral of raise every other year or occasional voluntary extra free handywork services or improvements. BUT, always tax deductible and good for the asset too  and only for those that truly need it(medical, elderly, low income) and  are good tenants(which means not needing to be evicted)

Stay positive and best of luck!

"experiences" ...what about your property enables you to attract specifics types of experiences....

In marketing there is features and benefits....you can say things like access to our canoe(feature) OR have a great canoes adventure(benefit) with our supplied canoe and custom maps to the best spots for day canoe trips.  If it is a vacation, market the experience, IMHO