All Forum Posts by: James G.

One collection dropped my score by 75 points. Will a 2nd collection hurt it even more, or not necessarily?

In what ways does a bank/lender know if you are actually living in your house hack or not? (This is for educational purposes only!)

Do you prefer to work with large or small property management companies? Why?

I let go of one of my property managers and had $0 owed to them- they sent a $6,000 balance to a collections company. I called the collection company and told them that the balance was bogus, and they said that I'll have to send a letter to dispute it, but that the collection would still go on my credit report. Does this mean that any Adam on the street can send a bill to a collection company and it will go on your credit...?? How does one fight this to ensure that it doesn't affect your score? How do you deal with the collection company and how do you deal with the issue as a whole?

I hear of landlords/investors who have a new tenant and a turned over unit within 3 days of the old tenant moving out. For those who have very fast turnovers between tenant move outs, how are you doing it? Do you show the unit with the old tenant still living there? Do you post a “coming soon” on your ads? Very curious to hear how some investors are buttoning up in this aspect of asset management. I have a 3rd party property manager also.

Question is in the title. Does the tenant get to decide? Is the suit by default on the landlord? Does it depend?

Go to city-data.com look for markets that have rising population, growing employment, and low crime. Start marketing with the big players in the market (brokers, property managers, agents, lenders) and get a feel for the market. Once you pass all of this criteria, travel to the market, and personally drive the sub market that you are interested in investing in. It seems like a lot of work, but it will pay dividends down the road if you do this correctly!

Hi Daniel,

Soak up all of the information you can. Be frugal starting NOW, not when you're older, and save up for your first property. Tell everyone you know that you're getting in the exciting business of real estate; your network is your net worth, and you are never too young to start meeting people!

I include fridges in my rentals, it does become a hassle when they break having to replace them all the time. I'd say one of my bigger headaches - I would include the verbiage in your lease that the two other gentlemen have mentioned.

You want to both have your property in an LLC and have liability insurance. Liability insurance will be your first layer or defense, and the LLC will be your second layer.