All Forum Posts by: Jim P.

Thanks to everybody's input.  I have a few buy-and-holds, and am pondering Airbnb/Vrbo's, etc...  All of this is good learning for me.  thanks!  Jimmy 

All, 

Thanks for the info.  I too, am looking into Cabin kits/Pre fab type options.  I have an empty lot that's just sitting, generating taxes---  I acquired it as part of a sfh house deal- brainstorming how to get it to generate some cashflow...

thanks for the info!

Jimmy

@Brad Morgan

--Sorry, I don't know enough about the area to talk you out of/ or even to talk you into Twin Falls...

-I'm only posting because I've heard there is a decent amount of industrial growth there lately (Chobani???)  yogurt plant expanding there- among others I can't think of right now...  So, some improvements in the local job market- in addition a couple of small universities there...

Sorry, not much help, but I've been pondering that market also...

thanks,

Jimmy

@Trevor Ewen @Don Konipol

Thanks guys.  I also had questions on condos as potential buy and holds.  I'm looking for my next good deal, and condos seem to keep popping up on my radar lately...  Didn't pull the trigger because its a new animal to me- I don't know enough about it to feel confident yet...

thanks for the pros/cons of this!

Jimmy

@David Dey

I had the same question.

thanks for the great explanation- makes perfect sense.

Jimmy

Nice!  Haven't heard it yet!  But definitely like it.

To all:  I'm up there often, but usually running around crazy-like.  If I'm around Bozeman/Helenahand-basket/Great Falls, etc... I'll reach out then...

Jimmy

I second the recommendation for a good property manager.  I'm landlording only 8 hours away (and my properties are located back home)- but the time and stress make the 10% or whatever the going rate in Texas is---- makes that well worth it.

Not only for screening/placing new tenants, but checking on your properties, their handyman contacts, their increased knowledge of local rent rates, etc... etc... etc..

Good property managers are well worth it for remote landlording...

thanks,

Jimmy

@Jacob Stark,

In my short landlord career (about a year and a half now)- I've had prepaid rents twice already (My rentals are in a small college town in Montana).  I'm happy for the guaranteed rent- but am worried about potential eviction at the end of the year if they start to not pay at that time...  I'm a remote landlord- my Property Manager is required to keep the money in an "escrow" type account- I get rent payments every month just like normal...

My two prepaid rent times are from basically normal reasons:

#1 was going to school and had grants.  Wanted to make sure rent was always taken care of.  They left under bad circumstances.  They didn't trash the place, but it was hard to get them out.  BUT, I had a horrible, horrible property manager at that time that caused many of these issues...- and this was at the time of transitioning to a new property manager, so things were in flux because of the last property manager's lack of communication...

#2 received a large inheritance.  They do not have a lengthy work history.  They are renting now- and planning on buying a house in a year, once they are more established...  As a side note, I just closed on this house about a month ago- within a week, these tenants have already planted flowers and landscaping...  Pretty cool...

I think there could be many questionable scenarios as to why they want to prepay--- but potentially some good reasons also...

Anyway, my 2.5 cents- adjusted for inflation...

Jimmy

I second the recommendation for Jonna Weber. I live in the Boise area (Kuna). I've viewed several properties with Jonna- she's great to work with.

-I'm not ready yet- but I'll be selling my house in Kuna, I've already asked Jonna to sell it for me...

thanks,

Jimmy

forgot to mention- she is on biggerpockets quite a bit--- but also has biggerpockets podcast, but I can't remember which number it is...

@Engelo Rumora

Thanks for posting- so that others can learn.

I'm a buy and hold guy (and just a few at that).  But I would imagine many good deals and 1 bad deal still combine to average out to a good result.

No matter- its great that you shared with all to help others learn from this situation- that's why Biggerpockets is so great!

thanks- and good luck down the road!

Jimmy