All Forum Posts by: Jason A.

Trevor,

I suggest keeping the money and managing the property yourself. Find your self a bulletproof lease (these vary by state), and screen for a good tenant. Remember to "train" the tenant by being responsive but strict. Don't put up with any BS and stick to a system. Some of my better tenants I see less than once per year now. Why pay a property mananger to collect a check for you?

I have been using several of the kwikset smartkeys for years and I think they are great. I don't have tenants that would have any reason to rekey them, nor would they even notice that they are rekeyable. The only knock I have on them is that the inside latch for the deadbolt tends to jiggle loose over time. Nothing a few twists of an allen key can't fix.

Property management companies always advertise at the local real estate clubs. This doesn't necessarily mean they are reputible. Ask other investors in the area who they use. Look for companies who have been in business for some time. Once you find these companies be sure to drive by their properties and make sure they are well cared for. Also, you may want to talk to existing tenants.

I agree with Ken and Jon. Rental units will not put money in your pocket each month. In fact ,you will be just as likely to lose money based on your lack of property management experience. Once you close on a property you will have to find QUALITY tenants. This could take weeks or months. I've placed what I thought were good tenants in my rentals only to have them make a mess and leave me with utility bills. So if you purchase a property could you afford to pay the mortgage until you find good tenants?? Could you afford to pay $1800 if a furnace needs replaced?? Could you afford to fix-up a unit that tenants trashed after not paying you for a month or two?? These are all very real scenarios. Many people do not relize the risk involved and buy properties because the numbers say cashflow. These investors often turn into very motivated sellers, or worse.

I am a former member of Pittsburgh ACRE. I haven't been to a meeting in about 4 years, so things could be different now. It is a decent way to stay up to date on local issues and meet other investors in the area. It seems that the guest speakers often have an agenda or a product to sell. As a warning, you will meet plenty of snake-oil salesmen trying to sell their products as well. That's the nature of the business. Best of luck.

Chris,

What you are referring to is called a blanket loan, and is considered a commercial loan product. I have a similar portfolio and have been looking into doing this myself. I have been unable to find anyone that is still offering blanket loans. Perhaps the smaller local banks (if there are any left) may be willing to work with you. Best of luck.

I've used this trick to deal with suspected drug dealers.......Draft a letter notifying the tenants that you have given permission for the authorities (state police) to use your properties as a training ground for their narcotic dogs. Tell the tenants not to be alarmed at the sight of these dogs, but they could show-up with police trainers with no notice. Hopefully this will send the suspected drug dealers packing, and hopefully they won't move into any of my rentals! Best of luck.

I've had luck by contacting owners of expired mls multi-unit listings. If you are willing to go far enough to get their mailing address, why not just call them directly? Upon talking to them most probably will not be looking to sell, but ask them if you can send them your contact info so that they can call you if/when they are ready to sell. Then check back with them every so often.

I have tenants pay all utilities in most cases. Utilities that are lienable (sewage, trash, etc.) I pay and have the tenants reimburse me. I really have to stay on top of them though. I find that is is a good marketing strategy to be able to advertise a below market rent and have tenants pay more utilities. It gets more faces in the door.

I had several buildings damaged by a recent hail storm. Luckily my homeowners insurance is willing to pay for new roofs, gutters, fascia, and to my surprise siding! My question is this: since my existing siding is, in my opinion, perfectly fine and intact, am I required to use the siding proceeds on installing new siding?? Or can I use the procedes to fund other improvements or even invest in other properties??? Any insight to this would be greatly appreciated.

PS I love hail!