All Forum Posts by: Jared Mann

@Cassandra Alfaro

I deal in college rentals, and while this is typically when I am ramping up for leases for next year, right now that has ground to a halt. It is irresponsible to the tenants to walk strangers through their house at this time. In addition, I am still waiting for confirmation of in person fall classes from the university before I can guava demand. As for opportunities, I was already looking for another property, but Moody’s most recent forecast only had residential falling 5% this quarter, with commercial falling 25%, the buying opportunities in residential are not coming.

@Wray Rivera #260 Chris Voss was a personal favorite, but my honest recommendation is to start from the beginning and to listen to every episode. It is a free masters class across many different asset classes and styles. Even the guests where I am not interested in their area, wholesale, commercial, mobile home, etc. there are still some useful tips in those episodes that can be applied to other areas.

@Aristone Louxz I’m sure you can sympathize with the small business owners that are struggling in this economy, they WANT to be able to pay you rent, circumstances are preventing that. First question I would ask is how much can you pay now? Whatever the difference is, work out a payment plan, which might incorporate the deposit with tenants permission. Additionally I would talk to your lender, many are offering forbearance and if your tenants cannot pay, then you would qualify. If you have good tenants, work with them.

@Jeff Angel

The only thing that would be different than your first would be that your Debt to Income will factor in the cost of the first property, but since you're coming up on 2 years can use the rental income to offset that. If you are planning on owner occupying, definitely look into a lower money down program like FHA, allowing you to keep more in reserves and deploy the capital elsewhere.

Thank you all for the responses, sounds like as long as I keep it simple I’ll be all set!

I am currently househacking my first duplex, a couple weeks ago I noticed the main sewer line was backing up slightly in the unfinished basement. I attributed it to the heaven rain fall we were getting at the time. This week it happened again with absolutely no rain, so I called a plumber to take a look. The snake cam revealed a blockage and the culprit was...feminine hygiene products. I am a mid-20’s guy and my tenants are 4 girls in college, so there is no ambiguity who caused the blockage. I am not going to take the cost of the plumber from their security deposit, but the main thing is that it does not happen again. Any tips for how to tactfully have that conversation with tenants I see every day?

@John Neff

You said you had read the heavy hitters, so I'll take that as rich dad and Millionaire Real Estate Investor. The most helpful book I've read so far has been Never Split the difference by Chris Voss, not real estate specific, but I applied it to REI as well as my job, and it was huge on my last offer.

@Jason C.

Huge congrats! Thank you so much for sharing, seeing the positive progress is an inspiration for all those just getting started! Here’s to the next 10.

@Quandra Adams

I worked weekends as a server not too long ago, and now the common practice is for your declared tips to be included on your paystub, and with the vast majority of people paying with cards now, pretty much everything is tracked, no more hiding large amounts of cash tips on your taxes. Only difference I would do is ask for 4 months rather than 2 months of pay stubs to make sure you are accounting for seasonality/revenue driving events.

@Mason Jeffries

I would say you also have to know what is common for your market, look at a couple listings that are reasonable comps and see if they cover utilities, in my area the expectation is that water, sewer, trash are all covered, if I tried to pass those on, all potential tenants could easily find someone that does cover those.