All Forum Posts by: Jeff Tallard

 We are late to the game in automating our lease signing and rent collection procedures. We are evaluating Appfolio.  Does anyone have any feedback regarding Appfolio or any other software that we might consider  for streamlining our rental processes.   Thank you! 

 Continue to educate yourself in the area of real estate and finance.  Be patient and don't buy the first deal that comes along .   

I would recommend that you stay away from mortgages that have rates that  are not fixed. 

You can only buy and manage a finite number of properties when you were getting started so wait for the exceptional deal to come along.  

Get to know as many people in your local real estate community as possible.  There is a lot of emphasis on numbers and strategies for locating properties,  however your ability to form and maintain close personal relationships with other people in the community will also have a great deal to do with your success.   I would highly recommend the book How to Win Friends and Influence People by Dale Carnegie.  People tend to want to help you more if they like you.   You also have to be willing to help others.  

I can't begin to tell you how many deals came my way because of people that I had befriended and gotten to know well, or helped them over the years. 

 I would also suggest that you approach your business with the thought that we are here to serve our tenants. Always give them a little bit more for their money than what they might expect.

 Best of luck to you!  

Your water heater is 11 years old and could very well be near the end of its useful life.  The one thing that I do not like about houses in this rental price range is that repairs end up being an extremely high percentage of rent.   It cost the same amount to repair a house that rents for $800 as it does to repair a similar house that rents for twice that amount.   Obviously you will pay more for the house that generates more rent. I have seen a seasoned investors fooled by properties that sold for low prices and had low rents because the repairs end up being such a high percentage of rent.  

 I agree that you should have the tenant pay for the water.    Just make sure they pay it or bill them when you receive the bill. 

 I am not new to real estate investing but I am new to BiggerPockets.   BiggerPockets is absolutely the right idea at the right time.  

Real estate investment is accessible to a large number and wide range  people.  I feel that those of us who have been in the industry and have had success and experience  have an obligation to give back and lend a helping hand to those that are getting started. 

 In many ways I feel our public schools have failed to prepare people for life in the business world.  The BiggerPockets format  fills part of that void that is left by our  schools. 

 Too many people look to the government for solutions  and support.  If  experienced  entrepreneurs and investors start mentoring those that are just starting out  maybe it would reduce the number of people looking to the government for  answers. 

 If government officials would be mentoring people and moving them away from government assistance, those same government officials might lose their jobs.  😉

 I would start with episode one of Bigger Pockets and listen to all of the episodes.  Any knowledge that you gain will increase your confidence and give you direction.  Read the forums.    Learn something about the different types of real estate that are available for investment.   Find a niche that suits your skill set and passion.  Ask around and see if there is a person in your community that is successful real estate investor  that might be willing to be a mentor for you.  Instead of renting consider buying a house and getting some roommates when you are ready to get started  investing.  Make sure that you understand tenant screening, leases and zoning ordinances before you take the plunge.   Best of luck to you!!

Green Acres does work in west and central Madison. I used them for years. Nice guys.