All Forum Posts by: Jeremiah Dunakin

Quote from @V.G Jason:

Quote from @Jeremiah Dunakin:

I’m very new to this. But I am confused at property managers. I self manage from 15 miles away. I take care of all maintenance and rent collection. While I have a sfh in a working class northern town I don’t get all the fees. So if I rent my property for 1000$ they take 8% a month which is 80$. Then I have to pay them one month or a 1000$ fee to place someone. The first year they get 1960$.basically they get the same profit I get. We put our place on Facebook and whoever rent redi advertise through. We took pictures with an iPhone. They can take pretty good pictures. We directed people to rent redi to pre qualify. They would qualify and we show property. The pre screen took care of most of riff raff and the 25$ application fee took care of the rest. When something happens I take care of it. I change air filters out every three months and have done some minor maintenance. Rent refi collects the rent. I guess I’m not sure what a property manager does to deserve a 50/50 split. 
When tenant moves out my wife and I will clean up real good paint and patch on a Saturday afternoon. 
Maybe someone can help me understand

This is just missing the forest for the trees. The first and most important answer to this is you're shifting any liability by not being directly involved.

The second thing is do the math on what your time could produce net versus if you paid someone to do that & you work more. It's just about efficiencies.

1month per annual lease is normal @Amirra Elgamiel you're investing in the greatest city in america. Don't get cute with this and cost yourself pennies to later cost yourself dollars, by nitpicking. Get a great PM by verifying the required things, pay them appropriately and then trust the systems in place but always verify as things move.

If anyone truly wants to grow a business, they learn how to build a team and let go. 
 

 I guess I blind. In my situation I have one property, would like to make it two. I asked my wife how much time we have spent on the rental “managing” it this year. She said 2 maybe 3 hours. By my math that is the equivalent of paying someone 1000$ an hour. When I change out air filter I can see if anything needs fixed. It takes me longer to walk inside than it does to change a filter. I guess I just don’t understand what a property manager does. If the furnace goes out and they respond to call I would still foot the bill to pay for furnace. I don’t need someone to call hvac guy for me. I get when scaling up and I get more properties to get a manager. I think if you set property up you shouldn’t be spending a bunch of time there. I just don’t get it. What are a manager doing that they need to make as much as me?I remodeled the house I made sure to take care of things. I just don’t understand what a property manager does every month

I’m very new to this. But I am confused at property managers. I self manage from 15 miles away. I take care of all maintenance and rent collection. While I have a sfh in a working class northern town I don’t get all the fees. So if I rent my property for 1000$ they take 8% a month which is 80$. Then I have to pay them one month or a 1000$ fee to place someone. The first year they get 1960$.basically they get the same profit I get. We put our place on Facebook and whoever rent redi advertise through. We took pictures with an iPhone. They can take pretty good pictures. We directed people to rent redi to pre qualify. They would qualify and we show property. The pre screen took care of most of riff raff and the 25$ application fee took care of the rest. When something happens I take care of it. I change air filters out every three months and have done some minor maintenance. Rent refi collects the rent. I guess I’m not sure what a property manager does to deserve a 50/50 split. 
When tenant moves out my wife and I will clean up real good paint and patch on a Saturday afternoon. 
Maybe someone can help me understand

I know nothing about working with someone. However it seems you are putting up all the money assuming all the risk. I’m not sure what he is doing and bringing to the table. Finding a property and hiring a general contractor. I’m not sure that warrants 50/50. I could be wrong but that seems pretty absurd to me I could be wrong. You can find a house, you can find a general contractor. The heavy lifting on that side is over blown I feel like. If repairs aren’t major it’s not bad at all. The general contractor should be able to line all that up. 

Me personally with no knowledge of working with a partner would tread lightly if not run away from this one.

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

I would fix it. As soon as possible. Let that kid hurt themselves. If the tenant pushes it in today’s culture you could be in trouble. Also I don’t think it’s a terrible request. I got kids and believe in letting them experience life. That said it is thier kid and they can parent how they want.not an unreasonable request. Spend the 50$ and save a lawsuit 

 I'm guessing you've never been involved in a lawsuit before. If you try suing someone you are dropping $10k-$30k just to get to discovery. This tenant ain't doing all that for a cut finger.

That is correct never been in a lawsuit before. However I do hear of people that scam non stop. It is a pretty big racquet.There are all kinds of people around that do it for a living. I might be paranoid. I accept that. However I also think spending a few bucks to help mitigate that risk is worth it to me. Also as a parent that seems like a legitimate request to me. If it was my own house and I had young babies again I would cover that I also put door latches on cabinets and locks at top of basement door. Helping a little one from slicing thier hand open is more important to me than 50/100$. In fact keeping a little one from harm is more important than any amount of money I will ever make from real estate. To me it is a legit request. Forget the lawsuit forget the money from getting new cover. Think of a shorties finger bleeding out

 I wouldn't want a little kid to get hurt either. But I am an adult so I realize that it's the parent's responsibility to raise their little crotch goblin, not the landlord's

By any chance do you have kids?

 I do. I have 3 of them. And since I am their father it's my responsibility to raise them.

 Fair enough. I hope you have a long and prosperous career. Here is hoping that you find some good deals. Best of luck

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

I would fix it. As soon as possible. Let that kid hurt themselves. If the tenant pushes it in today’s culture you could be in trouble. Also I don’t think it’s a terrible request. I got kids and believe in letting them experience life. That said it is thier kid and they can parent how they want.not an unreasonable request. Spend the 50$ and save a lawsuit 

 I'm guessing you've never been involved in a lawsuit before. If you try suing someone you are dropping $10k-$30k just to get to discovery. This tenant ain't doing all that for a cut finger.

That is correct never been in a lawsuit before. However I do hear of people that scam non stop. It is a pretty big racquet.There are all kinds of people around that do it for a living. I might be paranoid. I accept that. However I also think spending a few bucks to help mitigate that risk is worth it to me. Also as a parent that seems like a legitimate request to me. If it was my own house and I had young babies again I would cover that I also put door latches on cabinets and locks at top of basement door. Helping a little one from slicing thier hand open is more important to me than 50/100$. In fact keeping a little one from harm is more important than any amount of money I will ever make from real estate. To me it is a legit request. Forget the lawsuit forget the money from getting new cover. Think of a shorties finger bleeding out

 I wouldn't want a little kid to get hurt either. But I am an adult so I realize that it's the parent's responsibility to raise their little crotch goblin, not the landlord's

By any chance do you have kids?

Quote from @James Wise:

Quote from @Jeremiah Dunakin:

I would fix it. As soon as possible. Let that kid hurt themselves. If the tenant pushes it in today’s culture you could be in trouble. Also I don’t think it’s a terrible request. I got kids and believe in letting them experience life. That said it is thier kid and they can parent how they want.not an unreasonable request. Spend the 50$ and save a lawsuit 

 I'm guessing you've never been involved in a lawsuit before. If you try suing someone you are dropping $10k-$30k just to get to discovery. This tenant ain't doing all that for a cut finger.

That is correct never been in a lawsuit before. However I do hear of people that scam non stop. It is a pretty big racquet.There are all kinds of people around that do it for a living. I might be paranoid. I accept that. However I also think spending a few bucks to help mitigate that risk is worth it to me. Also as a parent that seems like a legitimate request to me. If it was my own house and I had young babies again I would cover that I also put door latches on cabinets and locks at top of basement door. Helping a little one from slicing thier hand open is more important to me than 50/100$. In fact keeping a little one from harm is more important than any amount of money I will ever make from real estate. To me it is a legit request. Forget the lawsuit forget the money from getting new cover. Think of a shorties finger bleeding out

I would fix it. As soon as possible. Let that kid hurt themselves. If the tenant pushes it in today’s culture you could be in trouble. Also I don’t think it’s a terrible request. I got kids and believe in letting them experience life. That said it is thier kid and they can parent how they want.not an unreasonable request. Spend the 50$ and save a lawsuit 

Probably not a sexy reply, but tightened the belt lace up the boots and get to work. Cut expenses to the bone. Work more hours whether at regular job or get a second job. Add another 20 hours a week working and save every penny. Cut cable, Starbucks and door dash out. Meal prep easy meals and get after it. That’s my recommendation. Not a YouTube sensation but if you bring in more money than you spend eventually you will have down payment money. Instead of going out with the boys on Friday night grab a six pack some burger and for 20$ you can have a great night. It’s not easy but you can do this

Hello all. Currently I have one sfh. It is a traditional mortgage. I am trying to understand land contracts and how they work. I have a few questions on the process.

1. How do the terms work? Is it for 30 years?

2. Is there intrest in the payment?

3. Who holds the title. 
4. are realtors involved, and closing cost.

5. What are advantages/ disadvantages for both seller and buyer

Quote from @David M.:

@Peter W. sure but... Just ~$100k/yr from ONE savings account... for doing what should be a minority percentage of one's paycheck.. That's pretty good when you consider if a person is doing other saving and investing.. That could be IRA's, side jobs, and whatever other investing..

I am in same boat. That’s the equivalent of having 10 properties cash flowing 1000 each. Except no toilets,evictions,lawsuits, drywall, hvac. A 401k is the most passive thing in the world. I check my deductions to make sure I’m on track a couple times a year and that’s it. I get a statement every quarter or so that tells how I’m doing. I literally spend max five minutes a year on it. It gives me an almost 10% every year. Where I work some of us have pensions some of us don’t. While I have one I would rather have a match on 401k like others. The 401k and Roth IRA is a huge wealth builder for the future. It’s gonna allow me to retire and not skip a beat. I have also borrowed of off mine to buy real estate. So I’m not waiting till 60 to reap its benefits.

 To each their own. I’m not a financial guru at all. I just feel like a 401k is an overlooked tool that gets discredited because it’s not sexy at the water cooler like real estate or crypto