All Forum Posts by: Jonathan Paul Shortt

@Kevin Ramsey will all come with time, the growth potential is spectacular. Those mountains and lake aren’t going anywhere. Talk to your lender about a 10% down vacation property program. Decreases cash needed and increases coc

@Paul Sandhu hahaha! All dfw people staying in these cabins man

I found that very few builders up there like to work with realtors, so the absolute best thing you can do is just drive around and call from signage. Save the builder the agent fees and they will come off price a bit. 

I did not use a realtor. I negotiated directly with the builder. His name is Jake Hensley. I believe this is is 2nd or 3rd 1 bedroom we are buying. We also are buying his next 1 bedroom which is 3-4 months from completion. 

They come fully furnished and rent for 250 during the week and 300 on the weekends. 

Hey Kevin, I am closing on my first cabin next week and have a second being built right now. I live in frisco and plan on self managing as the PM up there charging 30% is absurd. The numbers are ridiculous and expecting a 20-30% COC return.

Purchased a property last year with a tenant in place and the tenant had a purchase option at the end of year one and again at the end of year two. The tenant is moving out and not exercising the purchase option. The option money was paid at the beginning of the lease, which if the option was exercised would have gone towards the purchase. They are not purchasing so monies returns to the owner. The property management company is telling me the money was given to the old owner... does this make sense? The option was transferred but the deposit was not? So if they exercised I would have owed them the deposit? Help is appreciated!

Hey Lin, were you able to find out more information on these cabins? Did you ever purchase one and rent it out? Looking to do the same. Thanks

Personally I am happy to pay the 8-10% (assuming the property still cash flows well). I have 0 interest in managing subs or receiving phone calls from tenants. All about personal preference. If your time is worth 8-10% of monthly gross rents then by all means manage your properties yourself.

Thanks for posting guys! Wife has an old 401k I’ve been trying to find the best use for those funds and sounds like SDIRA w/ checkbook control is the way to go. BP for the win again

I am working with a new PM company out of state and below is the verbiage in their contract. Want to make sure this is standard.

Liability of Property Manager: Property Manager shall indemnify, defend and hold harmless owner and it’s agents, officers and trustees from and against any and all claims, charges, debts, demands and lawsuits (the “Claims”) arising in connection with any claims arising out of or based upon acts performed or omitted to be performed by Property Managers in breach of this Agreement, or that constitute bad faith, fraud, willful misconduct or gross negligence. This provision shall survive the termination of this agreement.

Liability of Owner: Owner hereby agrees to hold Property Manager harmless from, and to defend Property Manager against, any and all claims, charges, debts, demands and lawsuits in connection with the management of the properties and from liability from injury suffered by any employee, tenant, guest or other person whomsoever.

Thanks BP!