All Forum Posts by: Jordan Thibodeau

@J Scott I agree.

Don't take the risk. Look for another deal.

How do your rents compare to the market? Not just condo's look at other types of dwellings (SFH, Apartments etc). How about curb appeal?

Great idea! I'm in. Weekends will be preferred.

A fellow SJ'er! Welcome to BP!

Getting more.

Charisma Myth.

The 5 Elements of Effective Thinking.

It's tough. I try to assume positive intent with people, and if the result of their labor doesn't meet your standards, it's due to a lack of understanding. Assuming you screened your tenants and contractors properly.

Before you begin any crucial conversation, give yourself at least 30 minutes or an hour to cool down before engaging in this conversation, your emotions will tell you need to handle this right now, but if you're emotional the results will not be good. Once you're cool, ask yourself "What is the goal of this conversation?" I want X result, I want this person to stop doing Y, and etc. During the convo, if anything you think to say moves you away from that goal, don't say it.

Stay away from ad hominems (You screwed up, your work is crappy etc). Build commonality between you and the person (you've done a good job doing X or Y). Try to set a clear vision of what you want and why it's in the persons interest to do so.

Finally, Read this book and this book.

Seems too high, not enough margin of safey if things go awry. Being that you're out of state, you will depend on third party for all of the repairs so that repair budget needs to be increased. Not to mention, you will need to pay a commission for your realtor to find a tenant. Also, is this house sub metered for water? Also, I would verify those rents. How does those rents compare to the market average? Do a quick rent-o-meter and craigs list sampling of rents in the area.

Do you have any costs you can have the tenants pay? What costs are included in the maintenance number? How many time per month are you spending on this house? Do you have a month to month lease or a year lease? Are you charging market rates for rent? Do you have a rent escalation clause in your lease agreement?

Based on the numbers it looks good, but I don't like buying houses that are almost 120 years old (personal preference). It would be great to have a picture of this house.

Lets hear a deal update.

I use it as good way to weed out marginal applicants. I always charge the tenant the fee because if they are serious about the property, they will pay the upfront fee.