All Forum Posts by: Joseph Ball

I added a new income producing property to my portfolio for NOTHING.

No down payment.

No closing costs.

No money out of pocket.

No overdue taxes.

No title search.

Motivated Owner.

For many years, I have owned and managed my own rental properties. I have a small portfolio of houses, duplex, mobile homes, along with a few vacant lots.

I have long held the policy that, if you rent from me, take good care of the property, call me only for major repairs, and always pay rent on time, I will not increase the rent. I know this is controversial and you are free to debate me on this policy. It is just that I don’t like turnover, and I enjoy happy tenants.

So, this is what I do.

One of my rentals is in a small nearby city, and I have owned it for years. When I bought the property (I will tell you, in a future article how I bought this $45,000 property for $5,000), there was an older couple who had rented for many years. On fixed income, they never called me once for any repairs. They always paid early or on time-never late. So, I maintained their rent at $525 per month.

Recently, the wife passed away and the surviving spouse went to a nursing home.

I hired a neighbor to clean the place, and I posted it for rent for $1,050-just to test the market.

My phone rang off the hook.

I rented it within 48 hours for $1,050.

Know what $1,050 is?

That is double the rent I have been collecting.

So, it is as if I purchased another rental property, yielding $525 per month, for nothing down, no closing costs, no title search, no overdue taxes, willing “Seller”.

I still maintain my policy, but this gives me pause to think about it.

What would you do?

Something has changed in USPS First Class mail delivery. I have been a major First Class mailer for over 6 years. I am accustomed to 4% to 6% nixie rate. Last 3 months, nixie rate has increased to over 30%. I am not doing anything different. Since my mail is nationwide, it is not one post office at blame. This is a nationwide issue. I am thinking about filing a formal complaint.

What does the system cost? I do not want to sit through a tedious lengthy webinar to learn. 

Buyers are easy. It is Getting the Deals that can be a challenge-at least, enough of them. I close a couple each month-wish I could do 4 or 5. Just not enough houses.

To get Buyers, put out Bandit signs. Advertise on Craigslist. Look at recent list of buyers at Tax Deed sale. They are all cash buyers.

I no longer accept new buyers-have difficult time satisfying the ones I have.

Good luck!

I am from Sunny Florida, where the snow is in your hair, the sun is in your face and the sand is between your toes. 

For the life of me, I cannot figure Utah? 

(Lighten up, Utah. I just consumed an adult beverage, watching the sun go down over the water.!)

These are all very interesting posts.

I have many clients overseas, from Malta to Europe, all over Canada, US. I think the more successful use "Buy and Hold" as a business model. It is difficult to "Buy and Sell" from overseas, as a Newbie.

With reality TV shows, and Guru's who promise the moon, it is important to manage expectations. There is no question we make serious money together, but it takes time, patience, and solid business strategy.

My most recent client is from FIGI Islands. He buys and holds, and dedicates a portion of his annual rental profit to orphanages worldwide. He just bought three properties in Florida with me. We actually partnered on one. He just received an envelope with his first checks.

I really liked @Daniel Ryu post. I would suggest you remember that you are seeking the lowest price for a valuable property, not "Highest and "Best", and you may be better served by someone who looks to your own interests than the interests of the Seller, in investment transactions. His suggestion of multiple exit strategies is good, but with rising values in Florida, I usually suggest Buy and Hold is an excellent strategy. My buyers from two and three years ago are wealthy investors now.

Perhaps, most important is "Do something!". Don't just read these posts. If you don't make at least one offer a month, what are you doing? I usually buy 2-4 properties each month. Guess how many offers I make?

Warm regards from Sunny Florida

I use them for data scrubbing. I never use them for phones, writing. I think it is best to hire them for narrow tasks that can be well defined. When hiring a new VA, I often hire two, and give each the same task. Then I select the better.

@Tony Gunter

As I stated in the article, I use Odesk. There are several others. I find that those based in Europe or US are much higher.

Good luck!

My areas of Florida, $30,000-$40,000 (including some minor rehab), gives you $500-$600 monthly. PM costs 10%. I outsource all PM .

Immediate CASH vs Days on market