All Forum Posts by: Judy Murphy

@Dillon Dale

I bought my first real estate investment FSBO. The title company provided me all the required paperwork, held the earnest money, and CC'd both the seller and myself on emails (unless confidential). The benefit to FSBO is the sellers will usually talk on and on about their home. You'll find out the good and bad! You'll also most likely have their email and phone number, so that you can contact them in the future if you have questions!

I contacted Grayson properties a couple of years ago.  They were not taking on additional clients at that time.  Mr Grayson does a lot of training/traveling....  Let me know if you find anyone!!!

Judy Murphy

Hi Ian, I am a relatively new investor in the Columbus area. Although I don't have much experience in the full BRRRR method, I do occasionally need contractors for minor repairs that I cannot do. If you are interested, just drop me your contact info. If you know Columbus well, you know that the east side can be MUCH less desirable than other parts of town. This would most likely cause the rents to be much lower in the c- & d areas. Most of east Columbus is in the opportunity zone though, if you plan to hold for any period of time.

@Nick Maugeri

If the tenant is in a long term lease (6-12 months), I believe regardless of who owns the property, then that lease has to be honored. There are a few exceptions of course...

One exception is that the lease specifically states the lease can be terminated upon sale of the property.

The other that comes to mind is if the buyer plans on occupying the property. This scenario requires an eviction.

Just something to consider when purchasing tenant occupied property. A little more research will clear the muddled waters!

Hey Jamie, I'm not certain WHEN you are having your meet-up. Maybe next month I can stop by and meet everyone. I'm currently working 2 on and 2 off, so will have to try to fit it in... Looking forward to meeting more investors! Judy Murphy

I believe it was Einstein that said compounding interest is the eighth wonder of the world.  Learning how to mitigate this would be very beneficial to the mortgagor...  For example, paying one extra payment per year will reduce a 30 year mortgage to roughly 22 years...  Paying $500 extra on loan amount of $85k loan will reduce the number of years to 9 from 30.  I would rather get all the money the tenants are paying to the bank, so if I have some extra cash I will drop some on the principal.  If not, let the renters pay it!

Emil,

I have not YET shared a lease with a tenant because I have property managers....  However,

starting in October, I will be managing my closest property, 300 miles away.  I have been researching various online sites.  The front runner, in my limited opinion, is Cozy.co.

If you google it, or even search on this site you will find plenty of owner/property managers using this software.  I'm certain there will be a learning curve for both of us, but nothing we can't handle !!!

Good luck!  Keep us informed.

Judy Murphy

@Steven Hamilton II

@Natalie Kolodij

@Scott Mac

@Basit Siddiqi

@Nicholas Aiola

@Gita Faust

Thank you all for the support and words of wisdom.  I was beginning to wonder if possibly I was taking shortcuts or missing opportunities to accurately account for income.  I am always trying to learn, yet there is so much more knowledge to gain....Advice from accountants, consultants and CPA's is always appreciated.  Thank you all again!

Judy (JP) Murphy

@Steven Hamilton II

@Natalie Kolodij

@Scott Mac

@Basit Siddiqi

Thank you all for the support and words of wisdom.  I was beginning to wonder if possibly I was taking shortcuts or missing opportunities to accurately account for income.  I am always trying to learn, yet there is so much more knowledge to gain....Advice from accountants and CPA's is always appreciated.  Thank you all again!

Judy (JP) Murphy

Hello everyone. 

I have 3 rentals, one in Anchorage Alaska, and two out of state.  With all three, I have Pet Rent. 

My property manager in Anchorage separates the pet rent from the general rental income on every statement and year end statement.  Personally, I like to see this separation.  It quickly shows what the property is renting for, and additional income from pets.  I think this may be beneficial as I acquire more properties.

Conversely, with my out of state properties, the property manager does not separate the income, but lumps it together in Rental Income.  I can see where this may get potentially misleading in the years ahead...ie..".it rented for $1350 last year, why is it not renting for this amount now???  Oh yea, they had pets...."

What are your thoughts on this?  Should I just get more organized with my properties, or let the property managers run with it?

Thanks in advance for any ideas!

Judy Murphy

Kenny Lake, Alaska