All Forum Posts by: Josiah Richard

Any recommendations for Collections Agencies as there are so many? 

@Nathan G.

I am in a similar situation. However my PM did follow the eviction process promptly. Should I be upset that they didn’t report it after the tenant moved out to the credit agencies? I expected that would be done by the PM.

Good Advice, as my wife told me the same thing. However, we already own one rental property and I was just hoping to get some insight on how others might base estimates on rehab on properties ( rule of thumb ). Since the last two houses we purchased were both previously renovated. 

So the reason for this post is going to be as clear as possible. I have been doing the math, using the BP calculators and found two properties that are 2% or just under.

The one I like best should cash flow about 288 per door for a triplex. Problem is even if I find these “deals” how do I know I did my math right. How do I know if something would need renovation or not. Both are occupied with tenants.

Second problems is let’s say every is perfect. I still have no money to invest. I haven’t got to the zero or no money down book yet. Been reading others on my way to it.

So basically my biggest question to start with is how do I know if I buy a property (tenant occupied) whether or not I need to update or renovate? How do I calculate that into my math?

Even,

Thank you, that is useful I appreciate you for getting back to me! I hope it's going well for you. 

@Russell Brazil incredibly helpfully. Soon as I starting reading your response, I found myself surprised I didn’t think of it in that light before. When I want to make the move I will sit down with my mentors and makes sure (from a business plan model) that I have everything inline. Thank you!

@Caleb Heimsoth it’s a car dealer, which is retail hours and very limited time off. Old school mentality and I’m two for two on dealerships since I moved, that don’t align with my standards of business (long term business minded vs short term gains)

I agree though after having these conversations. I feel much more comfortable, just looking for something that is in sales but not real estate full time.

My concerns were validated.

Really appreciate your opinion!

Thank you again so much.

@Caleb Heimsoth I’ve been doing what I do now for about 5 years. First year made 62k roughly(as a sales person). Since then been making 6 figures plus (as a Finance manager) and my monthly liabilities are about 4K before food, gas etc. I have one rental, but tenant has been late or not paid going through eviction right now. If I had a paying tenant my overall liabilities are just under 3k.

80k is my annual minimum at this point with her in school.

@Clayton Hepler that thought processes is exactly inline with what make successful people rather than those who do fail. I agree whole hearted with your statement. However, as you stated my partner is drawing income away as we are paying for school too. This makes it more complex, as I am use to a large income monthly.

I want to transition into the industry in some way, the biggest question I’m asking now is how? And in what capacity? At the same time exiting the car industry as the area I currently in are not utilizing best practices that align with my previous employer.

Moving for your wife’s Doctoral program can come with all kinds of fun challenges. :)

@Nathan G. Do have any recommendations as far as breaking into the industry part time rather than going into it as an agent?