All Forum Posts by: Justin S.

Welcome, Troy!  BP has been an amazing educational tool for me!  I'm certain you will find its resources equally useful!  Be sure to check out the Ultimate Beginner's Guide available on BP. Good to have you!  

Welcome!  Good to have you!

BP has compiled a list for your review. I don't currently utilize web based software but am also testing some of the options in the following link. Good luck!

http://www.biggerpockets.com/online-property-management-software.html

Point taken, Bryan.  But, I didn't suggest the heading helps evaluate the issues.  The entire content of my post was based solely on evaluating the issues.  Quite honestly, when originally posting, I was going to discuss the area of Louisville in which the incident occurred.  However, once I started typing, my thoughts changed and I continued  without a modification of the heading.  Other motives? I don't even understand that question.  Are we truly that sensitive?  To be clear, the entire justification behind the content in my post:

1. Lessons potentially learned from the incident

2. Sympathy for this man's family

3. The importance of avoiding direct confrontation when possible and utilizing legal channels.

Please, if you read anything else from my content, do let me know.  

Lighten up @Erik Hitzelberger. I'm certain that my post is not going to affect your bottom line. If you interpret the heading as a stereotype of the Louisville market, well, that's your take. I believe it was appropriately noted that it was a tragedy and that there were lessons to be learned from that tragedy.  I don't see anybody above "disregarding" the available lessons. 

The entire intent of the posting was to evaluate the issues surrounding the event. If my heading missed the mark for you, my sincerest apologies. 

Agreed @James Wilcox.  I think that in the event you have no pre existing relationship with a tenant or a limited relationship, personal contact is unnecessary for several reasons:

1. It could be dangerous

2. It becomes personal and is 

    more difficult to make tough

    decisions. 

3. The time investment is not

    financially beneficial. 

4. You are deviating from your

     business model. 

I'm sure there are some exceptions where a tenant reaches out to you, the tenant's payment history is stellar or an established pre existing relationship exists. 

A tragic lesson to be learned. Travel the appropriate channels for a defaulting tenant. Confrontation is never the right answer. Well wishes to his family. 

Do any BPers use confrontation with a defaulting tenant?

http://www.wsaz.com/content/news/Police-believe-Ky...

Regardless of the motivation of some, I have found a wealth of information on BP that helps fill in the blanks with deeper explanation and real life experience where my resources are lacking. For example, I just finished the The Wall Street Journal Complete Real Estate Investment Guide and learned a great deal from that overview. But, I can see much of what I read in action from various posts here on BP that I otherwise would be left to work through hypotheticals or, even worse, blindly enter actual deals.  I am generally averse to falling prey to schemers but using BP has been a great resource for me. I would certainly still consider myself green or "newbie" but the resources here have helped me close 6 deals. Ultimately, I would like to think that there are more people here helping than scheming. 

The justification for offering helpful information is generally unimportant. Perhaps it's pure ego or self interest or just maybe, for some, it's benevolent. Either way, take advantage of the information. Simply keep both eyes open. 

As always, here is to all of the success in the world to each of you. 

JWS

Sorry @Amy Ranae, I'm not familiar with your area. But, I am sure you could locate a potential partner through BP. Let us know when you land your first deal!

I tend to agree with Devan but if you are that apprehensive about a flip, seek out an experienced partner on the first few deals until your comfort level improves. It's an amazing feeling applying the proceeds of REI to satisfy student loan obligations. Also, be sure to consider where your money works best. If your interest rate on your students loans is only 2-3%, you can likely do much better committing your resources to REI as opposed to paying off student debt. Hope that gives you something to think about. Good luck!