All Forum Posts by: John Southard

@Jon Klaus I am enjoying Things that Matter. Krauthammer is an excellent writer and his psychiatry background gives him a unique take on things. I agree with a lot of what he says but not everything. If you are conservative you will like it. If liberal not so much although he does back up most of his ideas on reasoning that will at least make you think a little.

Just finished Mastery by Robert Greene

Spark, the revelutionary new science of exercise and the brain by John J. Ratey. This has prompted me to start cardio exercising again because of the benifits not only on our health but its positive effects on the brain.

currently reading Things That Matter by Charles Krauthammer

I am introverted and I understand where you are coming from. One thing that helped me become more sociable was taking the Dale Carnegie leadership course. some mentioned toastmasters and that is certainly a good place to start as well. Dale Carnegie teaches lifeskills and you practice the principles in every class. How to Win Friends and Influence People was influental as well and in the class you practice these principles so by the end of the course you have the skils and experience to talk to strangers. I used to be afraid to talk to large crowds but after taking the class I have no problem at all and have spoken to large crowds at conferences.

Google Voice only allows up to a 60 second greeting, at least out of the box. I'm not sure if there is a way to extend the length.

I agree with @Ned Cary. As someone new like you I have gained valuable experience going out and looking at properties, even when the seller was not extremely motivated. You have to start somewhere. When they call run the comps on the house and determine if their price fits your criteria. If it's close then go look at the property. If anything you get experience meeting sellers, going through houses looking for issues such as foundation problems, leaky roofs etc. Only then can you determine you final price. Some on this board may say I'm wasting my time but after looking at many houses you will hone your skills and be in a better position to know a deal when you see one.
I looked at a foreclosure not too long ago that I was interested in but I didn't think I could get the bank down to where I need to be. I went through the exercise of figuring out the rehab costs, paint, drywall, appliances etc. I learned a lot just doing that exercise. I didn't get that property but when I look at future properties I will be more proficient in calculating renovation costs.
When you get to the point where you can calculate a price quickly then your initial conversation will be primarily to determine motivation. If they aren't motivated you probably won't get the price you need to make money.

I use a simple Exel spreadsheet.

Shirley Dufrenne Don't give up on that original lead. Now that you have the owner's phone number, check bath with her from time to time. It may be a cold lead now but things change and the seller may need to sell down the road.

When looking at rental comps what's more important, the number of bedrooms or the square footage?

One example this week I looked at two properties within a mile of each other.
One property is a 4 bed 2 bath 1500 sqft.
The other is 3 bed, 2 bath 1800 sqft.

If I look solely at sqft the rents on the 3/2 are higher than the 4/2. I realize that every scenerio like this can be answerd "it depends" and every market is different but ALL THINGS BEING EQUAL what do you find to be true?

These two properties are in the same subdivision less than a mile from each other so the market is pretty close for both houses. Same demographics, same side of town, same quality of construction.

Thanks for the great, honest replies.

@ Mike H. I can see that happening. When I bought my first car, my first house etc, I worried about what would happen if I lost my job and couldn't pay. The unknown tends to nag. I've lost two jobs and still found a way so I don't worry about that anymore.

Marcin G Wow $600,000, what was the technicality, if you don't mind me asking. Is there anything you could have done differently?

Kelly N. Vacancies can be a problem if you don't have enough reserves as was stated earlier. Was that an issue with you or is it just that you have an asset sitting and not making money?

As a future landlord I am interested in understanding what things keep you up at night or make you worry about your property? If your property is in another city/state or if it's accross town. You've thoroughly screened the tenant, you are comfortable about who you have living in your rental but you still have little things that you worry about.