All Forum Posts by: Kai Van Leuven

@Anthony Simboli

Look for the "Dogs of the MLS". The properties that have been kicked around (failed inspections, back on Market, ect.). Those sellers are not looking for the "sexy" offer. They just want it sold.

I don’t know if you are an agent but a good one will make or break you in multiple offers or situations.

I have been a listing agent a few times with multiple offers and other agents do a really poor job representing their clients. I have had other agents literally just send me an authentisign link with an offer. I look at it but I would rather work with an agent that is a hustler than someone who already feels defeated before I have made a choice.

When I am repping a buyer. I go high contact. If the seller wants an updated prequal, I will send it and make a call to strengthen the relationship and sell them on my buyer. I do multiple follow ups and try to figure out the situation and make tweaks (terms or price) as we get closer to the review date.

I probably” 10x” it at some point. What I have seen is that there is a time when all the offers look the same and you have to go with your gut. I like my chances if push comes to shove.

I personally have never waived an inspection, financing, or done an escalation. In my opinion an escalation really hamstrings a client and puts all their cards out there. Unless you are putting 10k on your increments over the next highest.

@Kevin Hunter

The book that impacted me was the “Millionaire Next Door.” It helps to really look at who has wealth and who are the folks that show you how much money they have spent. It definitely changed my mindset.

@Jason Malabute

I feel like you are at the point that many new investors are in. I have been there. My first tenant was an absolute nightmare but it had more to do with me and my management style. I just put up with too many stories, petty drama, and let them call the shots. I am glad that I had that experience to push me to make changes to my business.

You are probably at a similar crossroads. Personally, I would take the control back and manage my own properties. Three doors is not hard to manage. It will give you a taste of the business and better help you to manage your PM in the future.

@Tim Richter

My strategy was to just show up every day. I have had projects that have overwhelmed me. If I was at the project, blasting the radio, kicking *** and taking names, it wasn’t too bad.

When you let the stress consume you, it’s only a bad path. I have been there.

Investing is like running, you look down when you are climbing the hills and put one foot in front of the other. When you are going down hill, you enjoy the scenery.

Good luck brother. I always tell myself “when my head is on straight I am unstoppable”, getting to that point can take some internal persuasion.

@Steve Vaughan

I think there are more people than you think who want to mentor but want the right mentee (if that’s a word). I have a few *new* investors who call me all the time and ask for advice, and borrow my tools. I am totally fine helping. I don’t ask for anything and try point them in the right direction. They are hustlers, like I once was, and are trying to make it happen. Back when I started I had a group of “old timers” I would call and they helped me navigate being a landlord in my early 20s.

In all honesty you would have to pay me 10k/ hour to mentor someone who doesn’t have drive. I want to give back and have someone take hold of it and run in their own direction. If you have that drive and people see you are a version of their younger self they will do anything to help.

@Bobby Pagliarini

I have been anti-scale for most of my investing career. I have always taken the position that I don’t need 200 assets that perform mediocrely. I would like 50 by the time I am done. 50 really quality high performing places. I have 35 years until I stop buying.

I always hear people bragging saying “Just Bought my 10th house this year!” If you bought 10 bad deals you could potentially be worse off. All it means is that someone was willing to lend you money on 10 places.

@Forrest Faulconer

Do what fits your greatest investment, your family. If it doesn’t break the bank you can have a nice house. I am a low maintenance dude married to a high maintenance gal (she is fine with the term). She wanted me to build a house and financially it made a lot of sense for us.

The only word of caution is when you try to have a lifestyle where everything is the best. We have a nice house, but we don’t eat out, have car payments, credit cards or any of that stuff. We also have it set up with investments where our house does not financially burden us. I don’t say, “I can’t buy a place because my personal monthly mortgage is too high”. It’s really about balance.

@Joe S.

If it has central HVAC you should have the vents cleaned, replace the filter, and make sure that is not circulating the smell.

The ozone is good but make sure you are taking breaks and airing it out. Also turn on the furnace while you run it. Run it and then open windows and doors.

@Eli M.

I use Cozy and Zillow. I have looked through a lot of credit and background checks through both. Personally I prefer Cozy. They break down each account and the payment history associated with each account. It makes it really easy to see what is going on with someone’s background and history.

A tip from cozy: if the background check does not come back instantly it means that there is something negative on there. I have almost rented to someone before it came back thinking it was a glitch.

@Nicole Heasley

I have looked at so many schedule E’s and seen huge losses that I am a little jaded. Even after you add back in interest and depreciation most of these folks are showing that they are not even breaking even. I don’t only find it as a morally/ethically wrong but also bad for business.

I do ask people, “how can you be asking so much on a property that you lose money on?” Then they usually say that they are lying to the IRS. I guess they only have 2 choices. Tell me they are “padding” the numbers or say they are cheating the government.