All Forum Posts by: Karl B.

Get with a smart, local accountant to discuss options. 

I know sellers who find a buyer with a track record and the seller does seller financing so there isn't a big capital gains issue (plus they're making money on interest). 

Is it a Joe Doyle T206 Piedmont? I collect tobacco cards so I am familiar (my first few rentals were partially paid for VIA my sports card wholesaling business). 

A PSA 4 Doyle T206 Piedmont sells for around $600.

 I never once had an issue with them and they tend to last 1+ year. 

I tell my tenants I will bring them batteries if the smoke detector or CO2 start beeping and I include this on paperwork at lease signing. I buy the 4-pack of 9V from Harbor Freight for $1.99 when they're on sale from time to time. 

Most tenants take me up on the offer and I would much rather pay a few dollars extra per year per tenant than have a tenant at risk of death - especially carbon monoxide poisoning. 

Do you have any properties with cheaper rent?

In this supposed 'greatest economy ever' I've had a few tenants within the past week tell me they won't be renewing because they can't afford it. One tenant is moving in with friends (he did ask if I had a 3-4 bedroom and I have several but neither will be ready in time) and the other tenant just had a baby so I don't know if she's moving in with her boyfriend or what's going on but sadly things like this will occur more and more often in this economy. 

I think it's a two-tier thing. I learned to manage well because I learn from my mistakes and also read a lot on BP and learned from others' mistakes as well. 

But there are some character traits that are important in being a successful DIY landlord. I take pride in my properties. Although most are C-Class they're always the nicest properties on the block and I put a lot of the other landlords to shame. I attract better tenants and I also believe I tow that thin line between not being a pushover and not being a jerk. I've had prior tenants call me fair which I appreciate. 

When I was new to it I let a few tenants get behind in rent - that was foolish of me. I think a lot of landlording mistakes are made through ignorance or not knowing. And some mistakes were made by tradesmen but looking back I didn't ask the correct questions or have the knowledge to make certain they wouldn't make mistakes (such as knocking down a vented chimney - that happened once and although it was on the roofer I now know I must make certain the roofers know the venting situation prior).

I'll close with this - when I worked in film and was a lowly production assistant a higher-up said "You know what I like about you? When you mess up and I tell you what you did wrong you don't make the same mistake again." 

That's the approach a successful DIY landlord must incorporate. I love self-managing.

Howdy. I self-manage and it's my main source of income. I also have a wholesaling business (I wholesale a product - not related to real estate wholesaling) and was doing that prior to getting into real estate. That was my income prior to real estate. 

I reckon my situation is a bit different since it's not a typical 9-5 and I was self-employed but I enjoy doing both. 

Ideally, if the numbers are close and you're considering quitting your job is there also a way for you to freelance or do something else for extra income part-time? That's also an option to temporarily bridge the gap of quitting a full-time job.

It's also important to be making enough on your properties so you're cash flowing enough so you can buy more property - sounds like common sense but as mentioned you can always freelance or do something you enjoy part-time to bridge the gap in pay.

Biggest con is the tenants will likely figure out you're the owner. I know some landlords who can make the separation and claim the tenants merely think they work for the 'owner' but I don't like to lie. Most tenants appreciate I upkeep my places and I am friendly with them but do hold them accountable when it comes to a tenant following the rules of the lease. And if there's a legitimate repair needed I typically have it repaired quickly. 

I feel I do a better job than any local property management company and I'm much better at hiring tradespeople, making certain they do a great job and by being the decision-maker I'm responsible with my money and am learning A LOT about every facet of the industry. 

I also learned I'm good at managing my properties. And since this is my main income source I don't mind spending some time on it every week. Though once I have a property rehabbed (whether SF or MF) it's amazing how little time I commit to it on a weekly basis. 

The hard lessons are mainly learning experiences. I had an Amish roofer remove the chimneys without first checking to see if they were vented (they were). It was on him and he ended up fixing the issue on his dime but now I know to make certain a roofer knows what's vented and what isn't. This example is a microcosm of self-management - the hard lessons are often lessons we learn, fix and make certain the problem isn't repeated in the future. 

If the boyfriend is living there and he isn't on the lease it's a lease violation and you can evict. Let her know this fact. 

If your local town has an Apartment Association I recommend joining as they will give you information on all things real estate. My local apartment association even gives members a lease that's plain English and approved by the state Attorney General and the lease definitely protects a landlord against things like this. 

Don't let this tenant push you around! If you're overwhelmed I would look for a real estate attorney who can either send her a letter stating she's broken the lease by having another person living there or if you'd prefer the attorney can go straight toward eviction. There are some real estate attorneys who will even give you a set price up front for the eviction cost so you are aware as to what it will cost.

The USA is 34.5 trillion in debt. That's problem number one. 

Problem number two is the USA weaponized the dollar and now BRICS has taken form. And although it would take time for BRICS to dethrone the US dollar it's just a matter of time. 

What's more appealing to a random country? The US dollar which is diluted and loses more value each and every year, or a new currency that's backed by gold? 

Now - and I'm not going to get too political but simply state facts - we have an open border and LOTS of people have come in. And although most are not terrorists we do have lots and lots of people from countries who are considered adversaries who have entered here and are of military age. 

At any point any of these bad actors - whom this country likely has no clue who they are or what their intentions are - can do something drastic not limited to attacking our power grid; and most Americans aren't prepared for no electricity. Much of their food would spoil and they'd be hungry, and most people don't have a proper stock of food and what do you think people will do when they're really, really hungry? They'll take food by any means necessary. Just look at how people went crazy over grocery store items during Covid - not limited to toilet paper and bleach. Just wait until it's food that's hard to come by!

A lot of people bury their head in the sand as they would rather ignore what's coming and pretend everything is fine VS prepare for it. It's like a person who has serious stomach issues but refuses to go to the doctor because they're afraid they'll be given a terminal diagnosis.