All Forum Posts by: Kassandra T.

I think is an answer based on your belief, goals, and level of risk. If this is "light work" and you have great insurance and a great PUP (Umbrella) Policy, then the risk might be considered low. Always check references. Always do a slow payment plan on the work. Maybe ask how many employees and subcontractors will put their foot on the property. For new contractors, I never do 50 up front 50 at the end. For my contractors that we have a relationship with, I usually pay 10% or 20% for upfront for materials and then pay balance 30 days after because they know I'm good for the money and I send thousands their way a year.

I stoped using webstes and only use "aps". This is how I get leads anymore. If there was a way to help put that together or advertise it, that would be nice. :lol:

Mobile Homes are profitable by buying them cheap for cash...Then fix it up a bit (you'd be surprised how $2,000 makes a world of difference) then owner finance to a qualified person. Like a rent to own TV. Make so many payments of XX and you'll own it.

Hi Danny,
Rentals is a slow growth business unless you are able to get connections. I ran a rental business in Alaska. It went from 30 to 167 over a three year period. Most of them came from agents who couldn't sell the home, so we gave referrals to have the brokerage's agents give the rentals to us. I find it difficult to do rentals part-time. There is book keeping, paperwork, and filling that has to be done monthly. All of which takes you away from any showings and the needed prospecting as an agent. Our market has about a 7% vacancy rate. So out of the 100 rentals, 7 were vacant and required constant showings and reviewing of credit applications.
Also, you'll want to get familiar with the laws. A simple situation can get a little crazy when you are not familiar with the regulations and it takes practice to know how to properly handle the different types of tenants.
After reviewing profits, I found that the most profitable rentals were multiplex’s. The owners normally had the right mind set of how to run a rentals. Those that are accidental landlords had a difficult time understanding that they had to make certain repairs. That was a difficult conversation when they could hardly cover the mortgage.
To answer the question- 100 Rentals-Two Employees-Overhead to run on it's own-Profit was around $2,000-$5,000 depending on Lease Option and Fees. I'm sure it would appear to be more profitable if you worked it yourself. However, I like business that run by itself. :)
I’ve heard of a franchise (Real Property Management) I’m curious what other’s had as an opinion about them.
:D

I would love to go. I might not be able to go weekly. Twitter is fine. RDPD uses facebook chats that seem to go well.

I know some investors are taking their money out and doing loans like a bank. Propser..Misfortunes and so forth.

I did it a few years back and made 10-13% return and the loss ratio was low because I only went to B C and sometimes D credits. Never A because there isn't enough of a return and F you chance not being paid back.

In my state (Alaska) it is recommended to complete a Landlord agreement with the other utility companies. So if the tenant stops paying the electric, the utility company will stop service rather than put it in your name to pay.

Congrats!!! Rentals takes patients but profits are worth it if you truly manage the rentals correctly.

Anyone investing here? :D

In June I found a property. After extensive research I found this to be a great deal.

Worth $94k fixed up. $50k as is. Confirmed $15k for repairs. Property is in OKC. My family will manage it just like my other places in OKC while I live in AK managing my 4 plex.

So I thought I wouldn't have a problem getting into the deal since the amount to purchase it is $37k. I put my focus on finding a buyer. I then found a buyer so I can get out right when I get into it.

So I called several mortgage companies to start moving the money and transfer the title into my name.

PROBLEM! THey just are not lending in OKC. 1 company said "we just don't lend to investors". 2nd company said "No, you live out of state" 3rd said you just bought a 4plex and only can show 6 months on taxes with it when they need 12 months on taxes (b/c i bought it in may 09). 4th said "No because I have to show it rented first. (How do you rent something that isn't your just to get financing???").

Now I'm at a lost and restoring to Private lending.

Can I get some help? I'm really at a loss here because normally I can get OPM from the bank. :roll: