All Forum Posts by: Abraham Anderson

I'm trying to turn around a motel (located in Tennessee, Sevier County). Currently it's weekly rentals. Most of the tenants do not have leases. There are several who have no intention of paying & need to be evicted.

Going forward, is there a way to structure a lease/agreement where an eviction isn't necessary? I.e. nightly motels don't need to go through an eviction process, right? If someone overstays, I would assume they could call the police to remove them as a trespasser. Could something like this be set up on a weekly basis?

 Is the monthly "added rent" (ie RUBs billback) the same each month, or is it based on usage the previous month? Do you have a breakdown of how you calculate it?

One great tip I learned from the BP podcast, is call your local courthouse and ask them "Which attorney files the most evictions in ____ county?". Since the courthouse isn't allowed to "recommend" anyone, this is a great roundabout way to determine who's the best in your area.

That being said, my attorney (Sevierville, TN) is Michael Shults (highly recommended!). Thankfully, I haven't had to use him (yet) for an eviction.

You used her before & she's still being this cautious/formal? Wow. Unlss you're bound to use her by some sort of exclusivity agreement, I'd approach the seller (or their agent) directly. One less middle man to deal with. 

I recommend wheelbarrow profits by Jake & Gino. They have a book by the same title & an educational platform. Using their resources made me comfortable to invest in my first 20 unit deal. 

Here's a link to the book: https://www.amazon.com/dp/B0161VPK0Q/

Matt, exactly what I was thinking. If you resort to CC to collect rent on multiple occasions, you're creating a ticking time bomb. The only way it doesn't end in an eviction is if you don't renew their lease 

I initially intended to manage myself to get a feel for the management side of the business, however at the last minute, I ended up going with a property manager. My time is better spent building my insurance business, saving up funds for the next deal. 

If you want to be successful in real estate, treat it for what it is, a business, not a charity. If you don't collect enough rent to make your mortgage payment, do you think your bank will go easy on you? No. You either make the payment or lose the property. It's not cruel, it's just business.

If it's difficult for you to do the "hard" but necessary things, I recommend hiring a property manager, which is effectively outsoucing tenant interactions to them.

I currently own 20 units, and still work full time self employed as an insurance agent, so I am looking for a CPA/Tax prep that is knowledgeable in the RE space. The only one I've looked into thus far is Tom Wheelwright's company ProVision Wealth, and I have read mixed reviews on them.

Nice job, bro. What are your plans for future deals?