All Forum Posts by: Kyle Mccaw

Make sure your phone number is big and stands out in a different color. I'm amazed at how many postcards I get with hard to find contact info....and when I do call they never return my message. So take the next step and either answer the phone or call them back. Remember it's money calling you.

I like to keep it basic. That sounds like too much to keep up with. I just tell them what the rental rate is going to for the next year 1 yr lease. If they don't want to sign for another year we talk about when they want the lease to come due. If we agree on a term, the premium rental rate should be $100-$200 more/month). If the tenant wants a month to month you can't plan your vacancies. M2M rarely works out in our favor. They end up moving Nov 20th and then I'm screwed for a few months.  

Before you leave think about your long term plans. If you don't plan to grow...then maybe there is a cheaper option. I understand Cozy is good for small DIY investors. If you plan to grow then you may be best staying with Buildium. Personally, I'm amazed they Buildium is that cheap.

First note that I'm in Texas. Texas is very owner friendly. My office will talk the tenant but usually the tenant just wants the eviction case to be dropped on the "promise" to pay in the near future. To the beginning investor it may be very tempting but never drop the eviction until you have all the back rent and legal expenses in money orders or cashiers' check.

Talk to the neighbor. If that doesn't work complain to city. 

Start networking at local investor clubs. Your cash may not qualify you to borrow from a hard money or traditional lender so you will need a partner or private lender. Either way you need to find the deals. You may want to research wholesaling. This is how I got started. My first five deals I found through postcards. My buyer had lots of money but not the time or knowledge to rehab. So our agreement was I found the house. He provided 100% of the purchase and rehab expenses. He got an appraisal when he did a cash out refi. Our agreement was I got paid 1/2 of the difference between total cost and appraised value. We both did well with this arrangement.

Of course this is a personal preference. However, keep it separate for all the reasons you stated above. Otherwise it is more difficult to see how the investment is doing. And your taxes will be easier to complete.

Check out Buildium.com. Last time I looked they were not too expensive for smaller investors. The important thing is to make sure the program you choose can grow with you. 

Look at the properties you compete with in your immediate area. Do what they do. 

I can second the advice from @Brandon Richards. Also, don't overlook Tarrant county. Price points are a little lower with just as strong economy.