All Forum Posts by: Leo Kingston

Kyle, I commend you on your thorough attention to detail. I don't expect tenants to sign anything because I have my receipts to prove what I have purchased and paid out as labor. There is nothing wrong with what you are doing, but it might be unnecessary. If you are concerned about tenants refusing to pay all or part of their rent due to maintenance issues, I doubt your signed notes will help much. They might help in court, but they probably won't motivate deadbeats at all. Just my opinion...

I am yet another investor who prefers SFR as a basic business model in geographic areas where home ownership is the norm. Remember, eventually you will want or need to sell any property you buy. The time to think about your potential buyer is when you buy, not when you need to sell. Who might come along and buy the duplex from you someday? Another investor will want a great deal. Or, as someone mentioned, a homeowner who wants to live in one side and rent out the other side is a possible buyer.

I see incremental goals as stepping stones in a direction. All goals aren't huge life goals, but they can be deal-by-deal goals, or monthly goals etc. For me, no goals means no movement in a direction.

I agree with J Scott and others. It's not just about your cash reserves, it's about your borrowing capacity. The key is having access to cash at reasonable rates, meaning not hard money.

Single family homes in Oklahoma and condos in Florida. There's no doubt that investement property is geographically significant.

You cannot be too careful about determining the possibility of mortgage money, especially right now. Unless you are prepared to offer owner financing, and to do so at above-market rates because of the manufactured home, tread very, very carefully until you know the mortgage loan circumstances your buyers will be facing. That is what you need to know before you spend any money on remodeling, IMO.

Sure. It's the best way to have access to all the features and participate in everything. I encourage you to go pro!

These are all great posts, good answers. I agree with what others are saying, especially those who see real estate investing as a game. I especially agree with that idea!

Another basic point of real estate investing is that there is always a larger market for average-priced rentals than higher-priced rentals. That may sound simplistic, but it makes a big difference as regards vacancy factor. I second the opinion of those who said to watch out for vacancies because they can ruin the most elaborate business plan in short order. I have been a landlord for almost forty years and I never choose high-rent rental properties in my areas.

What is your long term strategy for this property, Aaron?