All Forum Posts by: Lynn Berg

@James Hamling

Hi James,

I see you speak a lot about your relationships with billionaires and how they all think the same. How none of them care about anyone but themselves. I would totally disagree. I would use Trump and especially Elon Musk as examples. One…the richest man in the world working to save humanity. The other….a billionaire working to save the country. I think billionaires care very much about other people.

@Nathan Gesner

Thank you Nathan! We don’t have an attorney yet. We’re just starting out and not sure if we needed one at this point since this is only our second rental. It’s looking more & more like we should definitely get a lawyer to review our contract and one we can use in the future too.

@Steve Milford

We do have one property that we manage but we thought we would try a PM. Our property rent will be $1500 a month and we’ll pay 9% to the PM. It’s worth it since the property is about a 2-1/2 hour drive and between gas & tolls we’d be spending the same amount. I’ve heard sometimes PM’s charge frivolous repair fees but I’m hoping this won’t be the case. If at the end of a year we decide to manage it ourselves we will cancel the contract. We were trying to find a real estate lawyer in our area to review the contract before we sign it but we’re t sure hie that process works or if we needed one.

@Michael Smythe

Thanks Michael! I thought the same thing.

We’re about to hire our first property manager. We’re reading over the contract and not sure if we need a lawyer or if the contact is a standard one.

The property manager was recommended to me by a realtor/investor who we used to purchase one of our rentals and who has also been very helpful referring people when we need work done on our properties. This is also the property manager our realtor uses in this area.

Here is the paragraph that I’m questioning:

Liability of Manager. Owner hereby agrees to hold Manager harmless from, and to defend Manager against, any/all claims, charges, debts, demands, and lawsuits and for any/all damage done to or about property by any employee, tenant or guest of Tenant. Owner agrees to pay Manager’s attorney's fees related to Manager’s management of the herein-described property and any liability for injury on or about the property which may be suffered by any employee, Tenant or guest upon the property. Owner agrees to maintain sufficient and prudent all risks property insurance, (Landlord Policy) and that the Manager shall be named & additionally insured on policy. Owner shall provide a copy of such insurance policy to the Manager for the

Manager's records.

The insurance part I understand but should I be legally responsible for his employees? Am I reading this correctly?

@Maria Fortner

I grew up in poverty like I’m sure many investors did. I didn’t expect anyone else to be responsible for me. We all make choices. Ive been working since I’m 14 and now I work two jobs and many hours to save money to invest. I absolutely don’t believe in reparations.

@Michael Bertrand

Hi Michael, are you still using a property management company? Who do you use?

@Ryan Alexander

Hi Ryan, I am looking into the Cleveland area as well. What do think of appreciation there? I heard the cash flow is good. Do you use a property management company?

@Matt Schreiber

Hi Matt, just curious what areas you’re finding cash flow of $1000 a month? That’s really good.

@Randall Alan

Hi Randy, great examples. Can I ask what area you invest in?