All Forum Posts by: Mark H. Porter

I bought my first property using a VA loan as a sole prop.

Gawd, your arrogance is astounding and your assumptions are baseless.  Did you ask how many doors or revenue I managed or did you just assume.  Now I hope everyone sees what type of PM you are.

only in a tight PM market does that hold true.  Why should the $14 mean any more to you than me?  I give new PMs one year to prove what they can do, else, I go elsewhere.

Nothing changes in my expectations whether a 6 or 8% deal unless it’s specified as a level of service contract.  As part of the service industry, you know I can buy a $6 or $8 dollar sandwich.  Do I really expect the $6 sandwich to bring me much less satisfaction?

Never, ever be afraid of asking for a deal no matter what the circumstances.  I’ve asked for and received better deals from pool caretakers, pest folks, property managers, cable companies, contractors, etc...  it’s your money and under your control until you give it to someone else.

there is a reason its sitting.  I'm betting others have tried and the inspection came back nasty.  Its a safe play that everything is dependent on the inspection so you can always walk away.

You're higher than I would be.  The nickel and diming they're pulling is annoying and I would have started lower.  If they are low at 430 then you set the bar in the negotiations.

Hi Sean - I'm invested in a couple of large STR's about an hour or two south of you and are already booked from 4/29 solid through 9/19. I haven't even caught all the golfers yet. Why mess with this system when it works so well?

Good deal (not great) = 13% cash on cash return after all expenses including mortgage, 8.5%+ cap, property requires <5% of the purchase price in improvements to reach market rents.  

This is par for the course for most of us, especially if they are long-term tenants who the prior owner coddled so they wouldn’t move.  I always just have to wait it out.  Make certain that as part of the deal the current owner can not renew any leases at all.

1031’s have helped me move from 4 unit properties with 300k equity into 1.2M properties with double the net cash flow.  If you can plan it right (target property identified prior to your sale) why not do this?