All Forum Posts by: Matt DeBoth

@Andrew Lawrence find out the properties they manage and contact the owners of those properties and ask them what they think about the PM. That’s how I found one of my current PM.

That would be a good idea. Have you thought of renting out a room or basement to test the waters first? Also if you have equity in your house you could use that as a down payment on a rental property. 

@Javier A RodriguezdelRey either pay for one with money or your time. Go to a local real estate meet up and find an investor that needs help with some task that you will do for free. Weather it’s running to the post office or picking up garbage and a rental for them. Find someone that can not only help you buy someone that you can help also.

Or look online for paid coaches. But some of them can charge up to $20k per year.

@Cynthia Miller most of the time these type of people end up getting free legal aid and will bury you in court costs and attorney fees. If I were you I would do it the right way. Then either invest in a better market or hire a professional property manager that screens tenants better. Sometimes it’s better to cut your costs and move on from lessons learned.

@Tamera Jackson bringing on a 3rd party manager was the best business decision I have ever made. It has helped me focus on what I am good at, finding and closing deals.

It would be best to start a new LLC and have each of you as 50/50 owners. You would both be tenants in common and if one of you dies your share should go to that surviving spouse. I would get an attorney and have them write all this out for you so you both have everything in writing before something happens. Also make sure you have an exit plan incase one of you wants out of the partnership.

@Royce Talbo my plumbers install mine on all of my rentals. If a cartridge or something breaks they have the part on hand to replace it ASAP.

When I did things on my own I did the cheap stuff at Home Depot and it worked about half the time. Probably because I wasn’t a professional installer. My plumbers swear by Moen and out of a couple hundred fixtures in rentals I’ve only had 1 that was defective.

@Leo Glazer do what you feel comfortable with. Everyone has their own way of doing things. Don’t buy a deal if you don’t feel comfortable with it.

@Leo Glazer use that $150k you have saved up and buy a $120k house in cash and keep $30k in reserves. Move into it and after 12 months refinance it at 80% LTV and take that cash and go buy another house in cash or see if you can get a loan.

Yes. I use another apartment building to collateralize with this purchase. Usually I can stabilize/rehab the new property within 6-12 months and then refi so those 2 buildings are not tied together. Then Ill take the equity in my new purchase to buy another complex. Its like the snowball method/BRRRR method but on a larger scale.