All Forum Posts by: Matthew Gillespie

Hello BP,

Just wanted to see if anyone could recommend some podcast episodes that delve into using various OPM strategies to fund rental properties. I've done some deals and have some experience underneath my belt, recently I was approached by some potential investors and want to immerse myself in the overall strategies and how it works. Also if anyone has some good articles or references on how traditional pay outs work and what not that would be awesome as well. Pretty much any info would be much appreciated!

Thanks!!

First and foremost,  I apologize if this is in anyway a re post or redundant.  I tried to search the forums for this topic and was unsuccessful.  If anyone has any relevant links please share!

Basically,  I'm wondering if anyone on here has developed a direct mail or lead generation campaign specifically to purchase properties under market value for their personal portfolio.  I'm in the beginning phases of mapping out a direct mail campaign specifically targeting back tax, and absentee owners.  My current goal is to get them under contract and purchase them for a persona buy and hold portfolio, hopefully between 30-50% or more under market. Anyone using this strategy? Any tips or considerations?  Is there a good method for finding marketable leads? 

Thanks!

-Matt

Update

I spent a while on the phone with a quick books consultant and he recommended entering the properties in by "location" rather than classes. I had to upgrade to quick books pro in order to do so, but feel it was worth it. For multi units I listed the main building as one location and each unit as sub locations. This way I am able to keep expenses categorized by specific units and also the building itself. Then I created "classes" for the type of expense. So fixing a plumbing issue at one unit could be recorded to that specific location and then I could also categorize that expense in my "repairs" or "plumbing" class, so I can see the total amount I spent on that expense across all buildings. Tenants are still customer, and I set up their rents as reoccurring invoices so that way it keeps track if they are past due or whatever else. I'm not a property manager and just use it for my personal properties. But perhaps this would be helpful for PMs as well.

Cheers,

Matt

Does anyone have the format they use rental properties in quickbooks?  I've heard and read that people set up "classes" for each property, however,r with the newest online cloud based QB I haven't been able to figure it out.  Basically, just curious what you enter the actual properties in as, and what the tenants are viewed as.  If anyone has a link to this information or has examples of how they set it up that'd be great!

-Matt

Wow, This is an extensive and awesome list.  Thanks for putting the time in to do this and for sharing it back with the community!!

Hey Doug!

I'm from Pittsburgh as well. Welcome to BP and best of luck to you! There are a lot of good oppertunites around here from what I can tell as well. I'm also a realitively new investor. Have you considered going to the local REI group? Make sure to check out the BP podcasts they've provided me with a lot of information!!

Matt G

Thanks Bill, I really appreciate the input.

Sydney,

Paying for cash for it.. Yes, I plan to set aside for both of them. I appreciate your input thanks again.

Hello BPers,

I'm currently in the process of negotiating a deal on a 3 bd 1 bath single family home. It was originally listed for 30k and we've negotiated down to 20k. The home is assessed at 32k. Homes in the area of varied drastically in sales price, from 27k 24k and 17k down to 6.8k(extremely dilapidated) This particular home would prob be rented to section 8 tenants but doesn't necessarily have to. Similar homes rent for between $600-$700 a month. The home itself is in good condition. But the furnace is 22 yrs old, hot water tank is 16 yrs, electric was updated in 2011. Everything else in the house is fairly nice(no water damage etc) I'm considering getting a home warranty policy in effect for the first 2 years after purchasing. However, this home will prob go for $600 if I decide to go section 8. taxes are $1,268 a year. I'm Planning on the tenant paying all utilities. Also, I'm planning on doing most of the maintenance myself (minus large plumbing/electric issues)

Please let me know what you guys think, and if you need any more information about this deal!

Thanks!!