All Forum Posts by: Michael Germinario

Hi @Jon Rylander,

Are you experienced and/or fully educated on landlording with section 8 tenants?  If the answer is no, then I would strongly consider passing.  @Dan B. brings up a good point about the hassle factor.  There is much more to this business than numbers.

I'm not saying not to do it, mind you.  I just want you to be sure you are fully prepared so that you don't end up regretting your choice.  Plenty of people do very well with section 8 in rough areas, it just isn't for me.

Happy investing,

Mike

I had a brand new 2010 Kenmore wall oven in one of my units that broke down in less than 5 years.  Had to have it repaired.  Appliances are made to break these days, they are crap to be frank.

In your case, it is probably a similar situation where the appliance is made cheaply and poorly.

Hi @Antonio Marte,

I admire your courage to invest so far from home.  As others have pointed out, make sure you hire the BEST property manager since you obviously need to outsource that.  If you think about the business of buy and holds, it is about 95% property management.  And the profitability and performance is a direct result of the quality of your property management.

Keep us posted on your journey, I'm curious to see how your trip pans out!

Happy investing,

Mike 

Balance sheet for sure.

@Marcia Maynard is absolutely right here.  Great advice if, in fact, that is a clause in your lease agreement.  Remember @Lois S. to enforce your lease agreement.  If you don't enforce it, then people will take advantage of you and you will lose credibility with your tenants.

generally speaking I would rather own than rent.  Just make sure you are weighing all your options for your personal situations and desired lifestyle.  Do your proper due diligence and know the laws, the numbers, and your long term goals.  If you do that then you will find your answer.

Good luck !

I used to be forgiving on late fees and I learned the hard way. Enforce your lease agreement and charge the maximum allowed by your local laws. Be a professional business owner and adopt that mindset.

Enforce your lease agreement and charge the maximum allowed by your local laws. Do not set a precedent for being lax or you will have a hard time going forward. Be a professional business owner and adopt that mindset.

As others pointed out, this niche is 95% property management. A lot of the benefits are discussed on the numbers but if you want to achieve those numbers, your management must be very good. This is hard work, and there is a learning curve. Learn as much as possible about how to be a successful property manager before jumping in.

Great story @Doug W. and great job on the house.  I admire your perseverance!  As you alluded to, this should be viewed as a first class education.  Better than any college in my humble opinion, and much cheaper too.  Learn and do better on number 2!

Thanks for sharing!

Mike