Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Michael Beeman

Michael Beeman has started 13 posts and replied 173 times.

Post: Please help me understand this concept from Ben Leybovich's eBook

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Benjamin Shaw

Basically just like a First Mortgage and second mortgage. If your private lender has a first mortgage, in the event that u stop paying, he has first position to foreclose on the property. 

Now, the original owner of the property has what is essentially a second mortgage, So, he will have the option to foreclose from second position if you stop paying him as well. But, if he forecloses on you from second position. He would be required to satisfy the principle on the loan from the first position lender (which in this case is your private lender).  It's pretty standard practice with banks. 

Post: Facebook agent advertising

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Sherman M.

I am not Real Estate agent, but I do have experience with Facebook ads, because we have used them for hiring at our sawmill, and we had a lot of luck with them in that respect. But when we tried to use them to find new clients, our success was quite limited. You might give it a try if you know what your target market is for a particular house. But, I would say if you're looking to list some houses and get more eyes on them. You might try the idea of just a page promotion to get a high quantity of eyes on your page, and then post your listings one at a time after you have raised the number of likes on your page, so that those people who liked your page can now check out your listings. Also, definitely say something whenever you do actually post a house on Facebook. Put a little description, and if you're good at it, throw some humor or something in the description to attract "likes and shares"... By doing this the algorithm's that run facebook, will naturally direct more eyes to your post. Because your post is getting some "response."   .. Oh, and take a quick course, or read up on Facebook ads online. There is a ton of useful information out there.

Post: Another Question About Increasing Rents

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Jennifer A.

If you factor in the average cost of maintenance on most locations (10%=$135 month) then you could say that the discount you are giving them is actually in line with the zero maintenance cost and only go slightly higher. I do like the idea of going higher in rent, with an improvement to the home. Such as a New Water Heater, Dish Washer, or Appliance of some sort. Then you could jump the rent at that time if you feel the need. I'm not certain if that helps, but I hope it does. 

Post: New landlord.. Tenant Screening service? Rural area. Mentor

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Jordan Levine

No, I haven't.  I think that my bank has a deal where they don't charge me anything to do an autodraw from their account. But, I would certainly be interested in the other services.

Post: Acquisition Manager Compensation Plan

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Jacqueline Miller,

It may be complicated, but I highly recommend a "profit sharing" type of commission for someone in acquisitions. This encourages them to try and close deals at the most profitable price point possible!!

Post: Hi, I'm Jeremiah and I'm new.

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Jeremiah Dye

Welcome to BP,  I would recommend filling out your profile with a pic and just spend a little bit of time updating your about me, goals, and experience with a few details. Unless you are very familiar with the Destin area, I would recommend starting at your home location and moving outward. But, if you want to jump right into out of state rentals, there is a ton of info on BP about that very topic. Plus you can go to the search bar and just search Destin FL, or Ft. Walton Beach and actually find blogs, Forums, and members in that area to start your research. I hope this helps!

Post: Busy week closing 4 rentals! What do you look for in this many?

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Bradley Hardin

I Love your "all in" attitude.  Congratulations, The only thing I would say is "organization is key"... Basically, I have quite a bit on my plate with my full time job and my side business of Rental properties, I would recommend making a detailed list of everything that needs done on a property, duplicate it for each property, schedule everything out to a T.. I find that spending 20 minutes a morning on a "To Do" list and my Google Calendar makes me much more effective.  I doubt any of this advice is new advice, but sometimes it just helps to be reminded of everything.. And, once again.. CONGRATULATIONS and keep it up!! 

Post: How to go about purchasing property from relatives of a friend?

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Ryan Howard

I face this type of situation all the time in my "other life" where I work in Client Relations for our Sawmill. Specifically, my job requires me to sign clients to deals using our company to select harvest their timber. Most of my clients are 50-60+. I often find them from Fathers and Grandfathers of friends; what I often do is simply ask for their phone number so that I can speak with them directly. I always try to do this as more of a "i know your busy, and I don't want to keep bothering you about this, would you mind just giving me your grandfather's number." ... Or in some cases, I find out what the address of the home is, look up the tax records and add the Owner's address to my Direct Mailing.  I hope this helps! 

Post: New landlord.. Tenant Screening service? Rural area. Mentor

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308

@Evan Williams  

Thank You very much!!  I will look it up!

Post: Appliance Insurance Company??

Michael Beeman
Pro Member
Posted
  • Casey, IL
  • Posts 175
  • Votes 308
@Dawn Brenengen and Kim thank u both for ur hep in this matter.