All Forum Posts by: Mike Cumbie

@Benjamin Aaker

The wife wins....

Not that she is right, but you should know that answer by now.. "Yes dear you are right, good idea"

:)

Ask to be put on the schedule to discuss an issue with the City Council at the meeting concerning difficulty in getting a COO:
City Council Meeting - Nov 9 - 7:00 pm - 9:00 pm

The squeaky wheel gets the grease, sadly sometimes we have to become a squeaky wheel. Send an email off to each council member asking them for assistance (Worse case they sign and ignore it until you show up at the meeting) Ask to be put on the schedule for the meeting to air your concerns. Go have coffee at the place where al the old guys hang out in the morning and get to chatting. Bring it up. Stop into the City building every morning and talk to each of the departments going from one to the other to the other asking for help (They will get sick of it). Follow up the next day with "Oh have you heard anything else on me getting an appointment... Oh I know you are the dog license group but you are around here and I was hoping you knew the process.... So are there restrictions on dog sizes..... So does a leash have to be a specific length.... You know my mom owned a pug, it was a good dog but...... Are you allowed to drive fast when chasing a dog?....... Oh you are working, sorry to take up an hour of your time, who was it you said I should talk to? Ok great hope this gets scheduled soon, if not I look forward to seeing you tomorrow.

Your not being rude or mean or threatening, you are just being.... friendly...... and taking up sooo much time, someone will get on the phone and get you scheduled. It looks like it has a small population so they all know each other.

Side note edit: You can get one of the old guys drinking coffee to do all that work for you if he is retired and bored for the cost of a couple drink chips at the local VFW

Hi @Michael Garcia

I agree with the "Just give it all back and wish him well" crowd.

Since he hasn't moved in you are taking some of a hit but not as much if you tell him you are keeping it and he says "Ya know what? Fine I'll move in then.. we have a lease and all, Hey do you know where a scrap yard that takes copper is by chance?"

Hi @Gabriel Caron

isn't there a movie about a bunch of Miners from Peru called 33 coming out? Oh wait that was Chile.... Nevermind...

Hi @Michael Fundaro

Congratulations on your purchase.

That's a toughie, the toughest part for me would be the choice between 5 year tenants and friends. I actually have a couple across the street who had their friends move into 2 apartments (they knocked out walls and made a 4 apartment house a 3 apartment house). Things went well for a few months, now they don't talk at all, not sure on specifics but once you mix business relationships and friendships things seem to be able to turn south in a hurry. The one couple wants out really bad and the other is making a whole lot less rent than they could be.

Good luck in whatever you choose

Hi @Dan Smith

Congratulations on your purchase!

My only advice is make sure you are thinking with your investor mind instead of your consumer mind.

(Questions to think about)

1) With 2/3 already rented property how much are you saving by not redoing an apartment and looking for renters during a hard to find renter period (holidays)?

2) Do they keep the place nicer than the rest which is why you want the first floor (Hang onto that tenant you will miss them)?

3) Are they really just a mess and getting rid of them is best for all?

4) For a temporary time frame while investing... is the second floor that bad? If you don't want it what are the odds you will be able to rent it to someone else? Someone you would actually want living in it?

Only you will actually know these answers and there is plenty we don't know but make sure you are thinking as the investor!

Hi @Quynh-Chi Nguyen

There are some financial gurus here who will be able to run some real numbers with you and figure it all out.

In my opinion though I would say the following next time they call.

"Oh hey, thanks for the call, Yeah I thought about it and I really can't see refinancing to a higher interest rate, sounds a whole lot like a short time gain for a long time loss to me. I think I am just going to wait until I hit the 80% rate so I can drop the PMI and stay where I am or refinance to a lower one at that time. Another guy called and he said based on my high credit score and low risk, he could move me into a 3.85% rate for 30 years so I might wait to see what he has to say, thank you so much for the call though I really appreciate it."

Hello @Account Closed

You are more than welcome to say to your property manager:

"Hey, I picked up a house that needs some work, do you know a good person for carpet I could call?"

"Hey I have a set of steps I need taken care of on a flip, do you have someone you would recommend?"

They may very well say "Yeah call John over at Speedy Happy Construction" Tell him I sent you and he will take care of you.

In that case you are helping him and yourself, you most likely won't get his pricing but you can start your own relationships on other projects. Once it is all rehabbed and ready to rent  sending it to that same property manager is good business as well. Once you have a property manager working on a property though, let them do all aspects of that property (it's why you hired them).

Hi @Joel W.

As a veteran myself who is active in the veteran community in my area I fully understand your point. There are resources to help vets and I would be (and am) happy to be part of that. You are running a business though, so you still need to keep things solid on that front. As veterans though we don't have to do it alone.

On a small scale I think we make the biggest differences, if the lady you spoke of came with a prospect, there is nothing to say you can't go with them to the local VFW or American Legion and see what they can do to help you help the specific vet. Maybe with discussion they will run a Chicken BBQ and the proceeds help to get him in, or a Pancake breakfast etc (you show up that day and help). I know we run events for returning soldiers, health related issues that have hit older vets, it is what those clubs do, it is why they are there.

 Many of the vets at my local club own companies that could offer employment or even mentors/sponsors to help them stay on the right track. This way you are truly bringing them into the community and have a support system for them. Just giving cheap rent or things will not help, giving them the tools to make it work and people to help motivate and guide them would make a much bigger difference.

Standard Disclaimer: Just my 2 cents

Thank you @Linda Weygant and thanks for the experience. It will help others.