All Forum Posts by: Katrina P.

@Carolina E. Thank you for your condolences, as well as your input.  Really appreciate it.  I may look into a PM later in the year.  I had one before, and had to fire them, so my experience wasn't good.  Just curious how others are handling everything.

@Jeremy Pace.   I don't like to broadcast all details like that on open forums like this, so I'll PM you.

Hey @Jeremy Pace Thanks so much for your response.  I forgot to add that all of my rentals are 600 miles away, so I do it from a distance too.  Not that it would help if they were closer, as I don't have any ambitions to be "handy" anyways lol.  

Hi Everyone,

I'm excited because my business is really beginning to boom, as I've experienced tremendous growth in a short amount of time.  Because of an 8-unit I'm about to purchase (I'll post the details after it's done), I will reach my original goal for 2016 in April.  I know, time to think bigger!  Anyways, while I am excited about my growth and potential, I am, admittedly, beginning to feel a bit overwhelmed.  I own everything on my own and manage everything myself; and I work a full-time job.  I lost my husband (and partner) late 2014, so I am also single mom (with the help of MY mom), now without a partner.  So it's a lot.  My question to you all, is how many units did you own before you either hired a PM or an employee, essentially starting your own PM company?  

Thanks everyone!

Katrina

Way to go! You are quite an inspiration!!

Katrina

Omgoodness!  CONGRATULATIONS!!! Right behind you! 

Katrina

Thanks so much for your response @Kevin Holmes.  It's 5 years behind because the purchaser kept getting extensions.  Can you please inbox me your info?  I'd love to call you.  THANK YOU!!!!

Hey, Welcome, Ms. Charlotte!! You're in for a ride! :)

Hi BP Family,

So, I'm in a bit of a sticky situation.  I sold a property on Land Contract (in Michigan), and the purchaser defaulted on payments one month after signing the LC.  It's been a long time  (so long it's too embarrassing to say), and now I am going through the forfeiture of LC proceedings.  I also have to pay back taxes for the last 5 years before the county gets the house.  I have been in touch with the current tenants, who the delinquent purchaser has leased to.  They are willing to redirect their payments to me, since they know I am regaining ownership of the property.  It can take up to 4 months for this to happen.  My question is can I redirect their rental payments to me since he has completely disregarded his responsibilities, and I am regaining ownership?  What's the risk for me and the tenants?  I know this is a legal question, but any input is appreciated

Hey Zach!

Thanks for the input!  The seller financing is amortized for 6 years...so the payments are very high at $1491.56.  They are high, but I don't like the idea of balloon payments.  So I'll take the high payments to get it paid off within 6 years, without the stress of that huge payment at the end.  Thanks for the input, and if I decide to back out, I'll definitely pass along the seller's info :).