All Forum Posts by: Nolan Sanburn

Hey guys, thank you in advance for your insight and education. 

I currently have 9 rental properties but also I play professional baseball with the Chicago White Sox, so I am constantly out of the state and rarely am at home in my hometown in Indiana. I currently have three property managers manage 8 of the 9 properties as my dad manages the ninth. 

My approach so far has been to continue with all three PM business because I like seeing how each PM business operates and what is different from each one plus I like them all to know that I use other PM businesses so they know they are competing for my business.  Does anyone have any insight on whether this is a wise idea to delegate to different management teams or if I should consolidate into just one PM? I bought all 9 units in my first year so I am still fairly new to being a landlord. I am just trying to figure out the best system moving forward. Thanks again BP!

-Nolan Sanburn 

 He agrees with me based on the fact that he has to get better, but at the end of the day there is no change. I really like the idea of structuring the lease in tiers that incentive him to pay on time. Thankfully, his lease is getting renewed next month so we will change that part. I also need to be more diligent on reminding him about rent at the beginning of the month. I will get better on my end as well. 

First off, thanks for any responses to this, I truly appreciate the insight from investors more experienced than me. 

Of the 9 rentals I own, I currently have 8 of them under property management. The one I manage myself was a tenant I inherited from the previous own. It is my best performing property rent wise. Because the tenant that is currently living there has been nothing short of great when it comes to how he treats the property, he maintains it on his own, and in the 9 months I have never received a phone call about anything, I didn't want to pay for management company when there has been no reason for management. He has lived there for 15 years, (not sure why he has never wanted to own, but thats beside the point) so I want to give him the benefit of the doubt but he is constantly late on rent. Although he has never missed a payment, he is a habitual late payer. One month it is the 8th, the next it's the 12th then the 3rd. I know the correct answer is to begin the eviction process on the 6th if rent is not paid, but like I said, I know I am always going to get rent, so I let it be. Has anyone ever had any experience with a situation like this and if they have some advice on how to approach this, (other than the quick eviction!) it would be much appreciated. Thanks guys!

-Nolan Sanburn 

All,

Thank you for the warm welcome everyone! I am overwhelmed with the kindness and encouragement. I will elaborate on my current situation and please, anyone with advice or that is in a similar circumstance i would love to hear your opinions on how to move forward. 

I currently own 2 residential rental properties and closing on a third next month before spring training. The third was a foreclosure which will need about $10k in rehab. My thoughts are that because of the neighborhood, I could actually flip the home, put in $20k in rehab and make it one of the nicer homes in the neighborhood and make a nice profit of about $45-50k after fees. I am hesitant because this is my first rodeo and i will not be in town to oversee the rehab because i will be playing baseball during this time. Does anyone have any advice on how to proceed? Should I turn it into a rental or flip it? And if I was to rent it, how should I proceed to hire a property manager? Like i said, I am new to this and I appreciate any information or advice or opinions! I am looking forward to hearing your responses! 

-Nolan Sanburn 

All,

My name is Nolan Sanburn and I am a professional baseball player with the Chicago White Sox. As thankful as I am for the incredible financial opportunity baseball has to offer, I also realize that my professional playing days are numbered. So for that reason, I want to begin building my real estate portfolio so when I am done playing, I will have accumulated enough rentals that create the cashflow that will surpass my financial freedom number and  I will not be forced to shift right into the work force when my career is over. I am looking forward to being apart of this great online community and I love the educational aspect of the podcasts as I listen to them while I am working out and when I am driving in the car. I am excited to get started and to begin learning from other more advanced and educated individuals in this community and forum! 

Sincerely,

Nolan Sanburn