All Forum Posts by: Angie B.

Thanks! I'm looking into becoming an agent at some point for our own investing purposes- and have read a lot about the pros and cons here. I know I'll need to shop around, but if you know of any local Missouri broker fees you could share with me, so I can get an idea of what to expect, I could really use the help. Monthly fee/per transaction fees, etc -

I would probably lean toward a lower monthly fee and higher transaction fee for now, as we are only doing 2-3 deals a year on under 100K residential properties (to be used as rentals for now).

Well, my husband is more comfortable keeping things local for now. Kansas City is a pretty decent market for what we're doing. Maybe someday we'll branch out though...

I just wanted to update this thread to let you know how this worked out in REAL LIFE. I opened up a 4-hour slot on a Saturday and a 2-hour slot on a Monday evening (we had touch up paint and cleaning and other stuff still to do while we were there, so it wouldn't feel like a waste of time when we were in-between appts). People didn't mind that we were still working on it- they thought it was a good thing actually- showed that we cared about the condition of the property (I thought that was interesting.)

We had 9 appointments booked for Saturday and 4 for Monday. 7 of the 9 showed up on Saturday- this is record percentage for us! I think the text reminders two hours before really helped. I also had two excellent applications turned in that day, approved one on Monday, cancelled my Monday night appointments. I call that a SUCCESS! I think people liked the online platform- it allowed them to reschedule if necessary without having to call me.

I've been involved with real estate since 2005, and a member of bigger pockets for a year or more maybe, but just recently diving in to discover the great stuff here in the forums, podcasts, forming connections etc. And so since I had not properly introduced myself before, here we go:

Began as an Electrical Engineering Major, switched to double majoring in Mathematics & Math Education, graduated and taught high school math for a few years, started a family and stayed home. Real estate has always been a "hobby" as much as an investment- I truly find it fun and a worthwhile challenge.

My husband and I began flipping the homes we occupied (living in them for 1-1.5 years) for several years while we both worked full-time jobs, and now that we have children and I primarily stay home (and sorry hubby, I don't want to move anymore- waaaa!), we are acquiring SFH rental properties. This solved my problem of not wanting to move anymore and was another strategy to use when the market collapsed and hardly anyone was buying. We always intended to go back to flipping, but I am liking the buy & hold strategy.

I would say that investing in real estate was a tremendous help in my goal to stay home while our children are young. And it is also an outlet for me while I stay home- it gives me something to plan, analyze, revise, research, execute, re-evaluate, etc. I love the adventure of it- and it is something my husband and I enjoy doing together. Some couples like to camp, some like to run marathons, we like to buy houses. :)

Short term- total of 10 units in the next five years (we are already at 3)

I've searched the forums previously looking for a property management website for someone with just a few properties, but most of the ones I see are priced (and designed) for larger property managers. I found one today- RentingWell (just google it) - that I think will fit what I need at the moment. I am just getting started, but I will report back to let you all know how it works. Anyone else tried it? It was touted as "Freshbooks for Property Managers" which is actually how I stumbled upon it in a search.

After our last tenant moved out, I reflected on how she left the property (it was not good) and how through the 2 years she lived there, she violated the lease several times (unauthorized occupant, changed locks, etc) and every time, my husband would say not to make a big deal of it, she pays on time, everything else is fine, it's not a big deal, etc etc. Fast forward to the end and she had an additional pet and had smoked in the place the last several months. I think by that time we appeared "laid back" about the lease, and I don't want that to happen again. So I need to be able to enforce the lease without necessarily evicting someone- and I'm thinking charging a fee sends the right message. I found the thread below, but would like to see what others charge as far as fees for lease violations.

http://www.biggerpockets.com/forums/52/topics/120987-dis-incentives-fines-for-bad-behavior

We are looking at doing this now. I contacted US Wide Financial, and they actually told me about the delayed financing program and said it would be perfect for what we wanted. I thought I would look a little more into it, which is how I found this thread. By the way, I don't think US Wide Financial serves all states, but I found them through bankrate's website using their rate search and so I'm sure there would be similar mortgage companies who also utilize this program. I will update here to let you all know how it works out...

Thanks for the advice @Kyle Hipp and @Tom V. - I think I will work out a payment plan with her, probably set it up through the website we use to collect rent payments online- that way it will autodraft her account each month. I think that will greatly increase the likelihood of her paying.

Her credit was good, at least it was two years ago. She was our first tenant and we mistakenly told her so, and we also were nice (probably too nice) about a lot of things along the way. We have changed the way we handle things since then, but just before she moved out she did say that she felt bad, was hiring professional cleaners before moving out, wanted to do right by us, didn't expect her security deposit back, could maybe make payments on the carpet, etc, etc. I was very detailed about the damage in the move-out checklist, which she signed. She also stopped by a few days later to get her mail, while we were working on it and said she was worried about what she was going to owe us for the damages- I just told her I was making a list. So I think there is a *chance* she will pay- I'm just trying to decide whether or not to accept payments since I know she will ask.

We are still fairly new to this- we've had two turnovers- one was very easy (next tenants moved in the same day, we didn't even have a chance to shampoo carpets for them) and the second, well, due to smoking, cigarette burns in carpet, and cat pee, among other small damages and missing things, the total bill exceeds the security deposit and pet fee. We will be trying to collect an additional $900 from our former tenant. I am pretty sure she will be unable to pay the total within 30 days. I think she will offer to make payments. What would you do? Accept payments? Charge 1.9% interest on remaining balance each month? Take her to small claims court? Tell her we'll knock off $100 if she will pay it all this month? I know she will ask- and I think the longer it drags out, the less likely we will get paid.