All Forum Posts by: Patrick M.

@Mark Fries what type of market A,B,C, etc are you buying in? Also how much updating/reno are you doing to you properties?  

I am in a similar situation although with 1 property.  Knowing what I know now about reno I'll be adjusting my buying criteria. 

I used a hand dolly rented from home depot.  also find someone with an open trailer. Preferably with a tall ramp that sticks high when it's closed.  Helps support the fridge.  

I am nearing completion of renovating my first rental and have the number of $2000 in my head for the my initial listing price.  I am doing this for a few reasons.

1. My SFH will be the best available in my market (good school district strong middle/upper middle class)

-new kitchen, redone hardwood, 4bd 2.4 ba

2.  Comps have ranged from $1800-$2000 for comparable properties. 

3.  I'd rather start high and work down in $25 increments than sell myself short 

What I think will happen:  Although I think $2000 is a fair price I believe there is a psychological resistance to that even round and perhaps large number.  The reactions I've gotten from people when I'm discussing my plans have been a 50/50 mix of  yes you'll get that easy or wow that seems high. 

While I'm hoping to receive $2000 I believe the $25 drop to $1975 will generate a lot more interest.  

Any thoughts?

@Andrew Cornstubble  take one step away from the average and they'll try and pull you back.  If you fail it's "told you so" if it's success "you got lucky".  Either way you're a lot more interesting to talk to at parties haha

@Joe Splitrock  your comment is dead on about the age/generation of naysayers about how bad landlording is. I don't blame them though.  The biggest advantage I have to getting started is the internet and a forum of landlords that tell you almost to a "T" what to do so you don't have the problems of landlords past. 

It's really that simple.  If a person tells me about how tenants don't do this or that.  I go right to the bigger pockets search bar.."how to get a tenant to pay" "how to avoid evictions" "what is tenant proofing"

Best part about what you're going through is once you have success everyone is going to say "it happened overnight". 

Enjoy that.  You'll be fine.  Your life. Your mission.  

@Danny Stern how was the workmanship? did they prime and texture?

seems like a good deal. how good does the work look? Ceilings too? 

I might want to use your guy down the road!

College is a good time to let loose and try as many things as you can however it's also time to start making good decisions.  Due to the nature of my college major I never went on spring break. I didn't miss what I didn't know and looking back I'm glad I was essentially denied that "opportunity".  I lived.  

If real estate is important to you then continue to focus on that.  In my early 20's I was talking to a lot of business guys in their mid 30s and 40s.  Made me mature a little faster than I wanted but also learned a lot more from those guys than the other 23 year olds just doing endless happy hours.  

You can't convince your friends to follow your mission.  It's yours and for you.  Some might choose to come along and other's won't.  Either way you have to stay the course best for you

@Hideyuki Gojima

I would tend to agree with you on the insurance side when it comes to a claim filed by the policy holder. 

However it seems when a third party (tenant,etc) files against your insurance company they are better at coverage. I've also seen LLC piercing.

Unfortunately with the US lawsuit happy I'm at risk either way.