All Forum Posts by: Peter Loudis

@George S.

I don’t like either scenario. I’d interview or hire another PM.

Too many legal red flags for me if the PM doesn’t perform and they own or fight to own part of your deal.

Third party managers IMO are the best because they can approach it like a business, and if they need to be swapped out can be done relatively painlessly.

Can you imagine if something goes sideways and now you are tied to an uncomfortable or even in-profitable business venture?

Just my two cents.

@Peter Jaglom

Hey Peter! You’ll want to get electronic read sub meters, coupled with an electronic master (sub) meter to measure total water moving to the complex. There are several different styles and brands. Wired, wireless, manual read. All depends on ease of use, setup of infrastructure and cost.

Master Meter, Hersey, Neptune are the big three manufactures. You’ll need to purchase from a supply house like FERGUSON Waterworks. Don’t hesitate to email me if you need some contacts. I used to sell them and worked in the waterworks space if you have questions.

@Collin J Marshall

Welcome to Dallas and congrats on starting your real estate investing!

If you have any questions about the local market or getting started, don’t hesitate to give me a shout. I’ve lived in Dallas for 13+ years, have been investing in RE for 10+, and am also a local Real Estate Agent.

I personally invest and help many of my friends and clients transition into RE investing.

I’d love to help in any way I can.

@Cara Oden Continue to learn and educate yourself. Learning and reading Is free!

Become an expert at numbers and/or a neighborhood. If you can convince your spouse to listen to a podcast with you, or strategically turn it on when you are in the car or living room together, try it! That’s what I did.

I searched and analyzed a lot of deals and one day, found one that made a lot of sense. Shared with my wife and she had seen all the work and time I had put it (BP calculator would have saved me a lot of time then!). Numbers don’t lie - which made the “sell” a lot easier.

Keep on down the path and you’ll get there! Best of luck.

@Graham Northrup I love this format and sharing. Great job and nice base hit!

@Jane S.

Nope. Never if they are 1099.

I use a tenant criteria form, “3x rent of verifiable income.” Either two years of tax returns for 1099 or last three pay stubs for W2. Have them sign when submitting an application. That way it is fair housing and upfront, and cut and dry.

There is another qualified candidate down the road. Keep searching! You got this!

@Matt M. I Agree with Matt.

I usually do a small move-in gift of essentials (paper towel roll, toilet paper), and then “gift” air filters every so often and a Happy Birthday text and check in.

I believe @brandonTurner and @David Greene talked about gift cards with one of their guests on one of the BP podcasts and started doing it, but eventually stopped because they didn’t see any appreciation or impact from it.

I’d say keep your money and if you feel grateful for good tenants, just call, text or send them a hand written note saying so.

I'd get it under contract with an option/inspection period and look at it during the option.  Keep the option fee manageable, and when offering, expect the worst (condition) - if the numbers make sense, they make sense.  Be sure your agent puts terminology in special provisions like @Minna Reid said to physically see it, "upon execution, seller shall allow buyer access to the property during option period... with 2 hour notice/during the hours of/accompanied by listing agent on xx day," something along those lines. Depends on your state's contract and what is typical in your market.  

@Nicole Draper

What’s that old saying about luck? When preparation and opportunity coincide.

I had been tracking available properties and looking for a purchase, and one presented listed on MLS, ran the numbers and put in the offer. I know it's not that easy, but keep your eyes on the market and available properties where you're looking to invest and if you're realistic sometime the opportunity presents itself. Other times you may have to make opportunities.

@Tashfeen Islam

I would suggest to have your PM or someone take more/maybe better quality photos.

Listings with at least 10 photos usually have better search results. More opportunity for SEO.

Especially if you have multiple units, hire a professional photographer that allows you full rights, maybe cost $200-1000 but if they are high quality (maybe staged?) you can use those for years for all of your units.