All Forum Posts by: Phillip Gainey

Is your rental out of your area, or local?

If local, go check it out yourself.

I've learned you have to be proactive with PMs.

Are their complaints valid, or are they being troublemakers? IOW, are they good tenants otherwise?

If not, as the new owner, this would be a good time to get rid of the dead wood. Are they stay up all nite, sleep til noon "lay abouts"?

In his book, fixer expert Jay Decima starts renovation work bright and early (7am). Loud as possible. The deadbeats suddenly leave.

PG

That doesn't make sense. If the govt caused the mess in the first place, how does that qualify them to fix it? For every problem politicians and bureaucrats fix, they create two or more additional problems.

Homer,

There is a guy on your collegue list who had notes for sale. Dan Geesling.

Notes are everywhere. Any time a property has been sold using seller financing, there is a note. In michigan, they are called land contracts.

I bought a 40k land contract on a property in metro detroit for 24k. Payment, net of servicing, is $564 per month, consisting of principle and interest. Borrower pays taxes and insurance. Expires in 8 years. My interest yield is around 15%.

I could just keep collecting the payments of 564, principle and interest, or sell the LC for say, 27k to somebody else who would be happy with a lower yield of 13% and pocket 3k in immediate profit. Then look for another note.

You have to be careful and look at the underlying property. Like you, I like to stick with the suburbs.

No deadbeat tentants to chase after, schlep PMs, scheister salesmen selling you "rehabbed" properties that end up needing $4500 roof jobs within two years later, toilets, nickel and dime repairs each month. Or, last but not least, mortgage payments. Just checks deposited in your account each month.

PG

1. Be very careful of people who have something to sell, and make their money up front.

2. Don't buy rentals long distance unless you have someone on the other end you really trust.

3. Don't buy rentals locally, unless you are the type of person who can deal with constant hassles.

4. Property managers don't eliminate the constant hassles. They just send you the bill!

5. Out of sight, out of mind, out of your dad blasted wallet!!

PG

Find a building contractor YOU TRUST. Have him inspect the propsective property. Roof, foundation, plumbing, electic, HVAC. Give him/her all the biz you can!

You should focus mostly on their RENTAL HISTORY. Verify where each adult who will be living there have been living the past few years and if they paid the rent on time. Check the county court website to see if they've ever been taken to court for non payment of rent. Or anything else for that matter. That's a big deal. Being dragged into court for nonpayment. Not in my rental!!!

Brandon,

My friend is getting rid of a 4/2 in 38125 zip. He is willing to finance. 5112 Autumn Evening Ln. PM me if interested. Maybe you can find an investor for it and do a better job managing it.

PG

Were the spams xxx rated?

A friend of mine is looking for an agent to sell one, possibly two, investment properties in Memphis.

Any recomendations?

Thanks, PG