All Forum Posts by: Troy Bevans

Story Time:  Once upon a time....just kidding.  Anyways, I was driving home tonight after picking up my kids from swimming practice and my phone rang.  Of course I said very professionally, "Thank you for calling Cloud One Properties, this is Troy".  On the other end of the line was one of my tenants asking if I were in her home at all today, as I am scheduling a new dishwasher installation this month.  I informed her that I had not been in the home and that I always schedule an appointment within 24 hours with each tenant prior to entering the property.  She is already aware of this, but wanted to make sure because somebody was in her home and she was a little concerned.  Therefore, as a landlord, I executed my due care process and headed straight to the home.  

After getting all of the facts, I informed her that I would be changing the codes on all of the door locks and asked her to file a police report to have on record.  I use the Schlage electronic door locks and I instantly deleted all existing codes, even the current landlord code.  I then allowed her to pick a new code to be added to each door, as well as a new landlord code.  I had her view what I was doing and use her new code to verify it would work, and had her try her old code verifying that it did not work.  Of course the landlord code was kept private.  Before leaving, I had her sign the work order stating what had been done.  Then I jumped in my vehicle and drove home...hoping it wouldn't ring again, since it was 8:45 PM now and I was sleepy.

Upon getting to my home office, I logged into my cloud based CRM (Customer Relationship Management) program and documented everything that transpired, including what was said in the initial call.  Just wanted to share the story for those that are interested in ways to keep yourself protected from lawsuits by providing due care.

Anyone else have a story?

This is good to know!  Thanks for posting it for those who are always on the hunt to find answers and provide answers.

@BA R. 

No apology necessary, but remember the people of BP are here to learn and help!  So, if possible, try to bring a question or solution to the forum table each time.  But I do understand the rant at times.  Heck, half the time I'm lost and can't seem to find myself....so if you see me will you please put me back where I came from : )

LOVE YOUR ENERGY THOUGH!

@Account Closed - My initial start was a Limited Liability Company owned by my father in law and myself.  We provided some personal funds for the initial capital investment and both signed to achieve our first property via bank loan.  At this time, in the early 2000's, we focused on "cash cow" properties, which were inexpensive duplexes in the downtown area of Davenport, Iowa.  Having a partner can help you obtain the credit and financing power you may require to get started, but be careful not to abuse it and become upside down in your venture.

@Susana Santos - Do your research and choose which area of real estate you would like to start a business in, as their are many to choose from.  What area do you enjoy the most, flipping, wholesaling, rentals, a combination, etc.?  Then, focus on the area(s) you chose and learn everything you can from BP and any other recommended area (BP is the best though, just my opinion).

Once your real estate focus has been chosen and you have gained the required knowledge to provide you with a sufficient amount of confidence, consider forming a Limited Liability Company to run all of your business transactions through.  Always consult with the appropriate individuals to ensure you have followed all of the necessary steps to become an organization within the state you choose.  If done correctly, this will provide a "level" of protection for your personal assets in case of litigation.

However, litigation is something you wanted to protect yourself from.  So, once again, when you have selected your area of business focus, make sure your paperwork for all transactions in your business are legal, accurate, documented, tracked, and up-to-date at all times.  Research different software products that can benefit your business, such as a financial tracking program and a customer relationship management program.  Some are cloud based, some are installed on your computer, some are expensive, some are reasonably priced, and some are free.

Below are two sites from Nolo to learn more about forming a business organization:

http://www.nolo.com/legal-encyclopedia/limited-liability-company

http://www.nolo.com/products/form-your-own-limited-liability-company-liab.html

Feel free to contact me if you feel I can assist you with any questions you may have!

Semper Fi brother!  If there is anything I can do to assist, I will do my best to make it happen!  

Welcome Barb, I very am glad you are here!  We have already shared a post between us and I hope to get to learn more about your mission through BP.  I have a love for flying that is similar to your love for sailing.  We should share stories some time.  With your ambition and willingness to listen and learn, you will "sail" right up to that millionaire club quickly!

Consider investing in a REIT for the dividend payments to keep you in the real estate industry and save, add, save, and add until you have what you need to pull out and purchase that investment home. Just an idea, may not fit your need, but it is an option.

@BA R. - This type of pump pushes cold water out the hot pipe until it senses hot water, then it stops and starts the cycle again to keep the water moving.  It does this by circulating the hot water back through the cold line, which keeps the water moving at times through this loop. This will also provide faster hot water at all the other fixtures between the heater and the point of installation, saving that wasted water waiting for the warm shower.

Winter in Iowa is a chilling experience, no doubt, and one that needs to be strongly considered when your are an investor of mobile homes.  

A very inconvenient situation to find yourself in is one where your tenant calls, at 3 AM, as they have an early shift that day, with a towel wrapped around them, complaining that they do not have any water to take a shower.  You see, it was negative 10 degrees that night and the little pipes below the mobile home decided to become a flavorless popsicle!  Even more, the pipes got fat and lazy during this popsicle stage and split the seam of its pants...I mean pipes.  Bad, bad, bad situation indeed!

This is a true story from a local investor in my area who decided to start with mobile homes for the low barries to entry.  The home was great in the Spring, Summer, and Fall, but that chilling Winter took the low barries to entry and turned it into a profit sucking blizzard!

So now to my point!  Since considering his story during my due diligence period, I purchased an Undersink Instant Hot Water Circulating System, by Autocirc, from Home Depot and have been exceptionally pleased.  For a $250 investment, and about 30 minutes of installation time, I have been popsicle free since owning this mobile home.  It may not be for everyone, but I wanted to share my experience with you all to consider...unless ice fishing from your mobile is a fun possibility : )