All Forum Posts by: William Powell

Most homes I sold (that weren't flips) looking back I wished I still had kept them in my portfolio. As a young man with a W2 job I think you can whether the small financial storm of not having the big payout. It sounds like you will end up with a monthly profit of $1200 a month along with your reg income. Over time rents will increase and principal will decrease. The cool thing about renting is the rent doesn't change because the market values dip. Values may dip but they will return.  Lastly, I say hold on to the plow and keep your eyes forward.

My friend

First thing, imo $1000 just to look doesn't sound fair. That's probably "phone book". I suggest getting recommendations from other investors. Second, communicate with your tenants and handle the problems as fast as possible so you can go back to watching Banaza or whatever leisurely activity you are doing. If you have tenants that aren't happy with that, move on from them when the lease is up. If you have a tenant that is purposely trying to hurt a unit they are on their way out anyways. I've been there too but all my tenants control their thermostats. All things being equal, a 3-year-old unit should be problem free if it was installed right.

Local growing small bank would be a nice start

"I've got a bite on a potential deal to wholesale or flip because I stopped and talked to the owner who was outside." 

This is what I prefer doing over any cold-calling and mailing strategies. Plus you said you are already driving around looking. Therefore, stopping and talking fits your lifestyle, plus it only cost you time and not thousands of dollars. I'm not crazy about buying the same list everyone's buying. If you do what everyone is doing you will get what everyone's got. Admittedly, I am a mom and pop operation but I do okay.  

I prefer door-knocking because I dislike cold callers. Since I don't like being called, I can't bring myself to do it to someone else. This is just how I feel about "can I buy your house calls". You tell them you're not interested then they call a month later from a different number. 99% of the time they hadn't seen the property. I digress. Now, with door knocking you can find out very quickly if the house is occupied, the condition, and rehab estimates. You can talk to neighbors and learn things cold calling just can't achieve, like whether the owner might be motivated and their whereabouts. As far as scaling across the nation, cold calling wins but smaller operation door knocking and talking to people. 

Looks like you need the entire spiel. I recommend purchasing a landlord book to have as a guide. To answer some of the questions you asked: Yes, you try to contact previous landlords. I try to google instead of using the phone number they give me. Also, you can get your hands on a general state lease and then put it in MS Word and edit it to your liking but you need to consult with a RE lawyer to make sure you don't add things illegal. I have another document that has do's and don'ts that I have my renter' sign, that has common habits that destroy or devalue property. For example, on my "Do's and Dont's List" it says no BBQs in the front yard, no front furniture etc.  They sign it meaning they agree to these terms before moving into the house. Again I recommend a landlord guide. 

 Thank you. I was told there were loans ahead of me. So I will be patient. From the investor point of view speed is important but I understand I am in the dating phase.

Thanks for your response. The local bank told me I would need to use my line of credit at their bank. Ofcourse I agreed.

Thanks for the response. I think as investors we like to stick and move but the banks move much slower. I finally got responses from the local banks but I see it's going to move slower than I anticipated. 

What I like about HELOC option is, it shouldn't require payment until you start using it. I like a mix of both LOC and Cash-out. However, with interests getting higher cash-outs are becoming more challenging.