All Forum Posts by: Justin B.

Yes, same company.

I didn't read all the replies, but as someone who has used a turnkey service and buys property outside of that, I can speak to it.

Generally, turnkey means this:
-- Less time involved all around in the process of obtaining the property
-- Lower monthly expenses (at least in the first few years)
-- You pay at or above market rate.
-- Less class flow due to reason above.
-- Easiest and least risky way to get into a market where you don't live.
-- A lot less hands on throughout.

Again, those are very general statements and not necessarily the case every time but was my experience having done it 5 times.  Others may have different experiences, but those were mine.

Everyone has said it depends on your goals and they are 100% on target with that.  To give some example, I have a friend who has a goal for his retirement.  He figures his goal will be reached when he has ~20 houses all paid off (in the range he's buying).  So his focus is to buy them and then put every available cash flow dollar into paying off the mortgages, then when done, retire, stop investing and live off the cash flow.

For me, I am looking to build my portfolio and I work within a range of leverage %.  Once I get below a certain %, I refinance and pull money out back up to the top end of the range and reinvest that money.  So as you can imagine, my approach is to not put any extra $'s into the mortgage than I have to.  Maybe that will change one day and there may be one-offs here and there, but overall, that's my plan.

So again, it all goes back to your goals :).

This one is way too easy.  NEVER do anything illegal.  If the law/IRS says to submit a 1099, do it.  If that means your rates go up 20%, so be it.  Cross the IRS and it's suicide for your business.  It's never worth it.

I have 2 multi-family properties in Meridian, however, please note I don't live there.  I grew up in Jackson, MS so I have a lot of knowledge of the MS area (which is why I invest there), but I live in Maryland.

Yes, you can join here:

https://www.meetup.com/Gaithersburg-BP-Real-Estate...

Just ignore it, plain and simple.  No one who is successful has ever said "Well, I listened to all the negative people in my life and if it wasn't for that, I wouldn't be as successful as I am today!"

You'll see differing opinions here (I didn't read all responses), but if she passes your application process and you'd rent to her anyway, sure.  Just be sure to account for it monthly and keep unused rent in reserve just in case.

Christine,

I wouldn't let it go either.  However, I know you "don't need this right now" but this is just par for the course in real estate.  I have 42 units and I've had several evictions, a lady cut herself in her bathtub (attempted suicide), a tenant go to jail, tenants with drug problems (even trying to "distribute" within my unit, casually), just to name a few.  I'd suggest Property Management if dealing with these things keeps you up at night.  With a PM, you just direct them what to do.  They will deal with everything and all they really need is guidance.  Yes you give up some revenue to have that, but that is nothing compared to keeping yourself sane through all this.  I wish you luck and the community is always here to bounce ideas.

As long as you are following the law and not doing anything illegal or retaliating yourself, you're fine.  He may not go without a fight, but if he doesn't agree to quit, serve him with 30 days notice to vacate and then evict.

He can threaten with a layer all he wants but he is violating the lease and you have every right to get rid of him.  the moment he tells a lawyer what you are doing because he is smoking pot, no lawyer will take that on and if they do (a lawyer may take anything he can bill a client), no judge would side with him.