All Forum Posts by: Shawn S.

Correct, I'm not a fan of the practice either. The original lease fee is a full months rent. But that I can stomach a bit more as I know of other companies that do it. I'm pretty sure I can avoid the re-up lease fees by simply requesting contracts that go month to month at leases end.

Thanks @Jim Blatchley

Very solid article. I have it bookmarked.

I'm not sure how to go about running numbers for this concept, and perhaps there is no great answer, but I thought I'd try. We are just about to close on our 2nd property. I began this journey in July. One of the goals we have is to add at least 2 properties a year over the next 10 years. At that time I will be 50. Then the plan would be to pay all the properties off in the following 10 years so my wife and I can retire at that point from our teaching careers and have our income more than replaced. I will be 60, she will be 55. Is this a realistic time frame? Our goal on our properties is to cash flow $200.00 per month per door, and so far we are right around that area.

Thanks

What is the typical process for requesting a reduction in property tax? Is this based on the value of the home, the price paid for a home, or what exactly? The property in question is in Missouri if that helps anyone to direct me in the proper fashion.

Thanks

I have a PM company who says the tenant is responsible for changing filters on units, but I wondered what some of you owners who are not local do to ensure your equipment is taken care of in the best way possible?

Is it customary for a PM to charge half a months rent to renew a lease after the term is up? To me I would think it would make more sense to just have the tenant go month to month at that point but I wondered what others thought about this.

@Account Closed

I can see offering 25 percent getting an owners attention, but what would be the advantage of doing that unless you can't get financing or the interest rate is super low? The main reason I want to do owner financed deals is to try and save cash up front, but maybe I am just dreaming:)

Thanks everyone.

@Account Closed

I'm unsure what you mean by the quote below. What do you mean by taking care of everything? Also, is a title company the same as a RE Attorney? I know that seems like a silly question but I've never fully understood what exactly a title company does other than check past liens, etc on the property.

"A lot of people have misunderstandings that they have to pay taxes or liens before they can sell, so I usually explain how I'll be taking care of everything and what their net number will be at closing."

@Grant Kemp

Good info, I'm glad to have someone point me in the right direction as far as a good place to begin in regards to interest rate. I can see how giving the seller the price you will pay, the interest you are offering, the length of time you will pay them for as well as the monthly payments over that time can be very helpful.

Thanks guys,

Is the only way to find out the equity a seller has in a home to ask them, or is that some sort of public record somewhere?

I'm still investigating that honestly. But since I'll be looking at a lot of properties on the trip we are taking this week it is possible there will be properties in both categories, so it would be nice to know how to go about it either way.