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All Forum Posts by: Regina Lemons

Regina Lemons has started 2 posts and replied 10 times.

Post: Becoming a real estate appraiser

Regina LemonsPosted
  • Henry, IL
  • Posts 10
  • Votes 8

I've been considering becoming an appraiser. I've owned rentals for 12 years. Can I also get a real estate license? What income levels are attainable? Pros and cons? 

@Jonathan Klemm- I never thought about Kentucky for cash flow. I do like the state. I'll check it out. Thanks so much for putting this on my radar.

Hi David! I'd like to hear more details about how you started the mortgage company. What processes did you put in place to manage your investments, the mortgage firm, and the real estate team? 

Thank you for all your advice and inspiration!

@Crystal Smith- You're 100% right! I have 5 SF. I admit that I do not know my total net profit for this year yet. Where would I look for a property manager in my area? 

I like your advice on the direct flight areas. 

Thank you.

@Jonathan Klemm- I'm not sure which markets yet. Sunbelt states. I used to love, well tolerate, winters much more until a few earaches ago. Now, I survive with the help of cotton in my ear, hot teas on my throat, and gardening books after work.  

I in fact did have a property that a cat kept getting into the crawl space via a loose basement window. It was quite the mess to clean up. I've had to replace subflooring under a leaky toilette. 

Look at this as a gift of knowledge. I've seen leases that give tenants a time period (5-14 days) to report any issues. My leases include a shared repair bill. The tenant is responsible for the first $125. Another landlord had issues with kids putting toy cars down the toilette and this was his solution to his problem. 

I added free carpet cleaning every 3 months to my leases. My tenants loved it, I had the employees and the equipment to do it, plus this allowed me to inspect the properties to do preventative maintenance.  Then I began stopping by the 1st of the month to pick up checks and install new furnace air filters so I knew my $5000 furnaces where well maintained. I lived near all my rentals so it made it easy and I had no surprises. 

I will add that the very first property I rented out I acted like it was my 50th time. I followed all the advice my experienced mentors taught me!

@Jonathan Klemm

Great question! In a few years my son graduates high school and I'd like to live somewhere warmer for at least the winters. 
My portfolio consist of 5 sf and 1 farm. I won't be selling. I'm almost out personal debt and have over $500k in equity and am ready to leverage into a warmer climate. 

Hello everyone. I'm an Illinois investor who has always wanted to invest out of state. But which markets? Who else has moved their investments out of Illinois? And where? I know the why. "The hockey puck analogy".  I invested after the housing bubble with no regrets. Strong cashflows, great appreciation values. I manage my own properties and have learned that I truly love every aspect of it. Now, I'm ready to evolve to multi-family units and keep growing. Where?

I want add, before I became an investor I joined a local group filled with seasoned investors. Every month we would have a guess speaker, CPA, lawyer, mortgage officer, etc... They taught me how place ads that would screen people, told horror stories, and stories of preventing untruthful leasers. I got the best education for $40 a year. Priceless now.

I own in downstate Illinois. You or your lawyer can send a 5 day notice (demand payment), 10 day notice to quit (pay and get out), or a 30 day notice of termination of Tenancy. I could have paid the county sheriff to deliver it or my lawyer could have done it. This was my first time so I used a lawyer due to lack of experience. Luckily, I DID NOT wait and used a 10 day notice. This can take a lot of time so start now!!!  Also, my mentors taught me to write my lease with a 5 day lease termination not 30 days. My lawyer approved. Call the county sheriff to see if they can serve them in your county because I do not know if it is different per county.