All Forum Posts by: Account Closed

I see that you have started to post to the threads on property management. Great start.

You really have managed a number of different property types so I am even more sure your input will be valued.

Consider looking up 'beachbum'. Once you find his profile you can then use the link there to look at some of his prior posts. He has been a property manager in a number of states over the years. You two should connected and trade notes.

You can search for him by his ID or just search for all people in HI. There are only a few in HI here on BP so he should show up on the first page of search results.

Stephanie,

On the pet idea...

You note that you are charging a deposit and the deposit is not refundable.

Any reason not to call the charge a fee rather than use the word deposit?

It seems odd to label anything a deposit if it is not somehow refundable or a credit towards something (deposit for special orders are applied to the purchase but are not something that is returned).

A pet fee sounds more transparent.

Some people suggest that people who have a pet will stay longer. Have you found that to be the case? The logic is many landlords will not accept pets so the tenant who is happy with their present home is less likely to move as they do not have all that many alternatives.

Do you ever charge extra rent or a pet rent fee per month?

Very true.

Great suggestion Stephanie.

Educating new tenants as to the forms they might receive in the future is a strong way to impress upon them that you will take action if they fail to pay. Training the tenant in how to behave and what happens when they are out of line.

I used to review the house rules before accepting an application from people. Just the high level stuff that was important to the tenant screening process. As I was charging people to apply I figured I did not want to waste their money if they knew they would fail. It also put them on notice about things that would happen if they did not follow the rental agreement.

Is it legal?

Yes but only if you know exactly what you can and can not do.

Viable and practical. Not really.

A few reasons why agents rare wholesale deals in the same way that investors mean when they say they are wholesalers.

1. It can be against the house rules. Most agents work under a broker and the broker gets to set the rules that every agent who operates under them must follow. Not laws but house rules.

2. You have to be very careful about representation. In most states the seller who is not a professional is allowed to make assumptions about an agent's role unless the agent clearly spells out what they will and will not do for the seller. In some senses, guilty until you disclose.

3. There can be rules or laws about net commissions. This is where an agent agrees to sell for a price and then anything above that they keep as their commission. Very similar to a wholesale deal other than maybe the agent does not agree to buy like an investor would do when they get the deal 'under contract'.

If you really want to wholesale why not try it for a while without a license. Having a license should not help much when it comes to what a wholesaler does. If you find it works then why get the license. If it does not work having a license will not change much.

Do people walk through mine fields without harm? It is possible but few live to tell about the last field their walked into.

Tim,

Such a show would be really funny.
:woohoo:

Ryan,

:welcome: to BP.

Good to have you on board.

There are a number of folks where from NV and from HI. You might want to look them up so you can network.

As someone with a finance degree you should be good at running the numbers. Some of the more experienced people help you understand what numbers matter and what are more like noise.

Mike,

:welcome: to BP.

Yes, it could be a lot worse. If the place is staying rented and you have not had too much hassle you are doing OK.

Almost no one finds that their first deal was their best deal. Most of us learn as we go along.

The key is you have started and you are looking to learn more.

BP is a great place to find a lot of info. There are also many books at the library or at larger bookstores (plus online sellers).

When you have questions post the question and let the community help you figure out the answer.

Good hunting :shoot:. Successful RE investing is based on looking at a lot of deals compared to the ones you actually purchase.

Lynnette,

:welcome: to BP.

I liked how you presented your background.

An agent that has some real product. That is good to hear.

1. Until you reach 10 posts people will not be able to send you PM messages.

2. Your profile information is not visible until someone is your colleague (how people on the site network with others).

3. There are some forums that are specific to REO deals or bulk REOs. If you can participate there many investors would be very grateful. Anyone with real experience is a welcome addition to the discussions.

Do check the Terms of Service and other warnings so you know the rules when it comes to advertising.

Otherwise enjoy the BP site and the community of investors who are present.

Rand,

:welcome: to BP.

You have some serious experience. It is really good to see you joining BP.

Good luck.