All Forum Posts by: Michael J.

@Michael Beeman that's great! Do you generally use Hard Money or some type of conventional financing with the initial purchase and rehab?

Awesome, good job! Have you had any issues getting banks to do the refi part of brrrr?

We should always be polite and respectful to people in any dealings weather it’s a cashier or a tenant but it’s not a good idea to become friends. If you had a friend type relationship with a tenant would it be easier or harder to evict them if they stop paying rent? The idea is to be the manager which is completely true if you don’t hire a PM. It’s not the tenants business who owns a property, all they need to be concerned about is who their contact is for pro terry related issues weather it’s the manager or the property owner. Have you ever rented at a large apartment, they usually have employees running things and you have no clue who the deed owner is, it’s not relevant as far as the tenant is concerned. IMO manager vs. owner is a personal decision and can be done either way,personally I am completely on the manager train 😃 tenants are more likely to make strong demands if they know you are the owner.

It depends on the city and if they require registrations for rentals. If they do not have any registration or license requirements then the main thing is make sure you don’t have any deductions like for a primary residence. If you lived in the house and now rent it the home owner deductions may need to be changed.

Originally posted by @Account Closed:

@Michael J.

As a matter of fact, with two masters degrees in engineering, wouldn't that qualify me as a huge dick? 

No not at all. I'm an engineer myself and have several engineer friends in different fields and they are all nice people that love sharing opinions and advice without insulting anyone if they have a different opinion about a subject.

I don't think anyone can say this way is absolute or that way is absolute. It depends on the persons goals and what they want to accomplish. Some people want to build a big business and some would much rather handle day to day stuff and keep it small, both methods have their plusses and minuses. Time and frustration both have huge monetary value to someone so its up to each of us to figure out what is the most important for us.

Patrick Philip I agree, that is the way to do it. When the situation calls for it and your time can be spent growing the business it’s the right move. Some people get stuck doing everything themselves and have a hard time breaking free from it. I grew up as a big time DIY’er so I have had to have a big mentality change over the years but it’s impossible to scale past a certain point without delegating certain things.

I would be cautious about doing Section 8 in Louisville. It used to be a very good sec 8 program but it has declined fast and they are ramping up the fines and penalties, inspections etc. I hear about landlords being “harassed” by sec 8 inspectors on a regular basis to the point several people that have rented sec 8 for years and years are considering not doing anymore sec 8 properties. The sad thing is the tenants are really the ones who suffer from out of control city officials.

Kyle K. Do you have a masters degree in being a dick? Stating your option is one completely welcome thing to anyone that wants to learn. Insulting a poster and calling them lazy because you think you know the best and apparently only way to do things is naive and not very well thought out. Do you know what the main difference is between mom and pop REI and those that grow a serious business? They put up the tools and delegate.

Take MASSIVE action a lot sooner. Don’t get stuck in a learning phase. Ideas are crap without execution.

I don’t honk there is a best market it depends on a lot of variables and my best market might not be your best market and visa versus. The trick is finding area that will be a booming market. By the time it is well known it won’t be as potentially profitable to buy there.