All Forum Posts by: Mike Smith

I'm currenlty somewhat unhappy with the proprety manager I'm using. Can anyone recommed a reliable property manager in the St. Louis metropolitan area? Thanks for any replies.

Can anyone recommend one?

Maybe my question wasn't worded properly. I would like to know if anyone has a preference for one provider of background information over the other. In other words, are certain providers less expensive, have a faster reponse time, provide more comprehensive reports (i.e. criminal background in addition to credit checks), etc.?

There seem to be a million of these on the web. Can anyone recommend one over the others please?

My current strategy is to use my line of credit to buy and fix up properties. I then rent and cash out refinance and repeat. I understand I will be hitting a limit for traditional mortgages. Can anyone suggest private lenders that would be wililng to provide the cash out refi portion of this situation? If there are other strategies for financing in this scenario, please let me know. Thanks.

Can anyone recommend a property management company in St. Louis? Also, if there are any companies to avoid and you don't want to post, please send me a mesage. Thanks.

Rbecklan, I have a question re logistics of your deals. Are you buying homes already in a park? If so, do you then pay the pad rental until you can resell?

Other than that, I've read Rich Dad, Poor Dad, Down to Earth Landlording by Don Beck, and Buy Low, Rent Smart, Sell High by Scott Frank and Andy Heller.

I found Rich Dad, Poor Dad to be more motivational and about putting you in the right frame of mind rather than full of day-to-day practical advice. The other two books I found pretty helpful. Don Beck gives you a lot of issues to think about and problems that could come up with some advice on how to try to stop them before they start and deal with them after they have occurred. The last book deals with lease-purchase agreements and discusses the authors' program of wealth building with them. The last two books contain a number of forms you could adapt to your uses.

I'm in the process of purchasing single family to rent. The seller's agent mentioned a way to have rent directly deposited in my account from any renters who are receiving social security. In other words, the Social Security Administration would deduct the rent from the tenant's check and deposit it directly into my account. Has anyone heard of this and, if so, how is it done?

I read it. I would rate it as okay. It basically walks you through how to analyze a property (i.e. cash flow analysis) and discusses some due diligence stuff. I found it did not add much to what I've learned from reading this forum, especially some of the threads on deal analysis and how to use the property analysis tool.