All Forum Posts by: Rob Beene

Good to know, I only have one rental left, and the tenant has agreed to buy it on owner financing. No more rentals for me!!!!

I have been self managing for almost 10 years. I'd like to see my check at the end of the month be what I expect it to be vs. being short EVERY time. I had six units connected to each other and was living in one of the units. I am pretty handy so its not a big deal for me to deal with most issues. I had to pay a $75 service call because a tenant broke off the toilet paper holder. First, that's not normal wear and tear, second I have a drill and a drywall screw next door. That was the first month. After that I caught the property management company pushing tenants to other owners who had more properties even though my type of property was being asked for specifically. I have been self managing ever since. A good property manger in this area could do well. 

@Jonathan S.

That is a red flag for me. What is the real reason he wants to stay three more years instead of continue to own? Is there deferred maintenance or something like that hiding or is this his first property and he has just decided he doesn’t want to be a landlord?

As far as options go, can you buy two of the three units and have an option to buy his in three years?

Either way something should be put in writing about the common area.

Find the real reason he wants to sell and be a tenant for the next three years. There is a reason.

Good luck!

Rob

@Victor Colon

Good luck on hat deal. I have having my monthly meetup tomorrow from 11-1 in Enterprise if you are available come by and share your story with the group and let’s all look at it and see what the numbers tell us!

Thanks,

Rob

@Phil Robbs

There are several areas where those numbers will work here and of course some areas that it will not. If it is outside the circle on the west side of town very possible, if it’s inside the circle and downtown you never know. One street this way or that can make all the difference. I did one last year with very similar numbers to what you are talking about. Shoot me a private message with your number and we can jump on a call a little later today and can get a little more detailed on it and see. Hope I can help.

Thanks,

Rob

@Phil Robbs

Hello Phil,

I am in the Enterprise area and have a few investments in Dothan as well. I have a few creative finance deals. Those are my favorite deals. Let me know if I can help also.

Good luck!

Rob

@Mike M. I’m curious what people are using also. We just closed on our 11th unit. We are looking to add software this year also.

@Scott V. My personal humble opinion is go for it. I know many will say what you are expecting, but hear me out.

You're single $100k cash $140k income and have done a ton of research. Get it out of your system and just buy it. Then turn that dedication of time toward investing in real estate in your medical field. I have a private money lender that is in the medical field. He just put down an EMD on a property where he will build his own clinic that is state of the art to this community and he already has tenants in place to cover all costs so once complete he will be rent free. What if you owned you own practice and had three other offices you rented to orthodontist, ENT, Eye Doctors ect that put you at zero overhead? What could that do to your long term career both as a dentist and an investor?

When you do buy it use a local bank and tell the commercial loan officer you intend to invest in real estate in the near future and want to start building that relationship now. Ask if you can use a line of credit to purchase the vehicle vs just an auto loan. You may pay 5 1/2 or 6%, but a $50k line of credit can become $100k line of credit in a year and that may mean the difference in you having the cash available to jump on a hot deal. Real estate and banking relationships are a marathon, not a sprint! We just closed on a $250k rental with $0 down, 30 year AM 10 year balloon at our local credit union 12/30/19. Real Estate Investing is a Relationship Game. Use every banking opportunity to grow those relationships. A couple extra points on $50k now could save you tens or even hundreds of thousands later, especially if you are taking about building or buying medical clinics!

Now go buy that car and turn all that time you were using to research that car to find your first real estate deal, build a relationship with your local bank at the same time and once you get that out of your system (and get married) sell that two seater sports car and use the cash to buy more real estate.

Good luck!

Rob

Hello Everyone,

The rehab property we have been working on for several months is almost complete. This month we will meet at the property to see what we have done with it. We look forward to showing off all the work and answering any questions you may have about the rehab.

Welcome to this months meeting at the Farmer's Market in Enterprise. Each month these meet ups get better and better. Bring your deals, questions, concerns ect. This is an informal event and more like a fireside chat. Everyone involved in Real Estate or interested in learning is welcome. We have had deals bought and sold during these events. Come for the learning, leave with ideas and friendships.