All Forum Posts by: Robert Hamilton

Texas definitely seems to be where the growth is at...here are two articles about the mass exodus of companies from California to other states. Many moved to Texas. I remember when Toyota moved their corporate headquarters from Torrance to the Dallas area. Thousands of jobs and the economies that go with them.

https://www.bizjournals.com/dallas/news/2018/10/11...

https://chiefexecutive.net/business-exodus-california-troubling-sanctuary-policies/

@benigno..I am a relative noob as far as being a legit investor...but years back I owned a duplex (bought the traditional way). At that time I joined my local apartment assocation and went through their CAM ( Certified Apartment Manager) program. One educational tool they espoused was to do a rent survey. What that entailed was to call all the apartments/properties of like kind adjacent to your property to compare/contrast the attributes/amenities they had in comparison to what you were offering at your property. It was time consuming and painful (for the shy folk) but was the most enlightening and informative exercise. It let you know exactly where you and your property stood in market next to your competition. If you were low or high in your monthly rent, you knew immediately.

Noob Alert! Bare with me...so I have watched quite a few of the podcasts, read blogs, forums, etc. I found a multi-family that may or may not be a good deal. I am trying to find comps to compare it to. The issue is the type of property it is (Or maybe just me). It is a California Craftsman/Bungalow (2 bed, 2 bath) with 4 singles/bachelor pads behind it. While the California Craftsman is pretty common in this area, I can't seem to find one with units in the back. Question is how do I find comps? Do I do a comp. on the bungalow then comps on a four-plex? I am stuck.

As a side note, I would hate to move on out of frustration due to the fact that the listing states the 4 singles are rented out for $4,400 per month and it appears that the bungalow was owner occupied which I believe could rent for $3,000-$3,500 per month.

As a side note, I would hate to move on out of frustration due to the fact that the listing states the 4 singles are rented out for $4,400 per month and it appears that the bungalow was owner occupied which I believe could easily rent for $3,000-$3,500 per month.

Noob Alert! Bare with me...so I have watched quite a few of the podcasts, read blogs, forums, etc. I found a multi-family that may or may not be a good deal. I am trying to find comps to compare it to. The issue is the type of property it is (Or maybe just me). It is a California Craftsman/Bungalow (2 bed, 2 bath) with 4 singles/bachelor pads behind it. While the California Craftsman is pretty common in this area, I can't seem to find one with units in the back. Question is how do I find comps? Do I do a comp. on the bungalow then comps on a four-plex? I am stuck.

@Cassidy Burns There is a lot of good advice here. One thing I would suggest is that if you want to continue to manage your own properties, you may want some formal education as far as property management goes. Many moons ago, I owned a duplex and had similar issues with tenants until I joined my local apartment association. Once I joined, I took their CAM (Certified Apartment Manager) program. That was the best money and time I ever spent. Was it necessary? No, but it certainly saved me many lumps and cut my learning curve down quickly. They provided me with all the rental/leases forms and we went through all types of scenarios they one would run into as a property manager. This included the local tenant laws. After that, any issues I had with maintenance or late rents, I just pulled out my forms and posted them on their doors. Let's just say things changed after that. Eventually, I got rid of the nuisance tenants and was able to raise the rents through good management. Sold it a couple years later for a nice profit! 

@Kevin Christensen I read a book a few years ago, I am sorry the name escapes me, but the author discussed a theory about buckets of money. The reason behind it was for exactly the reason your wife brought up in that when people do not get to enjoy the fruits of their labor, they lose enthusiasm. The authors blueprint was to use "buckets of money". Generally, 30% was to be for expenses, 30% was to be for savings, 30% was for investing, and 10% was for Tithing. Now, if your expenses were more than 30%, say 40%, then you would take some from the other buckets until such time when you able to reduce your expenses to the 30% threshold.  

In using this blueprint, one can still save for unexpected expenses, invest for their future, and still take the family vacations or go out to dinner and a movie and not feel like they are working for nothing.