All Forum Posts by: Robin Cox

Missy McCall-Hammonds is wonderful! She has spoken at our local REIA and so full of how-to's and what to do and who to call for this and that. Very dedicated to teaching. I know she has over a 1000 rentals and know's her shizz! We don't do Turnkey because we're DIY'ers but we learn a lot from her. Just my opinion from having listened to her.

Actually we buy the house with the HELOC. We buy $35-45k properties and put about 5k in them. My husband and I do most of the work. Rent. Re-fi for the total amount we have in, even if we could re-fi for more. Repeat. That way we always have cash and if the market goes south or renters dry up (not likely) we aren't over leveraged and could sell and pay off the mortgage.

This way the renter pays the mortgage and we get $250 in cash flow. total no brainer. We are holding 2 houses on the HELOC because I can't convince my husband that re-fi is better than paid-off in the rental world. We have 2 mortgages and two held on the HELOC that he wants to pay off. The HELOC is 3.5% the other mortgages are 5%.

We use https://www.tenantbackgroundsearch.com/

I think it is from Experian.  We have had good luck so far with our 4 rentals and my daughter and her husband have used it several times as well and turned down people they thought would be good tenants... until their background/credit check came back!  

When the applicant applies for the unit we charge a $20 application fee and $25 background check fee.  We tell them that they will get an email requesting authorization for a credit/background check.  There are 3 different levels of checks with this service.  I feel like we give them their SS# though...  And the agency charges us directly and we just recover that with the background fee we charge.

My husband and I have done this but we live in OHIO!! 

We have done the BRRRR strategy 5 times now with our 110K HELOC. It's a great strategy to make your primary residence and ASSET instead of a LIABILITY. We too have savings and 401K to back up any potential mistakes we make but it's all been pretty smooth sailing so far.

Welcome to the BP community!! 

First piece of advice is listen to ALL the podcasts and attend Brandon's webinars. Then you may be able to come up with a strategy that interests you. SFR, Multi, Flip, Wholesaling, note, Turnkey, trailer parks, storage, college town, upscale, city or suburb???

You have cast a very broad net.  I was considering vacationing in Australia earlier this year and wanted to see the Great Barrier Reef, Sydney, the Penguins in the South and lots of other things in between and by the way I only had 10 days... What would you say to that?    Exactly.   It's a big continent!  Narrow it down.

Are you interested in C or D properties for 30K-50K? or better areas at 200K? or more? Do you want to do a little bit of rehab or a total gut? SFR's or Multi's? Do you know anyone over here?

I don't know what the deal is with oversees investors and I don't know what "blue areas" are.

Don't waste a plane trip if you don't know roughly what you want to do.  Be more specific and someone will probably jump in and offer advice to help narrow it down even more.  

Best of luck, Mate! :)

We had a renter that had a break in...with a key... <eye roll>  He apparently gave one of his keys to someone and "somehow" other people have keys and "someone" broke in and stole a bunch of stuff.  W/E.  We came and changed the locks and charged him for the locks (front and back door set) $45 and another $50 for my husbands time to replace them.  

I've had other things happen and immediately charged the tenant and referred them back to the paragraph in their lease.  CHECK YOUR LEASE!   Make sure it spells this kind of stuff out.  I go over our lease and let them know what they will be responsible for and that I will bill them and I expect payment or an eviction will ensue.  This is my job and not my husband's because he's too nice ;)

However, I suspect this is all secondary info... You're real advice is not to rent to friends and family. Sadly.

Hi Greg! We too live in the township. We have 5 SFR's in Hamilton. Do you know about the investors meeting in Hamilton? It meets on the 2nd Thursday of each month from 6:30-8:30. IPOA (Investor Property Owners Association) meets at Butler Tech Vocational 3603 Hamilton-Middletown Rd. (Rt.4) the July meeting will be a family ice cream social. See you around and Welcome!!!

Welcome Chris! There is a local REIA up at Butler Tech that meets the second Thursday of the month at 6:30. You should come!

http://www.ipoabutlercounty.com/membership.aspx#

@Tyler Breeze and @Brian Pleshek we are also in Hamilton, Ohio and would like to connect. We just bought our 3rd SFH. There is a REI group here. http://www.ipoabutlercounty.com/membership.aspx#

It meets the second Thursday of the month at 6:30

thanks @Chris T..  I'll make it a point to get there and start asking questions.