All Forum Posts by: Ron Todd

As a buyer, why not use an agent? I've started several relationships and expanded my network by working with agents over the years. You might not get the right agent at first and that's ok. By grooming these relationships, I keep a pulse on my market and my best deal to date came from a text from one of my Realtors saying "you're going to love me for this deal" and you know what, she was right! I've built a relationship with her team and now I have multiple realtors combing the area for deals. Real estate is built on relationships.

 Hey Brian,

I ended up contacting a local insurance broker and let him know what my current coverages were for and asked him to get me some quotes. I knew him from networking around the local area and it's true, real estate is all about networking and connections. I was using farmers for these properties because they had the best rates at the time. I've got policies scattered around with several companies depending on their coverages and pricing.

I wish I had heard of BP or studied more about investment properties. I was young and looking to buy a primary at a good price but didn't really have the investing mindset yet. I wanted a nice primary and hadn't thought about what it would rent for when I left. Knowing what I know now, I would've done a house hack instead and got started that way before having kids. I still have that house and it cash flows, but that was just dumb luck. 

Decided to go through the insurance policies on my properties and ended up switching companies saving me 2k a year for similar coverages.

Super simple but I started writing down at least 3 things I'm thankful for and things I'm anxious about every night before bed. Putting those thoughts onto paper helps me clear them from my mind. There's always something going on at one of the properties and I've found this method helps me relax by acknowledging the issues and at the same time, realizing it's a blessing to even be in the position to have them.

Hey Chris, keep grinding! We all start with no experience and learn as we go. I wouldn't trash someone for trying to get into real estate just because they are new. I don't know what branch you're in but if you go to your squadron and talk real estate all day, people are going to notice. I've found several partners both more and less experienced than me just by simply talking about deals I made or was looking at. Is there someone in your workplace that is into real estate that you could bounce ideas off of? I'm mostly buy and hold, but I've learned a lot from a buddy at work that does flips. Either way, you are ahead of the power curve to be thinking about this at 19. Go get it!

Hey Daman, if you have a mortgage on the property be sure you don't trigger a due on sale clause when you transfer the property to your LLC. If you purchase it in cash, it should be fairly easy to transfer it in cash to an LLC if you didn't purchase it through the LLC.

Sounds like he might have had a landlord stop paying the mortgage while he was renting out the house and he suffered for it. I would politely ask him why he wanted to see the statements and see if his answer makes sense. 

If the tenant is paying on time and they haven't had any issues with them, I would keep them until we know more about the extent of covid's impact. It's month to month so the power is in your hands to raise rent later on. If you try and raise rent and the tenant leaves, it would take a full year to recoup a 1 month vacancy ( 12months * extra $50 = $600). I'd wait until the market has stabalized and then raise rent.

After installing LVP in some of my rentals, I'll never go back to carpet. It's durable and so much easier to clean than carpet. If you allow pets in your rentals, I would definitely choose LVP over carpet.