All Forum Posts by: Ron Todd

I assume I'm SOL here, but the LLC that installed french drains at one of my rentals in 03 went out of business. The drains had a lifetime warranty and are no longer working correctly. Since the LLC has closed, is there any way to get the warranty honored or is it time to tap into that capex money?

Thanks Cassi! I'm a buy and hold type myself. 

When I check out multis in town, I have my PM give me an estimate of what he thinks we can rent the units for based off of his knowledge of the market. I haven't had issues with sellers not disclosing the amounts of rent before we go under contract, but this is small town Oklahoma so that might be a factor. I haven't had much success with rentometer as I almost always rent out my places for well above what rentometer says they are worth. I've had over an $800 difference between what rentometer recommended and what I actually charge for rent. 

Every state has different rules but what I plan on doing (in Oklahoma) is creating a series LLC and splitting my properties into separate LLCs under that. I've always heard to avoid putting multiple properties into one LLC because you can lose all the assets in that LLC vs losing just one asset if you have your homes in separate LLCs.

I guess I am the outlier here but I've bought several properties without ever physically walking through or even looking at them. With that being said, I trust the people and teams I have in place to check out these properties for me. It really takes the emotion out of a deal when you haven't walked the place and you can focus purely on numbers. If I didn't trust the teams, I would want to walk through myself.

There are a bunch of posts and articles out there with interview questions you can ask before hiring your pm. I'd recommend doing a Google search and find one that makes sense. If the fees seem outrageous, I'd ask about then specifically during the interview and see what their justification is. I'm using several different PMs across multiple states and each one has a different fee structure. I interviewed each PM and asked a ton of questions and so far I haven't been surprised by any PM shenanigans. If they aren't meeting your expectations, tell them. I recently did that and it changed my relationship with the PM for the better. 

Hey Christian, what part of Lawton are you looking into? My dad was field artillery, and I've still got family there so I am pretty familiar with the town. If you need help with some contacts, I can point you in the right direction. 

When you make your 80k offer (or whatever it ends up being) I would tell the seller why you are offering at that price. If you explain that you are accounting for x, y, and z they might be more willing to negotiate vs going in with a low offer and no justification. I'm in a similar situation in negotiations over a quad (not nearly that kind of CF though), but in the end, if the numbers don't make sense, I'm on to the next deal.

Mike,

Correct me if I'm wrong, but with that plank you have disconnect all the way to the nearest wall, whereas glue down you can just take up the one plank (use heat gun to loosen adhesive) and replace it.

Hey Justin, I've got a couple connections in the OKC area that could be helpful for you. I've found it's difficult to find multis that meet your description, but for SFH, it's not unreasonable to get in the neighborhood of the 1-1.3% rule. Good luck!