All Forum Posts by: Ron Todd

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. 

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.