All Forum Posts by: Missy H.

@Mike Hanneman, @Brian Turnbough, @Dawn Anastasi

Yup.  The security deposit is all used up.

I went to see the contractor's progress and they are almost done.  Hope to have some pics by this afternoon.  They did quick work.....only one week from start to finish.

@Account Closed

I currently invest in Albany, NY. Just closed on a property last week and am working on getting it rent-ready. Did not go the route of direct mailing. I bought off the MLS. Will most likely do direct mailing for my next purchase.

@Brian Turnbough

Here is how the story ends.....

I went to the house last week with my contractor to get an estimate on minor repairs and painting.  The place was a mess.  It was as far from clean as its could be.  See pics.  

She left broken furniture and mattresses behind along with lots of other junk.  It was completely unexpected because she always kept her place in immaculate condition.  There was food in the fridge and in the cabinets.

Luckily, my contractor said that he could take care of all of it for me and gave me a fair price with a one week time frame.  Today, one week later, I am going to see the finished product.

Stay tuned............

Hi @Brian Turnbough

I recently heard a podcast where an investor used one commercial loan to close on several properties.  I think it was Anca Rader - but don't quote me.  I seem to remember that these were all under $50k each and she had done business with the bank before so they already had a relationship.  You may want to listen to it to find out more.  I can't swear that it was Anca but the podcast was somewhere between #120 - #135 and it was a female guest.

Hope it helps.

Congrats @Ryan Cooper

Can you just scan and email? or do they require fax?

Hi @Account Closed

Good luck in starting out.  In my opinion, mailing letters is the way to go.  If you go to them in person, you don't know how they will react and it could put you in a dangerous spot.  

I have heard many podcasts where the guests have used Jerry Puckett for their mailing campaigns with great success.  Do a little research and learn more about the direct mailing campaigns.  I know there are several companies out there who can do this for you but Jerry Puckett is the first one that came to mind.  

Hi @Jacob Plocinski

Good luck.  It is definitely intimidating to start a new venture.  

Since he is the brother of an old co-worker and you have requested to meet with him, I am sure that he is flattered by your interest and desire to speak with him.  Many real estate investors do it because of their passion for the business and we love to talk real estate.  

Confirm how much time he has to spend with you or even set a time frame yourself.  "Thank you for taking 15 minutes to speak with me."  Start off by asking him about himself and how he got started.  Be prepared with your list of questions.  After the 20 minutes are up, if you still have questions, request another meeting in two weeks time to talk again.  

Let us know how it goes.

Hi Erik

There are insurance companies that offer temporary insurance on vacant properties.  I can't remember if there is an exact name for it but speak with an insurance broker who would be able to give you more information.  It can just be for a couple of months until you get a tenant, then you cancel and buy homeowner's insurance.

Second, you may want to check with your city's policy on unlicensed workers.  Some cities, like mine, will only permit you to have unlicensed workers do work on your property if they are related to you.  Otherwise, they will have to be licensed.  

In regards to the "neighborhood help", are you looking to use day laborers or are they people that you have worked with before and trust to work steadily and consistently with little to no supervision?  If the are day labors and get paid by the day, you should not leave them alone.  There is no incentive for them to work at a pace that is consistent with your expectations, especially if they are getting paid by the day and not by the job.  Chances are, they won't sign a waiver and if they do, it may not hold up in the event that they do get injured.

When I had to re-build my house after Hurricane Sandy, I used day laborers for the demo, but even then, I was there to observe and maintain oversight.  For the actual re-build, I worked with a company that I trusted.

Good luck to you.

So, I am currently seeking a tenant for one of my units.  I posted an ad on Craigslist and waited for people to respond.  I received several responses, and I am still screening, but let me tell you about one call I had.

I get a call from, let's call her Tammy, as I am driving home from work.  I give her the speech to tell her about the unit but then I get a call from work - my 9-5.  I ask her if she could hold on for a moment while I take the call.  She agrees.  (I did not put my phone call on mute.)  I answer my work phone and begin talking to one of my Supervisors.  It is about an employee who witnessed an incident and had to testify on what she observed.  

Keep in mind that I do not work for law enforcement, nor am I an attorney.  But Tammy only hears my end of the conversation, where I say "...she has to testify", "...Yes, he was arrested.", "....I spoke with the prosecutor." and "....we are legally obligated." - you get the picture.

Now, I am not sure what she was thinking, but when I hung up and got back to her, I and said, "I am so sorry for keeping on on hold."  She replies, "That's OK."  

But then she hangs up.  At first I thought that we got disconnected, but I called her back - no answer.  I called back a minute later - no answer.  I called back 20 minutes later - no answer.

I don't know where she thought I worked, but she wanted no part of it.  I guess I found a new tenant pre-screening process.  LOL!!

@Stephen E.

Great idea Stephen.  I also own property in a rough neighborhood that I will soon be showing.  I will use your suggestion as the property is two hours away.

THANKS!!