All Forum Posts by: Sierra Crisp

any update on the date for January?

do you know when next months meeting is by any chance 

Right now interest rates are still low. I’ve pulled cash from properties and am searching for larger complexes in other states. 5 or more units.  I would avoid the multiunits in Nevada. I have a good chunk of property out there but the multi-units out there are D properties at best and bring a lot of problems. 

The big issue here tends to be that they can feel like they need special treatment. Friends and Family often get frustrated when you don’t let them pay late, or they have to wait for a repair man.Plus, will you feel comfortable raising the rent when the time comes? How would each of you react if they caused a flood and need to pay for the repair?  This can end friendships and cause more problems. Tread carefully my friend. 

just want to make sure this is still going on today...

My first 4 were Condos. So I don’t know if yours being a duplex will complicate things. I got a conventional loan with 5% down. This removes pmi completely. I do pay a slightly higher interest rate since I don’t have a full 20 percent down but then I am able to move to the next property. 

@Ben Cochran I’m going to add to this after reading some of these comments. DO BOT ENGAGE WITH THESE PEOPLE. I know it is tempting to be the nice guy and approach them first, but you have a responsibility to yourself and your tenants to keep yourselves out of danger. If these people are as bad as they seem, your walking over there could put your tenants at serious risk. DO NOT APPROACH THE NEIGHBORS.

@Ben Cochran where is this property located. Every state has different laws for “quite enjoyment” there is a good chance something is being violated here? Are they making noise after hours? Are they smoking or drinking on public property? Start there. Dig and find out the laws for your area. Having prison tattoos and being scary is not a crime. If they are commiting one find it, if they aren’t, your tenants may need to move on.

@Ed Martinez I love this question. The answer is, as little as possible. If you are willing to move into the property you can put 3.5 percent down. I did this with my first 4 properties. Don’t let having no money hold you back. GET CREATIVE! You may have to make some short term sacrifices but you can real some truly long term rewards. Do NOT put 25 percent down on a property unless your sitting on a pile of cash. If this is your first property, then get your hands dirty and learn some skills. I bought my first property with 5% down, because I refused to pay pmi. (it’s not tax deductible) talk to a loan broker and find out your options. No matter the deal, the less you put in on this one, the more you can spend on the next!

@Allyson Edwards a couple of things... there are a lot of comments here and I haven’t read them all. I own property in California and I would advise a few things. 1. ARE YOU LISTED AT THE RIGHT PRICE? Really research where you are listed to insure your property is competitive with those around it. 2. DO YOU HAVE BAD CURB APPEAL? You stated that people call and then don’t follow up. This usually happens after people drive by and decide they don’t like the area. 3. CAN YOU UPDATE? You may not need to go in swinging hammers yourself but there may be some minor things you can do to make your property more appealing to tenants. These things pay off in the long run. They really do! 4.IS YOUR PROPERTY MANAGEMENT DOING WHAT THERE SUPPOSED TOO ? This one is rough... but I’ve had property managers that just never return calls and say it’s all on the tenant. I usually screen this by pretending im interested in the property and calling the property management. How long does it take them to show it? Do they pick up? Do they have the right property info. Having poor property management can bring your business to a dead hault! Always check in on them. I hope this helps!