All Forum Posts by: Stacee Evans

Hello,  I live in Southern California and have rental homes locally and one out of State, in Nevada.  My homes were purchased  years ago but I am looking into investing out of state now because the prices are so high locally.   I would like my next purchase to be a buy and hold and I'm looking for a house that needs work that I can fix up and rent out.  I'm not comfortable doing this without a team, but I have a close friend in Texas that I could use to check on work and help me as I build a team if I decide to keep investing in that area.  I'm trying to figure out a way to have my friend work for me either as a partner or paying some type of a hourly or rate per job to do things like oversee contractors, meet home inspectors, send me progress videos and possible help me with finding a property management company.  What would be the best way to set something like this up?  I'm ok with giving her a percentage or paying an hourly rate, but I'm not sure how to structure it.  She does not have any real estate experience and will not be investing any of her own money, but she is smart, works hard and is trustworthy.  How would you recommend I set up something like this?  Any input or advice is appreciated.  

I don't think my system would work that well for 50 properties. I don't use quick books. At the end of the year I create a spreadsheet of my income and expenses for my accountant. I'm am small time right now, but if I get to the point where I have 50 properties, I would have to change my systems. I have all of my bills on automatic payments, including HOA, supplemental taxes and mortgages that are impounded with taxes and insurance, so unless I'm paying a handyman or an odd expense, I don't spend that much time managing my properties or paying bills.

@irina Belkfor I don't think my system would work that well for 50 properties.  I don't use quick books. At the end of the year I create a spreadsheet of my income and expenses for my accountant.  I'm am small time right now, but if I get to the point where I have 50 properties, I would have to change my systems. I have all of my bills on automatic payments, so unless I'm paying a handyman or an odd expense, I don't spend that much time managing my properties. 

I am an insurance agent and the companies I write for include a list of exclusions for many breeds including pit bulls.  As a landlord, I have never allowed any breed of dog from any of the lists just to play it safe.  Some pit bulls are well trained, sweet and would not bite anyone.  The problem is you don't know if your prospective tenant has one that will end up biting someone or not.  I've been through a lawsuit and it was so stressful that I do everything in my power so I don't get sued again.  I have learned that tenant screening is so important and part of that is setting rules and sticking to them. Obviously my vote is to decline anyone with a pit bull without exception. 

I'm in the same situation in Southern California.  I have rentals here, but purchased them so long ago that the prices were much lower.  I just sold one and I'm looking to invest out of state as well.  What is the best way to find them?  Do you usually just go through a wholesaler?  It sounds like having the right people to work with will make all the difference. 

I have a separate bank account for each rental house with Bank of America.  The tenant has the account number associated with their house.  They have a choice of going to the bank and depositing the rent, sending it through Zelle or Venmo.  It works out well for bookkeeping too because all of the expenses come out of the account for that house and BofA makes it very easy with their app. 

Hi,

I have multiple rentals and have experience using home warranties.   When I purchased my home I live in, I had a home warranty and the spa pump went out in just a few months and it was covered.  I was sold on home warranties, but after  years of going back and forth, I am completely against using a home warranty.  I have a few rentals, one in another state and the rest local.  When something is a quick fix, like unclogging a drain or a small electrical, or HVAC issue, the service call or co-pay the home warranty is often the same or close to what if would cost to just hire someone.  I have had to have a toilet replaced and an ice maker replaced in the refrigerator and the experiences were nothing more than a nightmare.  In both instances, the service people came out multiple times trying to fix the problem instead of replacing the broken part.  I don't remember the exact number because it was years ago, but it was probably over 6 times for each issue.  The toilet they replaced was the very plain and basic and looks funny in the house.  The ice maker did work.  After years of paying premium and co-payments I realized it is not worth it.   I manage my own properties, one out of state and in the past 2 years, I have relied on internet services such as Yelp to find qualified repair people.  I just replaced a water heater, and had a major air conditioner repair on my out of state rental. By  just using Yelp and communicating with the tenant it was resolved.  In both instances, the repair person came out just 1 time (2 for the water heater), fixed the problem and my stress level was a big fat zero....just the way I like it.  Between the annual premiums, co pay and stress with dealing with often the worst of the worst quality people (not always, but often), a home warranty is a bad deal.  Put extra money aside, keep adding to it so there is enough for anything that comes up and have a stress free rental. 

Hello, My day job is an insurance agent for over 25 years and I'm licensed and insure in all 50 states. I insure homes, condos, rentals, auto, rental insurance for your tenants, umbrella and other personal lines. It's a good idea to check your rates and coverage every so often. I'm passionate about being ethical and educating my clients to make sure they have the proper coverage. If I can help you or answer any insurance questions, feel free to message me on BP or contact me through my work profile. I have personally managed my rental homes, SFR for over 20 years and I'm happy to answer any questions on saving a few bucks by not hiring a property management company with just a few renals and working a full time job.

 http://www.aisinsurance.com/specialists/stacee-evans.aspx