All Forum Posts by: Sylvia H.
Sylvia H. has started 8 posts and replied 140 times.
Found someone to do just repairs. He’s great, super efficient and goes out the same day. I couldn’t be happier
Quote from @Samuel Eddinger:
The problem with this scenario for me as a property manager is having to chase owners for funds and the issue with handoffs and communication.
As a property manager, it is hard enough to get tenants to pay promptly but I frequently am having to temporarily cover an owner who does not have sufficient funds. Because of this, the risk is not worth it ever without holding the rent coming in and distributing. Try telling a vendor that though they did a great job, they cannot be paid because the owner has not provided funding yet. I'd never be able to use that vendor again and I might get sued.
On the communication front, tenants then have multiple people calling and coordinating with them and that gets confusing.
Quote from @Dave Wyman:
I am just starting out on my real estate journey and would love some input from more experienced investors.
Should I only use one broker to find and represent me in looking for small and medium multifamily apartments or should I reach out to multiple brokers and only use the listing broker?
What are the pros and cons to each and anything else I should be thinking about or looking for?
Thanks!
Post: House Hacking Multi Family Properties vs. Single Family Properties
- Posts 142
- Votes 61
Quote from @Sylvia H.:
Quote from @Murray Reginald:
Hello All,
I really like the idea of house hacking however, I purchased a new home 3 yrs ago, I am looking for additional cash flow and was thinking of a Multi Family properties. Is there a work around to make this happen? or should I stick to Single Family properties? I love the idea of Multi Family properties but I am not sure about living on the property and not sure what to do with my home. I am educating myself before I pull the trigger and would like to know your thoughts. I am highly excited about attending my first REIA in Houston on 18APR2023 and looking forward to meeting like minded people.
Post: House Hacking Multi Family Properties vs. Single Family Properties
- Posts 142
- Votes 61
Quote from @Murray Reginald:
Hello All,
I really like the idea of house hacking however, I purchased a new home 3 yrs ago, I am looking for additional cash flow and was thinking of a Multi Family properties. Is there a work around to make this happen? or should I stick to Single Family properties? I love the idea of Multi Family properties but I am not sure about living on the property and not sure what to do with my home. I am educating myself before I pull the trigger and would like to know your thoughts. I am highly excited about attending my first REIA in Houston on 18APR2023 and looking forward to meeting like minded people.
Hi I was wondering if anyone knows about companies that do nothing but maintenance? I do all the renting myself and collecting of the rents. No issues there but I would love to have the maintenance under one roof so I don't have to make so many independent calls and pay invoices instead paying one invoice once a month. Thanks
Post: Painting Contractor wants 50% down for labor only deal
- Posts 142
- Votes 61
Its a 4000 square foot home. I have also always paid after the job was done but these people seem to want everything up front. I figured out a way around it though. They agreed to take a credit card payment so they get paid and I am covered by my bank if they skip out and don't complete the job. Win win for everyone all around.
Post: Painting Contractor wants 50% down for labor only deal
- Posts 142
- Votes 61
Quote from @Scott E.:
It is very normal to give a contractor a deposit up front before they start work. Some contractors will begin work without a deposit. Some will only ask that you pay for materials in the beginning. But it is totally acceptable and normal to pay somebody 50% of the job before they start and the remaining 50% of the job when they finish.
With that being said, you should only be doing this with a contractor that you have vetted. Don't hire this guy, you don't know him and you've never worked with him.
Pick up the phone and ask all of your friends, family members, realtors, etc if they have a recommendation for a painter. Hire based on a referral from somebody that you trust. You'll rarely get burned with this approach.
That's great advice. Thanks
Post: Painting Contractor wants 50% down for labor only deal
- Posts 142
- Votes 61
Quote from @Samuel Eddinger:
@Sylvia H. - the way around this is to offer to pay for the materials up front (call in a credit card number). Most vendors are willing to not be paid for their time up front but want to be paid for materials up front.
I run a PM company so we are constantly vetting new vendors. This is how we make sure to not get scammed before we develop a relationship.
Thanks thats a great idea.
Post: Painting Contractor wants 50% down for labor only deal
- Posts 142
- Votes 61
I have a house that needs to be painted. Painting contractor is someone I've never heard of or dealt with. The painter wants 50% down (6,000 dollars) for a job that should take no longer than a week. Since I don't know this person I don't want to give him that much money upfront because I may never see him again. I looked him up online and there was only 1 review albeit positive. Does anyone know of a way around this? Perhaps an escrow company? Appreciate the help. Thanks