All Forum Posts by: Ben Riechmann

If you know someone is going to jump ship but they haven’t yet, how do you look for a replacement when that person is not gone yet. I have run into this with clients and 90% of the time they were right. A maintenance or office person that is vital to there business is going to most likely jump ship. You should dig your well before your thirsty so you are not scrambling at a bad time like turnover season, but you got to walk a tightrope on how to handle the situation. This is with promises to the owner they are staying but talks elsewhere and actions that suggest they are planning to go.

@Mike Schorah it’s about who learn to build better systems and those that do not. Instead of tuning out those that said they did real estate for awhile and got out of it, I want to hear why.

Top reasons, please others chime in.

1. They do not improve on their screening system. Not just how you check background and credit but where you market and how you do it will save you tons of headaches later on. Learn from your own mistakes but learn from others as well! I have added from talking to other investors horror stories and thought, yup my lease doesnt protect me from that and added to it.

2. Build a great team. Weather they stay with you or not, everyone has something to teach you on what to, or not to do. These are gold lessons and will help save you SOOOOO much stress. Don’t try to be the guy or gal that knows it all and doesnt look for changing info. Agreeable Grey for a long time was the color to paint rentals, that is changing. I would not know that if not talking to people. There are ways to make cabinets look brand new with paint from P and G that really holds up agains better against tenants then if you shelled out a fortune for new cabinets. That could get ruined fast. In this era where building materials are crazy costly there are places you can get high end things for less then the low end junk at Home Depot. You find this out by reaching out. Don’t be an Island.

3. Near 17 years been doing this and always trying to learn more and trying to help new and more veteran investors with there stuff. When we work together we learn from each other. A new investor may have a field of expertise that can give you an idea as well. Network. Helps you not feel alone and get more done. Less likely to hit that 4 year.

@Jesse Kerr It is good to use different systems to help streamline things to help keep headaches down. I like buildium software to help keep things in order and going. Not all my clients that have the numbers you are talking and above like that and prefer others. There are groups you can hire outside your group just for payroll, book keeping, etc. which in certain circumstances does make sense and makes it easier to focus on other things more like growing your business more. Always evaluating systems for better mousetraps as we grow is obviously a big key to success.

@Anna Bodmer sometimes the best way to find one is to go out to breakfast. Talk to locals about who they have used for similar projects and liked and didn’t like. If it someone trying to drum up business for a family member you may want to steer clear. If it is someone that person uses a lot, you are calling with a reference to someone else they have done work for. Gives you a leg up with busy contractors as more likely to go with you than someone with no prior contact. Be ready to pay day they are done. Then if they have to decide between you who pays day work is done and a new client or someone they have to chase for money they will prioritize you.

@Alicia Marks Often I find it is hard to find high quality masons these days. Most of the people in my network do not have many they would recommend for important jobs. Only basic. You do have to be somewhat careful with those that call themselves painters. I deal with a lot of rentals and have had ones that have been “painters” that did worse than college students that never painted.

Looking for a mason for the Cleveland area.

@Kerry Pangan use equity on first to buy second. BRRR. You have increased your income. If you are worried about another loan look for an investor looking to sell at you local REI meetings. If they are willing to do a land contract on a property you can again increase your debt to income ratio without it showing up on your credit report until ready to finance. The great thing about real estate is there are many ways to do a deal. I invest in many things, and nothing else has this flexibility.

Brrr works very well in some areas and not always the best answer everywhere.  I invest in more than one thing.  What I love about real estate is there is often more than one way to get a deal done.  Way more ways than different investments I am involved in.  So if you find one way you are trying is not working as anticipated, it's good to reach out to a network like this to see if there is another way to get it done, or a way to shift for a better route.  Lol, I lost some workers that now own real estate after I showed there was more than one way to get into it, but gained life long friends.

Oh, go Pat's and Sox.  You are in my old stomping grounds.

Little secret to help in the search.  If you search for chimney guys you may not come up with as many results in searches.  If you look up masonry restoration you get more hits that can do that and future work for you.  He's a ways a way but Joe Kimball may be able to come up and get that and just about anything else you need done.  It would help if you had more than just that.  330-951-3242.  Tell him big Ben referred you.  He has only worked on my places near Youngstown.