All Forum Posts by: Terre B.

I'm sorry, I mislead.  I'm in Aurora but this property isn't.  

You can't buy a doghouse in Aurora for $75K. Part of the reason I'm trying to learn here, is because I cannot buy in the metro area on my income.  I need more income.   I have the credit, but coming up with the down will be a stretch.  And I know, "save".  But if I pinch pennies any harder, Lincoln is gonna file for harrassment.  I'm ok with the risk.  So for a first investment, this kinda seems a place to start? 

Since I haven't upgraded to PRO yet, I did a screen shot of the analysis.  It doesn't meet all the "rules",  so I'm not sure.  It is currently rented, for $900 a month with a tenant who wishes to stay.  

Is it worth pursuing?

Amanda, if you have the experience dealing with a wide variety of people, then you would be great.   I would only say, that self managing C-D property is three times the work. But I get you.  I'm actually looking at a  similar property now,.  I guess it's sorta my comfort zone.

@Amanda H.

I once took over management of an assortment of...well, trailers, motels SFR, etc, in what would be considered D or lower. Within the first month, I noticed police activity at one of the places, (lived on site). When I went to see what the issue was, one of the deputies demanded to know what I was doing there. When I told him I was the new manager, his jaw dropped. "Do you realize we had 9 murders here last year?"

Uh, no, the owner hadn't though that was worth mentioning, apparently.  

But I'm not a quitter, (and the money was good!) so I stuck it out.  I upgraded the units, screened tenants, treated the tenants with courtesy and respect, and we had NO murders during my time there, and much better occupancy and collection rates.

I'd say a LOT of it depends on your management style and  people skills.    

Can it be converted to a duplex? 

I worked for a slumlord.  He wrote the book. 

1.  Treat the tenants like dirt.  Make derogatory remarks about them, their families, etc.

2.  Do not bother repairing anything.  If the tenant threatens to call the Health department,  see step 3.  

3. Intimidate and threaten rather than go through proper channels to evict.   Threats to call the police, Immigration work well.  Illegal lock outs work as well.  This type of tenant rarely calls the police on a landlord, and the police have better things to do.

Providing a basic, sanitary, safe roof over their head, with heat, and a place to cook for a reasonable price, is not being a slumlord.  

 His motivation might go higher after the first cold snap...just saying.

@Kyle Marek - One thing to keep in mind.  Consider your grandfathers age.  His perspectives may well be from 20 or more years ago.  Property management has evolved, as have the people who do it.  If your grandfather is speaking from experience of say, 1970?  Many property managers were a side gig, and not necessarily the level of service available to you today. 

Respect his knowledge, but evaluate it as to it's merit in 2018.  

If I see "staged" and stained carpet, I wonder what the staging is supposed to hide or make me not notice.

And I've always wondered why people think the yard doesnt matter.  I see flipped houses here, with thousands invested in the interior and zilch on the yard.  One I looked at last week, they had orange mulched the whole front yard.  I won't even get out of the car if the yard is pathetic.

Roaches are a much more difficult prospect to eliminate in the south.  Many years ago in Tulsa I mistakenly moved into a house with roaches. Fought and fought them. I finally was about to move out and determined I wasn't taking them with.

I went to the feed store. They had industrial strength foggers. Said it covered 20,000 sq ft. I had an 800 sq ft crackerbox. I set off 4  of them 1 per room. Fogged that thing so hard you could see fog seeping out between the siding. Thenn I took stuff into new house I moved everything into the 2 car garage and surrounded the pile of household goods with three rows of double sided sticky tape. It caught more of them. I unpacked item by item, putting every article possible in the washer and wiping down every piece of furniture with bleach inspecting for egg sacs. 

Never again.