All Forum Posts by: Jeff G.

I'm a wholesaler in CT and I'm just starting out. I've been at this about 2 months and change. I've found good tools for analyzing properties, including rent-o-meter pro for analyzing rental comps extremely quickly. But median rent is one thing and the amount of pain you have to go through in order to extract it is another.

Is there a good tool out there for analyzing neighborhoods or several square blocks for things like average credit score/rental turnover, etc? This way I can get a feel for "A," "B," "C," and, "D" neighborhoods without having to leave my desk? I realize a ton of this is individual tenant screening but some areas attract certain strata of tenants (and no better) and others aren't as problematic in this regard.

Ideally this would be something on par with Trulia's area crime reports that I could easily print out and make a standard part of the property dossier I provide one of my cash buyers.

Thanks in advance!

Yes, @Melissa Melia is correct. An improper serve of notice often results in starting the process completely over!

@Andrew Ginsburg anything larger than four units is commercial. I have to agree with @Kyle Gregg go for a triplex and see if you enjoy the experience.

@Lawrence Rutkowski I second @James Wise post a 3 day notice and start the eviction process.

If you're new to this you can usually find "flat rate" eviction attorneys that will handle the whole thing for a fee. As a rule of thumb: working with a previously good tenant is fine, done sparingly, but never ever ever a thousand times never fail to start the eviction process before the 25th of the month no matter what their excuse is. 

Why? because an tenant getting evicted can sometimes extract concessions from the judge in terms of time order to "find a new place." Except, they should have already been looking. 

@Erin Murtagh there is an large REIA that meets on Square Lake Rd in Troy. You can find out more about them here: http://www.michiganrealestateinvestors.com/. Since you're just getting started I'd suggest you go to a meetup and see if you like it. I've made a bunch of contacts from going to REIA's. Also, sometimes smaller REIA's start as threads right here on BP and then people just gather at the pub and "talk shop." You've got to start somewhere.

@Jahmar Childs welcome to BP and (seriously) thank you for your service to our country.

Because you're active duty military you have access to VA loans. These can be awesome for flips and rehabs. You should check out BP Podcast Episode 103 where Elizabeth Colegrove explains how she and her husband have built up an army of rental properties using just VA loans and creativity.

@Holly Prokop why do you ask? Did you just get burned by a tenant at lease renewal?

When renting I've never been asked to show proof of employment once I've signed the initial lease. If you're getting paid regularly and the tenant had a job when she started with the previous lease I'm not sure it matters.

@Tina Ferrier just start sending Yellow Letters. Make sure to send them to absentee owners / owners with 50% or greater equity. Anything less and it's unlikely to be a wholesale deal.

If you have a lull in your mailings (perhaps due to budget constraints) start cold-calling Craigslist. I got an excellent lead yesterday from doing this.

Yes, I've dragged my feet a few times. I have an extremely demanding day job (60-80 hr weeks are not uncommon) and I do this on the side too. This forces me to automate and prioritize. There is usually a lull in my mailings (which I don't like) but I have to catch up sometime.

Oh, and since you're new: welcome to BP.

@Randy Abernathy try Googling "Hard Money Lender [your area] VA." chances are you'll get several results.

Also, consider going to REIA groups and asking around.

Oh, and before I forget my manners: welcome to BP!

@Chris L. I think I need to object to the idea on philosophical grounds.

When you extract a late fee it's because the tenant has caused you legal injury because if their failure to pay on time. If you "discount the rent" for paying early, respectfully, it feels like you've transitioned from landlady to land-nanny.

Vacancy is a bigger threat to your bottom line than mild tardiness with respect to payment. I know some landlords that take a lesson from cell phone shops: they use inexpensive loss leaders to secure longer term contracts.

How this usually works:

Someone signs up for a lease with a term of 14 (or 18) months instead of the more typical 12 months. In exchange they're given a loss leader such as a 50" TV or an iPad for "free." The value is agreed upon contractually in a lease addendum and is usually more than the landlord paid e.g., a $250 TV with a contractually agreed upon "value" of $600. If the tenant breaks the lease the value in the addendum is added to any future collection attempt.

If done correctly, in the right area, this can decrease the amount of turnover and increase the speed with which you take on new tenants in the event of a vacancy. What do you think?