All Forum Posts by: Tim Shin

@Patrick Donovan you may need to check if your state requires you to be a licensed real estate agent to manage properties. Otherwise the fastest, easiest way for you to figure this out is to check out @Brandon Turner's and Heather's book on Managing Rental Properties. It will tell you everything you should do and DEFINITELY SHOULDN'T do. Because it can be illegal. Very easily. 

A few of the things what my property manager is doing for me for $100/mo is:

• Makes sure that we are maintaining a safe and good home for a tenant
• Making sure the tenant pays their bills on time and if not charges late fees to discourage them from doing so
• Receiving rent and profit it to me
• Income and Expense statements
• Answers the tenants calls at any time of the day and will handle getting a hold of maintenance to fix issues we are responsible for in a timely manner
• Communicates with the tenants and makes sure they are following our rules

Those are just a few of the things I can think of off the top of my head that I enjoy the most.

@Andrew McKinnon welcome to the club! I hope you learn a lot, get started, and get out there meeting people. @Elizabeth Colegrove was one of the first people to welcome me and it was awesome and really got me excited to invest. Hope to see you around. I recommend going to JetLending and RentersWarehouse's Meeting tomorrow night in Stafford. You'll be able to find it on JetLending's website for sure. It will be a huge investor meeting that might be a bit overwhelming but you'll get out there. Also, @Charles Nguyen has a Real Deal Meetup. Don't know when the next one is. 

 I am not a lawyer, Rich, nor a loan officer and I don't know for sure about the text of the documents... but my experience indicates that debts of the deceased (decedent) are required to be paid off and all debtors get in line using liens. The court will pick an executor as determined by the decedent's will (or the court's choosing if there is no will) to basically execute what the will states (or what is in the best interest of the heirs if no will) to do with any property (real or not) to 1st satisfy any debts then 2nd distribute the remaining proceeds to the heirs. This includes loans on real property (real estate). So that means that the loan company always gets theirs. Unless there is no profit to be had and then it may enter short sale. 

@Jazmine S. I think this can be an area specific question and you might need to ask people in Florida. Closing costs in Texas differ on the size and worth of the house. I'd suggest calling up your favorite Title Company and asking for some guidance on this (unless there are any Fort Lauderdale Title Company people on BP? Calling y'all out!)

But I think that you should calculate your numbers using closing costs for the buying AND selling of a rehab every single time you estimate your deals. That way if you end up not needing to pay it, you've made some extra unexpected money. Offering to pay closing costs can go a long way with a seller and is standard when you are buying from wholesaler. 

Hi @John Cimino. I don't know about Newark, Delaware, but here in Houston there are some larger property management companies that do "lease guarantees" where if your tenant that THEY found leaves or is evicted early, they will find you a replacement and pay for the lost rents. You might check out larger companies and ask if they do lease guarantees. I think they may be up to 6 months reimbursement for a 12 month lease and maybe 18 months for a 2 year lease. 

@Kai Wong I would be happy to network and work with you. Send me a message and maybe can chat over coffee. I live in the Heights.

@Sam Craven I keep seeing your office every time I drive somewhere from my home. Thinking about just popping in to say hi!

@JP Palella I've seen a lot of really great deals in the Champions area of Spring-Klein that would be great at 20% conventional on the MLS! Amazing elementary schools and great rents.

Consult a lawyer on this one for sure, don't skimp out on the consult because there's a lot of gray area here that could result in the deal backfiring on you.

Hi @Nick Chambers I'm an rental investor-wholesaler. Hopefully we can meet your needs. Send me a message or sign up through my website. I am not interested in flipping thus all flips get wholesaled and right now we're helping my dad recover from his heart attack so we aren't buying anything!

 Steve, my fault, I'm pretty sure it was episode 202with @Mark Walker https://www.biggerpockets.com/renewsblog/bp-podcast-202escaping-rat-race-rental-properties-mark-walker/