All Forum Posts by: Timmi Ryerson

@cody evans the info page on face book is Committed Property Owner. It does not sell anything it is there for people to interact like here on bigger pockets.

@cody Evans I cannot say on bigger pockets or they will ban me for advertising.  Go to linked in and look me up. You will find more info there.  

Agree with Tom.  I am not a fan of retargeting setups.  I get annoyed when I see them on my feeds.  It feels like a violation of my privacy.  I have tried FB ads with a limit per day and got a lot of followers, but no sales.  So now I post to thousands who follow my content but it does not make sales.  If anyone has an idea for how to change those followers into customers, let us all know.

I am getting that this tenant is a man.  I also heard you state in your letter that you have been asked to visit his apt. several times (repeatedly) in the past several months. While I agree with all that has been said about your overreaction to a request for a receipt, there may be more here that you need to pay attention to. Is this gentleman elderly and lonely? Is he younger and may he be attracted to you?  He has every right to ask for a receipt for rent.  He also has every right to get repairs done in a timely manner and have attention paid to real issues.  But if he is seeking companionship or more, it may be a good idea for you to send someone else to his apt when he requests a visit, or communicate via text or better yet a message system.  Also document everything that this tenant is asking for and what your response has been.  I also agree with Linda D about everything you put in writing may someday be seen by a judge or jury.

If it is an older building and has been vacant chances are there are major issues with electrical, plumbing and sewer.  Is the property on a sewer (if so what is that cost) or septic?  Regardless all needs to be inspected.  With the first property I bought, the contractor I hired to do the inspection did not check the sewer lines and connection.  Three days after the deal closed, there was a sewage flood from my complex (it was rather large) that flooded half a city block.  What a mess and insurance will not cover the leak only any damage caused.  So I speak from experience.

Pay close attention the foundation as that can be a major cost if compromised especially if it is in an area where sink holes or ground water has been a problem.  Orlando does not seem like a city that suffers from high vacancy rates.  If it is within reasonable vacinity of the entertainment parks and attractions, several units could be rented as vacation rentals which would bring higher income, but also higher time expenditure for management.  If you are good at rehabs and like it, after you do your engineering studies, depending on what your inspector finds,  you should make an offer that allows for the risk you are taking and gives you that chance at cash flow.  It does not sound like there are a heard of developers going after this property so you may be in a buyer's market.  But I suggest you check with your local chapter of NARPM to see if they have data on vacancy rates in the area where this building is located.  Good luck.  Please post what happens.  It is always interesting to read post mortems in the real estate biz.

Did you do tenant screening and did you contact the previous landlord?  I know that when there is a problem tenant and the previous landlord is trying to get them out, they will not always tell you the truth, but at least you may detect an air of urgency or alarm in their voice.  This is most certainly a mental health issue.  If she contacted you over 300 times in a few days that is abuse. I would send a letter telling her that she must stop or her lease will be revoked.  Also contact a mental health agency and ask them for advice.  Everyone needs a place to live.  If she is paying the rent, she must be working or have a source of income.  If the abusive contact continues, I would have the police get involved to see what can be done to help her.  Good luck.  I have only had one tenant like that.  She turned the bathtub on in a 3rd floor apt and locked the door.  The tub ran for many hours before I was notified.  It ruined 3 floors ceilings and walls.  She was taken to 72 hour holding at a local hospital and then put into long term supervised care.  Our damages were HUGE!

People who offer loans for you are many time scammers.  They will agree to loan you money then tell you that you need to pay an up front fee of $x for whatever. Some say it is a fee and others say it is insurance.  The point is, that they will take your money and disappear.  These people are getting smarter and now registering their company name in a state.  That gives them legitimacy.  However if you do your due dilligence, lenders who are real must also register with the Credit Service Organization in the state that they have a business entity registered.  Always check to be sure a lender is properly registered.  Finally, insist that any loan be closed either by your lawyer or an escrow company.  Any fees should be paid upon closing as the money changes hands and be supported by legal paperwork.   My rule of thumb is that if it is too good to be true, it probably is fraud.  Beware of people offering too good to be true loans on Linked In.  

I will pm you with some ideas.

I have read this thread before.  Please know that you do not have to use many different tools to get what you need to manage your properties and your rental business.  There are software platforms available that provide all tools you need.  I cannot make a recommendation because I am involved with one of them.  Good luck.

It is pretty standard for PMs to add a % of the vendor bill to your cost.  It is the way they pay for their time to manage the repair.  Most PMs do not put any language regarding management of repairs into the contract.  So ask them directly if that is what they will do.  As far as managing properties in another state, I did so very successfully for 20 years.  That was before software for rent collection and tenant screening and posting webflyers.  With software it is a snap to manage your own properties.