All Forum Posts by: Tim S.

Listen to Good deeds note investing podcast, you’ll get a good dose of what it’s like. 

Mine is Co-Ed, they usually come to me as a self selected group. I wouldn’t want to put strangers together, they reach and find their own roommates. 

Hire your own property inspector, do not use one provided by the seller.  I know a guy there who is very thorough.  Did you take a trip out there to see the areas?  You should. 

Give Aaron Nelson  a call. We used him for Tacoma rental property 

Good handymen are like gold, most people don't want to share their info.  I don't know one there BTW, my Tacoma property manager is very protective of that info, won't give me his info. 

My lease does include language limiting the number of guests, and quiet hours.  Hours s/b in alignment with local ordinances. 

see:

https://www.biggerpockets.com/forums/52/topics/491641-nearing-1-000-college-student-tenants-heres-what-ive-learned

I do it by the house, allows peer pressure to work it's magic.  All tenants are equally responsible for the condition of the house and getting the rent and utilities paid.  If one person isn't pulling their weight, the others will step in and put pressure on them. 

There are no tax implications. The main reason to get an LLC is so your personal name does not show up on public records. You should set up the LLC and purchase in the name of the LLC before buying. If the deal hasn't already closed and documents recorded, you might want to get that done. Let PPR know your intentions.

If you are going to make a business out of note investing, you are going to want to automate some things so you don't have to keep track of things manually.  This automation is what people are referring to as "Systems".  You can have many systems for different things, for example you may want to automate sending out e-mails, or a different system to keep track of property taxes.