All Forum Posts by: Victor Lee

Hi All -  Wondering if I can include my criteria on the listing so only qualified tenants reach out or would I be breaking any rules? Driver is I want to save time in showings and during pre-screening.

So is below language fine to include or am I breaking any rules here? 
_________________________

Qualifications

- More than 600 Credit Score.

- Written Proof of rent payments for last 6 months

- Proof of current employment (last 3 months of pay stubs). If self-employed, transcripts of federal returns for last 2 years.

- Monthly Income = 3x monthly rent

- No prior evictions

- Tenant responsible for all utilities (Electric, Gas, Trash, Sewer and Water)

- Pets might be allowed but evaluated on a case to case basis. Will have a one time pet non-refundable fee of $250 and $30 per month per pet fee

Thank you so much like always.

@Mike McCarthy Thanks Mike. Yes, not entirely fitting my ask :) but still a great idea and very much in line with my mentality around this that I need to be creative and challenge the status quo. Thanks.

Hi amazing BP members- Hope you all are doing great. I haven't been able to find a single decent property management company in my market and I have been looking for months. No responses, lack of professionalism etc etc. I have 8 properties(4 duplexes) now in B hood with great schools (9,7,7) and will continue to expand. I live 90 mins drive from the area and work full time. 

So decided to put my own system in place.

Have two requests for input

1) Call out for gaps in my current or desired setup ( think asset protection, taxes, liability, efficiency and long term thinking perspective). Setup -> Have properties in separate LLCs and all the LLCs are disregarded under a holding LLC. Started a property management LLC recently to communicate with all the tenants/prospective tenants and be the front. Will post on Zillow for vacancies and have an agent arrangement to show the vacant units since I am not there in person. PM LLC does not have any insurance on it(Do I need one?) and my name is on emails, listings (Do I need an alias here). Tenants will pay through an online portal. Still trying to figure out how to get a handyman/contractor on service.

2) Would love to know what innovative strategies other people are implementing for remote self property management

Thank you so much!

This is such great info. Thank you so much - I am so appreciative of this community. 

Hi All - Hope you are all looking forward to this long weekend. To use top down approach, here is my question followed by details ->

Should I be buying properties if the seller is not providing a CO and saying buyer is responsible for a CO? Would love to hear people's experiences (opinions welcome too) :)

Details

- I am starting to buy in Allentown, Bethlehem and Easton area or Lehigh Valley

- Some properties advertise "comes with clear CO" like it is a benefit but others casually say buyer responsible for CO so thoroughly confused

- Heard some bad stories of buyer getting hit when bought w/o a CO but also that is not a big deal to have a clear CO at buying 

- Planning on buying single family + multi-families 

Not sure if I am overly safe and missing out on opportunities here.

Thanks all for all the responses. Going to create a vetting process and hopefully find a mutual fit. :)

What is average response time should I expect from a good realtor on a good(at least to me) deal? Would love some insights here from the experienced BP folks.

Is it me expecting unrealistic response times because I work in a demanding management consulting job where responsiveness/communication is key or do most realtors not understand the value of client communication even if they are very busy?

I want to move ahead and put offers but I get responses next day. All the good properties I have found successfully have been the ones where I moved super quick but these realtors it seems just don't want the business. 

Hey Pedro - Recommend a good hustle. Good contractors are worth their weight in gold so they wont come to you. You have to go to them. Just google and call all of them and run them through a guantlet  to vet them.

@Damaso Bautista Thanks. my question was a bit more aligned towards ensuring rent more than ensuring cash flow. I already have a couple of multi-families in cash flow markets but want to invest in the 3rd one and was wondering if I can zoom in on any niche strategies like the ones I laid out in my question. 

Hi All - Curious what methods folks are using for new SFH or MF investments to make sure rental income flow.

Example-
Buy in good school districts for qualified tenant pool?

Buy tenant occupied properties?

Buy in white collar areas?

Buy and rent to healthcare workers?

Section 8 tenants?

Anything else?