All Forum Posts by: Account Closed

I am with @Bob Woelfel . Even with the $350 in damages, you can spend that in the blink of an eye hiring an attorney. Plus, if they didn't have money then, chances are they don't have money now. You cant get something out of nothing. I say focus on the opportunity ahead of you and go make money. They already cost you once. I wouldn't let them do it again.

@Edmund Mcginn to avoid telling them no and damaging the relationship, you could give them an option. Tell them for the additional expenses and liability it will cost X amount per month to run the daycare. And let them decide not to do it.

@Caitlin DiBenedetto Definitely thinks you should keep the property. You own it free and clear and that is hard to come by. Plus, there are lots of options to fund the repairs. Overall, I think you are in a pretty good position.

Your tenants seem normal. They don't want rent to go up and they don't own the property, so they don't take great care of the property... Sounds normal to me.

You are a flexible landlord, meaning you will work with your tenants. That's not necessarily a bad thing. Life happens to people and sometimes we all need some slack. That compassion and understanding has value. People will want to rent from you.

However, too much compassion can obviously be problematic. That is not to say you are the problem. You are who you are. Any management structure always has two pieces. The good cop and the bad cop. The good cop builds loyalty, which you clearly have, and the bad cop lays down the law.

Since you are charging them only 50% of the going rent, it seems to me you have plenty of room to raise the rent for a property manager.I wouldn't be too worried about the tenants leaving. Even if you raised the rent to 75% of the going rate, they might complain, but they won't be able to find a better deal anywhere else. And if they leave, at 75% of the going rate, you should be able to fill the property quickly.

Anyways, with a property manager, you will have someone to lay down law without you being the bad guy. Some people like being the bad guy and others do not. The property manager can handle raising the rent, charge fines for damages and keep everyone accountable. The tenants won't like it, but that will be the point. Then you will come in, give the tenants a high five, lifts their spirits and keeps them renting for you. The good cop bad cop routine.

Once you feel like your back in the diver seat of your property, I am pretty sure you will find some solutions for the repairs.

I try to learn something new on here every day. There is always something to improve on.

@Sara Shinn Congratulations Sara!

That is exactly what I was looking for @Joseph Back  Thank you.

@Adam Schneider thanks Adam. Are there any you would recommend?

There is tons of information on how to build a buys list. I have not seen too much about managing a buyers list.

I am new to real estate, but not to sales. I have built my CRM. I have wholesale leads coming in. I am working the leads. Now I am starting to build my buyers list.

I am curious, are there any tips on data to keep track of when organizing my buyers? Things like the cities a buyer is buying in, or the types property they are buying, or whether they are a fix and flipper or landlord.

My thought is when I send out a deal I want to be able to send it to a targeted list buys. I want my reputation to be when a buyer gets a deal from me they know it is in their targeted market and something they need to stop and review.

I don't want to have a huge list and blast out mass deals to a bunch of buyers, not in the market for that particular deal. I feel like that could make my deals more like junk mail then readable content.

If there are any buyers who would be willing to offer feedback on ways to ensure deals are relevant to their particular needs that would be great!

And any wholesale who have tips on how they manage their buys list I would love to hear those too!

And if I am over thinking this, let me know that too.

I have a contract, I am working on the property. Once the contract is signed, what is the next step in North Carolina? Do I take it to an attorney or title company or both? Has anyone used LegalShield to handle contracts?

@Russell Caraotta I didn't see it mentioned in this thread, but there are some other ways to make Facebook work for you than just the marketplace. There are a lot of active yards sale groups, local info groups, tips for moms and such that are well connected. Posting something like "looking for great tenants, if anyone knows of anybody please send them my way," can get out to a lot of people.

Also if there are any colleges nearby, they will have groups FB groups too. Hashtagging the school name and such can help.