That happened after making 5 phone calls to their emergency repair department and threatening to sue them for refusing to grant me access to my property…my property manager contact was not picking up her cell phone stating that she does not pick up her phone on a Friday at 4:50 pm.

Hello, I have rented out a Single family home on Jan 1st 2024, tenant was brought in by an agent and setup lease as well.The tenant profile was not so great, but it was empty for more than 3 months and I reluctantly rented it out.Since then, tenant was paying rent, but on 5th of every month after couple of followups.Last month they pushed it to 15th asking they were hit by sickness, family emergencies and BS, I said its only one time pass and they paid it on 15th.Now August 1st is upcoming, they are requesting for a call setup to chat, not sure whats that abt, but I presume to buy time.BF and GF signed the lease, it appears things not working out well between them, only lady is  answering emails/chats/calls.

I have the reserves in place for the 5% down payment, 15K for emergencies, and have no debts! 

I invest OOS, where my risk tolerance is the lowest and may end up purchasing a lower priced property well within my budget where I can cover any vacancies/emergencies using my own capital.

This is a normal procedure and the business type does not officially matter for this strategy.  

Here’s the plan I’ve come up with, and I’d love to hear your thoughts on its feasibility, potential risks, and any improvements you might suggest.The Plan1.Pay Off Mortgage: I currently have $170K left on my mortgage, and my goal is to aggressively pay it off in the next 1.5 years.2.Establish Emergency Fund: Before making any big moves, I’ll set aside 6-12 months’ worth of expenses as an emergency fund.3.Extract Equity: Once the mortgage is paid off, I’ll pull out the equity from the property.4.First Flip: Using the extracted equity, I’ll purchase another house, fix it up, and sell it for a profit.5.Reinvest Flip Profits: Instead of buying another property immediately, I’ll use the profits from the flip to renovate the original property, aiming to increase its rental income and appraisal value.6.Reappraise and Extract Equity Again: After renovating, I’ll get the original property reappraised and extract additional equity based on its increased value.7.Purchase Rental Properties: With the additional equity, I’ll start purchasing rental properties that offer positive cash flow and have growth potential.8.Leverage Equity Strategically: I’ll use equity from the original property and any new properties while maintaining a healthy loan-to-value ratio (LTV), ideally around 70-75%.9.Build Rental Portfolio: I’ll focus on acquiring a mix of property types (e.g., single-family homes, multi-family units) to diversify my investments.10.Focus on Cash Flow: I’ll prioritize properties that generate consistent positive cash flow, ensuring that rental income covers all expenses, including mortgage payments, maintenance, and management fees.11.Long-Term Hold: I’ll hold properties long-term to benefit from appreciation and tax advantages.

All you really need are some reliable contractors to respond to maintenance issues, particularly emergencies.

If you wait for an emergency to happen it is the most expensive time to deal with the issue.

Here is what I proposed:Setup fees : Administration Setup:One Time Fee: $400Guidebook: Using professional photos give the guests a professional tour of the house and how the home works (Wifi passwords // How to use grill // How to use propane fireplace // Hot tub instructions // Sauna instructions //Check in and check out instructions //where extras may be storedOTA (Online Travel Agency) setups: taking professional photos and actively updating your listing on popular platforms;PMS (Property Management System) Setup Smart Pricing Set upWebsite integrationOther (furniture arrangement / design / décor shopping and set up) $50 per hour· Placement fees · Marketing Cost: Variable depending on needs/wants for marketingFacebook AdsGoogle Ads Cleaners: Set up procedures/take pics of expectations· Management fee—30%Guest communicationCleaner communicationSetting Rental rateDealing with small maintenance issuesBooking CoordinationSmart Lock integrationKeeping supplies stocked (TP, paper towel, all cleaning products, coffee, filters, creamer, sugars, teas,)(Receipts would be submitted on a monthly basis for either reimbursement or book keeping purposes)Encouraging guests to leave good reviews by periodically checking in, providing a review template, and ensuring guests receive the amenities they are looking forContinued marketingMajor Maintenance fees—OwnerCleaning and laundry services fees: Cleaning fee to the guest depending on how cleaner wants to charge

Their emergency is not always your emergency.2.