Archive
Is a master lease a good strategy? The very first rental property Ashley and I ever managed was a little three-bedroom, two-bath house on Kids Drive up in Dalton. At the time, we lived in Villanow, and Dalton was a place we frequented. It was also a place that we did a lot of door knocking trying to find deals, which is how we found the house on Kids Drive. When we came across the...
I recently sat down with a property owner who was about to become a landlord unexpectedly. You’d be surprised how often this happens. Their scenarios range from inheriting property to going through a divorce or even just experiencing a job transfer. This particular owner falls into the last category. He’s being deployed overseas and received about a months’ notice. Like I said —...
Last week I talked about how repairs on rental property you own can kill your cashflow. So far this year, our rental repairs have consisted of three field lines, one roof, lots of AC calls, a water heater, a water main and a big subfloor repair. All these amounted to about $30,000 in out-of-pocket expense. Think about that number for a second. If you had $30,000 in repairs, like we...
Many people make the claim that owning rental property is the best way to get out of the rat race and achieve long-term financial success. I happen to be a proponent of rental property. That being said, I’d like to challenge the above statement and see if it’s completely true. I will do that with a tale of two rentals; both scenarios took place last weekend. It was the best...
The other day I was reading a forum discussing myths in real estate investing. One of the contributors said the phrase “it doesn’t take money to make money” is the biggest myth in real estate investing today. I disagreed with the contributor from the standpoint of personal experience; Ashley and I had no money when we started. We were broke kids, straight out of college, with a ton...