Fear and proactivity

Fear and proactivity

Fear and proactivity   I think that you will agree with that me that there’s a lot of uncertainty going on right now. And people do some strange things when they get scared. If you don’t believe me, go check out the toilet paper aisle at the grocery store. Now, I’ve had to make a run, or perhaps more of a waddle, for toilet paper before. But I’ve never seen…

How can we structure this deal?

How can we structure this deal?

How can we structure this deal?   In the summer of 2010, I was blessed to have a sure-enough successful husband-and-wife real estate investor team take Ashley and me under their wings. They have a passion for giving and enjoyed teaching aspiring and established investors alike on how to creatively structure deals. Without them, Ashley and I wouldn’t be where we are. That passion lives on today as they travel…

Application with push-button capability

Application with push-button capability

Application with push-button capability   We’re about to see some things change dramatically in the way we market our rentals. Our normal procedure has been to go take pictures and videos of a property, upload them to Zillow’s Rent Manager and then use that link to post the property all over Facebook. We still put signs in the yards, but most of our calls come from online sources these days….

Risk versus reward

Risk versus reward

Risk versus reward   I had a really good opportunity for a private money lender, recently. I emailed the information to everyone I thought would be interested. The deal was to loan money to us at 6% interest only. I noted in the email that 6% was three times what the, and I quote, “high yield” CDs and bonds being are offered for in 2020, according to bankrate.com.   The…

What does a day look like?

What does a day look like?

What does a day look like?   I’m often asked what a typical day looks like for a full-time investor. This is a hard thing to answer because any given day can be different. But to give you some insight as to the possibilities, let me tell you about yesterday.   I woke up at 4:30 a.m. (that’s not a typo.) The reason I get up so early is so…

It’s not what you make, but what you keep that matters

It’s not what you make, but what you keep that matters

It’s not what you make, but what you keep that matters.   How many of you have heard stories about lottery winners who win it big, only to lose  everything in a short period of time? I was reading a web article on this subject recently and it was mind blowing. The article went through many stories of how different people had won millions, only to lose it in 10…

Holidays, vacancies and late payees

Holidays, vacancies and late payees

Holidays, vacancies and late payees   I got a call recently from someone needing advice about their landlord/ tenant relationship. This caller was the tenant, rather than the landlord.   This tenant was upset that they had just received — and I quote — “a nasty letter” from their landlord. The letter said the tenant either needed to pay what was owed in full or move from the property.  …

It came back to bite us

It came back to bite us

It came back to bite us   Having a well-thought-out tenant screening process is essential to your success as a landlord. If you haven’t developed this plan, you should really give it some thought.   Let me walk you through the major parts of our tenant selection process and then show you how not sticking to it resulted in us getting a house back in poor condition for the first…

Move-in inspections

Move-in inspections

Move-in inspections   I was out doing service calls on some of our rentals yesterday. There’s a reason for that. It’s mainly that I like to handle the repairs listed on a newly installed tenants’ move-in inspection sheet. First, let me tell you about the importance of the move-in inspection process, and then, I’ll explain why I like to handle those repairs myself.   During the lease-up process, which is…

Start the ball rolling

Start the ball rolling

Start the ball rolling   Does this scenario sounds familiar?   Rent is due on the first and late after the fifth. After 5p.m. on the fifth, you send a letter of demand via email and a text that says the tenant needs to pay or move from the property by the ninth. If not, you’ll have to file dispossessory at court.   On the morning of the ninth you…