after the purchase - Posted by bob davis

Posted by bob davis on July 20, 2004 at 19:59:30:

thanks for the info. how long have you ben investing. do you do rentals. i have flipped a few and now have 14 rentals. i think it would be easier if i was retired to manage these units. rather than buying more, i am thinking of building a few on property i have joining my personal home. i think they would be much easier to keep an eye on and manage. i’m 55 and have 31 years with a utility with a good non-management position. hard to pull away. i guess i’ll just have to make up my mind and do it while i’m young enough to give this investing an honest effort. thanks, bob

after the purchase - Posted by bob davis

Posted by bob davis on July 17, 2004 at 03:50:36:

I find that purchasing property is the easy part. Dealing with tenants, insurance & insurance inspections, doubled property taxes, B&O taxes, city inspections, zoning laws and restrictions, and finding reliable people to do good repair work. Anyone have any suggestions or secrets about dealing with any of the above?? Thanks, Bob Davis - West Virginia

Re: after the purchase - Posted by michael schindler

Posted by michael schindler on July 19, 2004 at 23:13:45:

research and screening your tenants is a good start. Unfortunately, the bad ones can still slip through. I ask my existing people -they usually ask me if I have anything for their friend or fmily member. For a multi unit, ask your tenant if they know of a good person who they’d like living next to them-because they will have to put up with them if it’s a bad tenant. I haven’t had to advertise my multi unit since I bought it (nor my duplex). The other stuff, it sounds like maybe you just have a case of bad luck or someone doesn’t like you in the city office and maybe you should look elsewhere for properties???

I m a starter:- Please forward suggestion - Posted by Abhay NAik

Posted by Abhay NAik on July 18, 2004 at 20:20:36:

Hi:

My name is Abhay and i was interested in getting to know whether you guys out there were nervous in the beginnig buying your 1st house!! You see i m a starter and only 22 yrs old in college and like you guys i wanna get confortable with this! Please tell me the secrets as to how i can get started with good distresed properties and sell to a great price !!

I’ll be very glad if you guys help me out on that!!

all part of the game - Posted by BOB DAVIS

Posted by BOB DAVIS on July 20, 2004 at 06:18:58:

I REALLY GET ALONG QUITE WELL WITH THE CITY INSPECTORS. THE PRICE ON HOUSING IS VERY REASONABLE IN MY AREA AND IT IS EASY TO HAVE A VERY GOOD CASH FLOW. THE FACTS STILL STAND THAT YOUR TAXES ARE HIGHER, YOU HAVE ADDITIONAL B&O TAXES IN MOST CITIES, AND UNLESS YOU HAVE THE TIME AND KNOW-HOW TO DO YOUR OWN REPAIRS, IT IS HARD TO FIND RELIABLE PEOPLE. I COULD BUY ALMOST ANY NUMBER OF PROPERTIES, PEOPLE THINKING ABOUT GETTING INTO RENTALS ESPECIALLY, NEED TO KNOW THAT BUYING IS THE EASY PART, BUT BY FAR NOT THE ONLY THING TO CONSIDER. I’M NOT SORRY FOR GETTING IN TO REALESTATE, JUST LOOKING FOR SOME HELPFULL SUGGESTIONS ON BASIC MANAGEMENT ITEMS. THANKS FOR YOUR RESPONSE. BOB

Re: all part of the game - Posted by michael schindler

Posted by michael schindler on July 20, 2004 at 06:38:26:

I keep pretty good (but could always be better) records via computer-and I log mileage. Handyman, wow, that’s most investors problem at one time of another, finding a good inexpensive one. Some stuff you could learn on your own via home depot classes or tech school. Also, finding a contractor who would also like to have a vested interest in your business caution, if they go on title, then your house will be subject to possible liens, etc. Most I have found would love an investing partner because they have bad credit so they can’t get to the point of saving for and buying a place to remodel.

Re: all part of the game - Posted by BOB DAVIS

Posted by BOB DAVIS on July 20, 2004 at 10:07:23:

THANKS FOR YOUR RESPONSE MICHAEL. THE REASON I HAVE TO USE A HANDYMAN IS NOT BECAUSE I CAN’T DO THE WORK, BUT BECAUSE I WORK USUALLY SEVEN DAYS A WEEK FOR A UTILITY WHERE I HAVE A REALLY GOOD JOB WITH EXCELLENT PAY. I’VE ONLY BEEN DOING MY CURRENT JOB FOR THE LAST YEAR, BUT I’VE BEEN WITH THE COMPANY 31 YEARS. THE FIRST 30 WERE PRETTY DEMANDING, THEN THE YEAR I PLANNED ON RETIRING, THEY PUT ME IN MY CURRENT JOB. MAKES IT HARD TO QUIT, BUT I’M TRYING TO GET ALL MY MAJOR REPAIRS DONE BY MY HANDY MAN SO WHEN I DO GET BRAVE ENOUGH TO PULL AWAY AND RETIRE, HOPEFULLY ALL I’LL HAVE TO FOOL WITH ARE A FEW DRIPPY FAUCETS. THANKS AGAIN, BOB

Re: all part of the game - Posted by michael schindler

Posted by michael schindler on July 20, 2004 at 10:15:40:

when you do retire, you will have the time to learn how to do a lot of it yourself-if you so desire. Most of it is pretty easy to do. I don’t tackle the big issues on my own, I have a somewhat “dependable” maint. guy-meaning it’ll get done usually when I go to his house and pick him up. Hint: get your rental portfolio in place before you retire, easier financing. We have some great no doc programs out there-especially for gret credit but, thinkn about how much income you want from the rentals and plan accordingly. I woul dlook at putting them on 30 year fixed mortgages to increase your cash flow. You never really want to own them outright, you want to use them for leverage to buy something else and build your portfolio then, you can let them pay off.

Re: all part of the game - Posted by BOB DAVIS

Posted by BOB DAVIS on July 20, 2004 at 13:09:06:

THANKS MICHAEL, GIVE ME AN EXAMPLE OF A “NO DOC” PROGRAM. THANKS AGAIN, BOB

Re: all part of the game - Posted by michael schindler

Posted by michael schindler on July 20, 2004 at 13:32:53:

lenders are relaxing their requirements on loans. They won’t normally offer someone a “super once in a lifetime rate” but they do bonus great credit borrowers with lower verifications (no income, no employment, no asset, etc). The higher your credit score, the better the terms you can receive. A good broker (because banks don’t USUALLY have these programs for their inside sales force) can shop a few differnt options and show you how the loans are structured (i.e. cash out, LTV, bumps, etc.) It’s amazing how great these rates are. They used to be pretty high and the LTV’s were not the greatest but they are right about on line with conventional loan programs. They are great. Just remember, the lower the credit score, the more verifications you have to go through and the higher rate of fee’s you may have.