pier3pressure

This is my full-time job, I am one of four Property Managers in our company located in MN. We oversee 50 properties totaling roughly 3500 units in MN, IA and WI. If you need assistance and or a management company to come in and take care of your problems for you. The majority of our properties are involved in Section 8, 42 and 202 type housing programs. Oh the joy of paper work and government officials! Let me know if I can be of assistance

www.weismanagement.com

hugetime1

first off in carlton sheets defense, he advises people to start out with single family houses, and to stay away from bigger properties when you start out, I believe he says that in chapter 6. he warns trying to bight off more than you can chew in the biggining can be desasterous.

Allan4

I think I take the award for biggest worst lie told to a landlord....

On my way to evict a tenant in a rental house, with a little encoragement from Merlin, I got a call from her "sister" (sounding earily like my tenant does) and am informed that my tenant's son was just killed in an "accident". You know the rest of the story........it was a lie to avoind paying rent.

I mean....I have heard some whoppers, but this one takes the cake!! What the hell kinda person lies about something like that? I mean, seriously, that is pretty terrible.

She still owes me a good chunk of change too...dammit.

Chuck, I know plenty of people who have more than full time jobs and also rent properties. To me it is a no brainer, everyone I know who is really successful has plenty of real estate as well. Go for it, stick it out, make good decisions. Good luck.

BajaRunner

I have a full time gig and 4 properties. When I started my first, I did all the work, and as i add them i realize i cant do it all. when your looking at cash flow before buying, DONT use yourself as an employee. Figure out worst case, and if you cant make money there, look for another property.

Ive got a bad eviction going on right now that involves a bankruptcy. thats a new one on me and it sucks. dont grow too fast and you will get the hang of it. I learn something new all the time.

hugetime1

best trick i ever learned with those people is to pay them with there security deposit to move out within 24-48 hours. just say to some body I will give you $700 to get out by tomorrow. its there money anyway and trust me, it is a whole lot cheaper in the long run.

ChrisK

Jason, what the the hell you been up to?... PM me when you get a chance.. I have something to ask ya when you get a chance...

BajaRunner

ive tried EVERYTHING to get em out. finally had to hire lawyers. bad deal. they have only been there 4 months and after lawyers costs, eviction fees etc, It would have been cheaper to leave the unit empty.

Spicy

Great Thread everyone, I go to settlement next Tuesday on my first investment property, hopefully things go well, in my case the existing owners are divorcing and need to sell, there is already a renter in the house with a good track record and a lease through June.

hugetime1

even with all the diffaculties associated with owning realestate, it is by far the best way to passivly aquire wealth because of the ability to leverage large assets with very little of you own money. so I would say to anyone thinking of buying rentals to do it, and not to get discouraged when things go wrong, just have paitance and deal with it, cuz in the long run it will pay off.

BajaRunner

agreed