Finally rented my first rental unit today. Going by Robert Kiosaki’s definition, I now own a property that is paying for itself. Looks like I found a pretty good tenant too. I called his references and they couldnt say enough good about him.
Now I think i’m hooked. I want to call my realtor and tell him “I have a problem. I have a for rent sign and nowhere to put it!”.
My plan is to be able to acquire 3 to 4 houses a year. Next project is getting the triplex up north ready for rent (big project). Cant wait.
Gotta keep that cash a’flowin’.
Edited 1/24/2007 5:23 pm ET by MSA1
Replies
MSA1,
Great to hear, have been doing the same thing! I have 8 rental units, and a chance to buy 18 more if the numbers work. The banks jump on this if "the numbers work" The down payment is what kills you, but I am working on that. Good luck!! Robert helped a lot!
Northeastvt
Banks drive me crazy. I dont understand why I have to jump through so many hoops for a secured loan. Conversely, I have access to about 80 large through credit cards completely unsecured.
It is nutty. In another life I sold motorhomes...$50k-200+K. I could usually get financing approval in a couple of hours with just a credit app. Contracts drawn and paperwork in a day if need be.
And to top it all off, no CDL required to pilot the things....kinda scary sometimes!PJ
Everything will be okay in the end. If it's not okay, it's not the end.
Yeah, I can go anywhere I want and get what I need except a bank.
that point about a cdl is so on the point,35k lbs rolling 70 mph,drivers 70 yo,bad vision,slow reflexes,thats scary.i own one and i sometimes question if i should be driving without a cdl. larryhand me the chainsaw, i need to trim the casing just a hair.
i just want to throw something i've learned over the years. when checking refs.,always go to the second to last one to get a real picture.if i have a bad tennant and you call for a ref,if i tell you he sucks,i still have him. i won't completely lie to you but you can bet i'm not going to point out his problems.the guy he moved out of a year ago will tell you anything you want he has nothing to lose.larry
hand me the chainsaw, i need to trim the casing just a hair.
Funny you should mention that. The line was busy at the previous residence so I went to the one two back.
His reference persons words were "this person went above and beyond, he was a very good tenant".
Nice score Mark! Where is the asset, up north or in warren. Or perhaps ferndale?
I ran an ad for tenants and I got a lot of quality calls. There are a lot of decent people out there downsizing right now to catch their breath.
What was the tenants story?
blue
"...if you just do what you think is best testing those limits... it's pretty easy to find exactly where the line is...."
From the best of TauntonU.
This is my Ferndale house. Up north is next on the plate (need to get my money together). This guy is about 30 and is coming up from fla. He works in radio and has very good references.
The only place I advertised was on craigslist. I showed the place about 8 times in two weeks, and got twice as many calls. Great response for a free ad.
Tell me more about craigslist. I"ve got some stuff I'd like to rent sell for free.
You ever going to stop by Oscoda? I"m up here all the time, so every days convenient.
blue"...if you just do what you think is best testing those limits... it's pretty easy to find exactly where the line is...."
From the best of TauntonU.
Craigslist needs to be pretty local to work very well. We've got one here, gets a couple hundred listings/day. Sold a wood lathe that way last week. Buyer advertised he was looking. Mine was the 4th he looked at, and the most expensive. Even better, his brother has a metal lathe I'm going to look at shortly. Networking.
Can be very effective. Simply free advertising, with photo possibility. Get an email, or post your phone number. Helps to post where the item is.
Our local list gets ads from other parts of Va if the item's expensive (worth the drive). Generally deeper pockets around here.PAHS Designer/Builder- Bury it!
I've been a little busy down state lately. I'll be going back up soon and as long as I dont have to meet anyone up there, i'll give you a call and stop in.
As far as craigslist goes, just check out the site. Its pretty self explanatory. There's alot of different headings. Just pick the one that fits what you have to offer and go from there.
It is easier to place adds if you create an account first. I even have an add for my business on there. I didnt get a ton of work but I got a couple of jobs.
Edited 1/27/2007 1:48 pm ET by MSA1
Well we're happy for you but keep it zipped up -- you don't have to show us.
Another landlord is born. Congradulations and the best of luck drawing good renters to be old friends.
Tim
You are at a good age but AH, youre gonna have to change somthing ;
This is the last time I'm doing drywall.
That just aint true now .
You will be getting a new education .
Tim
Drywall is what helpers are for. :>)
Edited 1/27/2007 1:51 pm ET by MSA1
Drywall is what helpers are for. :>)
haha
Go ahead and get several rentals and come back to talk to me . <G>
Youll come back a janitor and a maid amoung other things such as poop scooper and an unclogger .
Just remember my words son.
Bein a cowboy aint all ridin and shootin.
Tim
As long as they pay.....:>) I figure it cant get much worse than what i've already seen. I've had my hands in a bunch of peoples toilets and cleaned out some pretty rank houses.
If any future renters check out have as good as my current tenant, i'll do fine. Somehow I dont think i'll be that lucky but I can hope cant I?
Been a landlord for many years.I just bought four unit 3 weeks ago. My only advice is always check references. ALWAYS. And the advice about the landlord before the current landlord is spot on! I have followed that protocol myself for a long time. It's a hard thing to sit on a vacancy, but an empty unit is sooo much better than a tenant from hell. If you haven't yet seen the movie "Pacific Heights". treat yourself to a viewing of it. It's kinda farfetched but the point is well made. All that cash is a bit dazzling. Good luck. It's a fun way to get/ build equity, but you need to be handy or get handy. Forget hiring management.
I've seen Pacific Heights, killer movie. As far as being handy, we've been doing this (contracting) for about 4.5 years. This first rental is actually the fifth renovation we've done.
Thanks for the advice and good luck with the multi unit.
...and listen and learn on http://bbs2.mrlandlord.com/
Brooks
Thanks. I'll check it out.
That looks good to me too, thanks!