This is a first for me. While I like both tools and toys, I don’t normally go through the time and effort it takes to pen something formal like this. Mostly because there’s usually enough information out there to suit just about anyone’s taste or thirst for information. But this time – it’s different. Because I’m more than just a little pissed. And that’s why I’m writing this review. You see, for the last almost…
Pay MORE. Buy BETTER. Buy FEWER.
I just got into it AGAIN on my facebook page with someone else pitching cheap-ass properties in bad areas with Section 8 tenants as the Holy Grail for buy and hold investors. He came on my page with an unsolicited pitch for his properties, and then really got his panties in a bunch when I pressed him on his ROI “projections”. It’s an epidemic I think. More than just the flavor of the month this…
Beware Of – The BOYFRIEND Disorder!
Since I’ve been renting houses now for several years I’ve seen this a bunch of times. I call it – “The Boyfriend Disorder”. When I first experienced it I shook my head and wondered what was happening. Now I can see it coming a mile away. I wish though that I could see it coming before I drive all the way over to show a house! What is “The Boyfriend Disorder”? It’s when a single…
Just Say NO To Property Management!
Why? Because it sucks big time. Call me Captain Obvious, but I just recently came to this conclusion. Let’s look at how it works. You hire a company to “manage” your rental house. They’re supposed to collect rent, pay expenses like insurance and property taxes, and make sure that the necessary repairs and maintenance, including preventative maintenance gets done. And for single family houses in my market, the going rate for this type of property…
“Personal Guarantees are STUPID!”
Wow. I just received another screeching email from a self-proclaimed guru bragging about how he just did another risky deal with private money from a new private lender in a crap-hole neighborhood that he would never buy in with his own money, and that he didn’t even have to offer a personal guarantee because the lender didn’t know enough to ask for it. Bravo Sparky. Bravo. You took advantage of someone that didn’t know any…
Step 6 To Buying Turnkey Rentals in Metro Detroit: Protect Yourself
There are three factors that you should be aware of when you look to buy rental houses here in the suburbs. Knowing these, and acting on them, will substantially reduce your risk as a rental house owner. The three factors are: 1. Never own a property in your name While I’m not an attorney, I recommend holding your rental properties in a Limited Liability Company, or LLC. If you and your property manager operate your…