RD2WINAGNBEAR86 said:

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A whole lot of real estate investment entities have been advertising hot and heavy the last few years on radio. Make big bucks by investing in rental properties. They especially advertise and have hours long programs on weekends. Lifestyles Unlimited seems to be one of the biggest. Does anyone have any experience with these companies? Are they legit? Have you made money? Have you gotten screwed? The real estate market just like everything else has gotten hammered in recent weeks.

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Honestly, why play the long game that has definite risks and requires capital when you can make a fortune selling "tiny classified ads"?

Watch the video and call the number to get started.

The number may not be current as Don was jailed on about 40 fraud charges and slit his own throat in jail about 9 years ago. He did surround himself with some hot babes in some of his promos. So there's that.

Florda_mike said:

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J.R. said:

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Canada2017 said:

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Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

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This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

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JRs post is perfect example of different strokes for different folks

JRs model is multi fam and I'd guess Canada is single fam dwelling type guy

Gotta find your niche and gotta stop just kicking tires to do it

Every deal isn't a winner, especially starting out. With experience mistakes are fewer

Great thread

Major value here, especially for younger ones

I wish I'd started rental investing soon as out of college

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wow....did we just kinda agree?

Flaming Moderate said:

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J.R. said:

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Canada2017 said:

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Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

---

This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

---

Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

---

sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

J.R. said:

---

Flaming Moderate said:

---

J.R. said:

---

Canada2017 said:

---

Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

---

This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

---

Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

---

sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

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Thanks. Guessing one doesn't just walk into the local Chase and get that loan.

midgett said:

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RD2WINAGNBEAR86 said:

---

A whole lot of real estate investment entities have been advertising hot and heavy the last few years on radio. Make big bucks by investing in rental properties. They especially advertise and have hours long programs on weekends. Lifestyles Unlimited seems to be one of the biggest. Does anyone have any experience with these companies? Are they legit? Have you made money? Have you gotten screwed? The real estate market just like everything else has gotten hammered in recent weeks.

---

Honestly, why play the long game that has definite risks and requires capital when you can make a fortune selling "tiny classified ads"?

Watch the video and call the number to get started.

The number may not be current as Don was jailed on about 40 fraud charges and slit his own throat in jail about 9 years ago. He did surround himself with some hot babes in some of his promos. So there's that.

---

If something sounds too good to be true, it usually is.

I am not actively looking to invest in real estate right now,- was just fascinated with how many promotions and seminars there are out there right now. I am pretty skeptical and would think most of them separate people from their money. Sounds like we have a few fellow posters here that have enjoyed some success in real estate.

J.R. said:

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Flaming Moderate said:

---

J.R. said:

---

Canada2017 said:

---

Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

---

This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

---

Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

---

sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

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That is very impressive .

I never jumped out that big .

J.R. said:

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Flaming Moderate said:

---

J.R. said:

---

Canada2017 said:

---

Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

---

This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

---

Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

---

sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

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Yeah that's interesting

Big Kahunas

nein51 said:

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Canada2017 said:

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nein51 said:

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I guess that leads to a financing question. How are you charging that little? Assuming at start up you didn't have cash for the outright purchase. If you financed the number you gave would be probably lower than a mortgage payment at 20% down.

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I can charge less rent because all are paid off except one .

If someone pays on time and never bothers me that is worth 300 dollars a month .

Was making good money building and selling homes so we needed a write off plus houses to put clients . Usually put them on 15 year notes and put at least 35% down .

As the years went on money saved on taxes bought more rentals with every increasing down payments . By the time 15 years was up we had several paid off generating cash to pay off still others .

The ball just kept rolling .

Now with the El Paso farm sold last June we hope merely to hold steady while the economy here crashes from the oil debacle.

Have no doubt there are millions of folks doing far better ...but this works for us .

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For sure having someone who pays every month on time has a huge value. Thanks for sharing. I've been trying to figure out how to do something other than work for someone forever.

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Other than a few years of entomology research have always been self employed.

Definitely some pros and cons .

Why never rent by the room? Cuz they won't take care of the place ?

Hassle factor , disputes, damage to property, collecting

Flaming Moderate said:

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J.R. said:

---

Flaming Moderate said:

---

J.R. said:

---

Canada2017 said:

---

Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

---

This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

---

Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

---

sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

---

Thanks. Guessing one doesn't just walk into the local Chase and get that loan.

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correct. Our transactions are basically 15% equity and lever the rest up. Just like a lot of transactions, It's good when it is good until it isn't. Unfortunately, alot of my tenants are certainly retail people and service industry people who live paycheck to paycheck. For those folks, miss one paycheck and the can't pay rent....I still have to pay our lenders. Specifically, to your question....we will use Fannie/Fredie or large banks that specialize in that type of lending.

J.R. said:

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Flaming Moderate said:

---

J.R. said:

---

Flaming Moderate said:

---

J.R. said:

---

Canada2017 said:

---

Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

---

This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

---

Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

---

sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

---

Thanks. Guessing one doesn't just walk into the local Chase and get that loan.

---

correct. Our transactions are basically 15% equity and lever the rest up. Just like a lot of transactions, It's good when it is good until it isn't. Unfortunately, alot of my tenants are certainly retail people and service industry people who live paycheck to paycheck. For those folks, miss one paycheck and the can't pay rent....I still have to pay our lenders. Specifically, to your question....we will use Fannie/Fredie or large banks that specialize in that type of lending.

---

I never like to have my fate in the hands of bankers .

Yeah when things are good they take you out to dinner ....but when things get bad they break you .

Seen it over and over with various associates both in farming and construction.

So I always expanded step by step and never got too exposed .

Never a big player but adequate for our lifestyle.

You've done quite well too

My advisor says "first word in bankruptcy is bank"

Banks are inflexible when going gets tough and they'll call the note

That makes sense, thanks

Florda_mike said:

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You've done quite well too

My advisor says "first word in bankruptcy is bank"

Banks are inflexible when going gets tough and they'll call the note

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My main lender was a great guy ...honest as can be .
Eventually became president of his bank.

But when he refused to foreclose on the partners of an upscale housing development ( 10 years ago ).

His board fired him , hired another president, who then attempted to foreclose the partners .

2 partners went broke...2 died


Later the bank went under .

Canada2017 said:

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Florda_mike said:

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You've done quite well too

My advisor says "first word in bankruptcy is bank"

Banks are inflexible when going gets tough and they'll call the note

---

My main lender was a great guy ...honest as can be .
Eventually became president of his bank.

But when he refused to foreclose on the partners of an upscale housing development ( 10 years ago ).

His board fired him , hired another president, who then attempted to foreclose the partners .

2 partners went broke...2 died


Later the bank went under .

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^^^ That even sounds like a small local or community bank?

Right?

Florda_mike said:

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Canada2017 said:

---

Florda_mike said:

---

You've done quite well too

My advisor says "first word in bankruptcy is bank"

Banks are inflexible when going gets tough and they'll call the note

---

My main lender was a great guy ...honest as can be .
Eventually became president of his bank.

But when he refused to foreclose on the partners of an upscale housing development ( 10 years ago ).

His board fired him , hired another president, who then attempted to foreclose the partners .

2 partners went broke...2 died


Later the bank went under .

---

^^^ That even sounds like a small local or community bank?

Right?

---

They had 3 branches throughout the Front Range.

But I had known my particular lender since when we had both started out .

Every time he got promoted I took my business to his next bank.

Flaming Moderate said:

---

J.R. said:

---

Flaming Moderate said:

---

J.R. said:

---

Canada2017 said:

---

Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

---

This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

---

Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

---

sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

---

Thanks. Guessing one doesn't just walk into the local Chase and get that loan.

---

Not right now. This ridiculous mortgage forebearance program (just about zero requirements) has hit 5.9%. I think a lot of homeowners may not understand the difference between forebearance and forgiveness.

Five percent of mortgage income sidelined for six months with an easy renew to a year. That's a lot of capital that cannot be re-loaned. A lot.

quash said:

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Flaming Moderate said:

---

J.R. said:

---

Flaming Moderate said:

---

J.R. said:

---

Canada2017 said:

---

Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

---

This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

---

Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

---

sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

---

Thanks. Guessing one doesn't just walk into the local Chase and get that loan.

---

Not right now. This ridiculous mortgage forebearance program (just about zero requirements) has hit 5.9%. I think a lot of homeowners may not understand the difference between forebearance and forgiveness.

Five percent of mortgage income sidelined for six months with an easy renew to a year. That's a lot of capital that cannot be re-loaned. A lot.

---

Please explain how to get that?

Are ALL banks, Local and Community included, giving us 6 months to not have to make principle and interest payments???

What do you know about that?

Seems like you just have to call your bank for most of that stuff. All they are doing is moving payment 50 of 150 to payment 151 (for example). Auto lenders are doing similar.

Alot of what I read from you guys is why I never want to be a home-owner again. Due to my work, I have had living quarters furnished for me for 16 years. When I retire, I'll need a place to live. Home ownership at the age of 60 is not looking inviting...upkeep/headaches...etc.

If I rent, especially in an apartment...no home upkeep, no yard work plus a gym and a pool. Don't see the downside...

fadskier said:

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Alot of what I read from you guys is why I never want to be a home-owner again. Due to my work, I have had living quarters furnished for me for 16 years. When I retire, I'll need a place to live. Home ownership at the age of 60 is not looking inviting...upkeep/headaches...etc.

If I rent, especially in an apartment...no home upkeep, no yard work plus a gym and a pool. Don't see the downside...

---

I hate owning a home. If I wasn't married you would never catch me owning. This past summer I did new hvac. It was 7700 dollars. Probably need a new roof this year. Will be every bit of 10k. Owning a home is the biggest lie of a "dream" ever.

nein51 said:

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fadskier said:

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Alot of what I read from you guys is why I never want to be a home-owner again. Due to my work, I have had living quarters furnished for me for 16 years. When I retire, I'll need a place to live. Home ownership at the age of 60 is not looking inviting...upkeep/headaches...etc.

If I rent, especially in an apartment...no home upkeep, no yard work plus a gym and a pool. Don't see the downside...

---

I hate owning a home. If I wasn't married you would never catch me owning. This past summer I did new hvac. It was 7700 dollars. Probably need a new roof this year. Will be every bit of 10k. Owning a home is the biggest lie of a "dream" ever.

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Yeah a primary home is a liability imo too

If there's little to no appreciation it's a money pit same as rental, or it's even worse with AC replacement + new roof

Our rentals pay off our new home

The argument is that real estate never really loses value so even if it stays at the price you bought it you gained some equity. I would argue that equity is offset by the expenses of owning. Now there are times there the property appreciates and you make money.

"Owning" is a matter of mentally feeling stability imo. You never really own. Even when it's paid off you are always paying taxes on it.

What I truly hate about it that I can't really pick up and go. If you're in an apartment you pay your lease break fee and away you go.

nein51 said:

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fadskier said:

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Alot of what I read from you guys is why I never want to be a home-owner again. Due to my work, I have had living quarters furnished for me for 16 years. When I retire, I'll need a place to live. Home ownership at the age of 60 is not looking inviting...upkeep/headaches...etc.

If I rent, especially in an apartment...no home upkeep, no yard work plus a gym and a pool. Don't see the downside...

---

I hate owning a home. If I wasn't married you would never catch me owning. This past summer I did new hvac. It was 7700 dollars. Probably need a new roof this year. Will be every bit of 10k. Owning a home is the biggest lie of a "dream" ever.

---

No. It's all in the numbers and one's lifestyle. Very much like buying vs leasing a car. The trick is to do the unthinkable - live within or well within one's means for an extended period. We kept our first two homes as rentals and they are now paid off. We've been in our current home for 27 years now and it is almost paid off. Granted, the property taxes and insurance will never go away. Maintenance will never go away. Just put on a new roof last month - out of pocket at $4,000 after insurance proceeds paid the rest (hail damage last summer). Looking to retire in a couple of years (I'm 65 now). I expect the net proceeds on the two rentals will cover almost all housing expenses in current house. Hard to do better than that while renting. Also, you end up with at least some amount of appreciation in a tangible asset. No rental will give you that.

fadskier said:

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Alot of what I read from you guys is why I never want to be a home-owner again. Due to my work, I have had living quarters furnished for me for 16 years. When I retire, I'll need a place to live. Home ownership at the age of 60 is not looking inviting...upkeep/headaches...etc.

If I rent, especially in an apartment...no home upkeep, no yard work plus a gym and a pool. Don't see the downside...

---

Couldn't rock out my tunes on my vintage stereo gear if I lived in an apartment. Must be able to crank it up now and again.

curtpenn said:

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fadskier said:

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Alot of what I read from you guys is why I never want to be a home-owner again. Due to my work, I have had living quarters furnished for me for 16 years. When I retire, I'll need a place to live. Home ownership at the age of 60 is not looking inviting...upkeep/headaches...etc.

If I rent, especially in an apartment...no home upkeep, no yard work plus a gym and a pool. Don't see the downside...

---

Couldn't rock out my tunes on my vintage stereo gear if I lived in an apartment. Must be able to crank it up now and again.

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Do you own a car?? Lol that's what the open road is for.

nein51 said:

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The argument is that real estate never really loses value so even if it stays at the price you bought it you gained some equity. I would argue that equity is offset by the expenses of owning. Now there are times there the property appreciates and you make money.

"Owning" is a matter of mentally feeling stability imo. You never really own. Even when it's paid off you are always paying taxes on it.

What I truly hate about it that I can't really pick up and go. If you're in an apartment you pay your lease break fee and away you go.

---

No argument here

Without wife I'd move to country(Ag land with cows) in a 10x20ish 1BR 1Bath & LR highly insulated. Solar with well if possible and grow my food

Try to get off grid if smart enough to figure it out

nein51 said:

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fadskier said:

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Alot of what I read from you guys is why I never want to be a home-owner again. Due to my work, I have had living quarters furnished for me for 16 years. When I retire, I'll need a place to live. Home ownership at the age of 60 is not looking inviting...upkeep/headaches...etc.

If I rent, especially in an apartment...no home upkeep, no yard work plus a gym and a pool. Don't see the downside...

---

I hate owning a home. If I wasn't married you would never catch me owning. This past summer I did new hvac. It was 7700 dollars. Probably need a new roof this year. Will be every bit of 10k. Owning a home is the biggest lie of a "dream" ever.

---

We have a few tenants who have been with us for 15 years or more .

They literally paid the houses off for us .

See them maybe once every 4 years .

When I was in Waco I rented but I never met the owner. Someone else got me the keys because of my travel scheduled. If something broke I fixed it and included a receipt for whatever it was then subtracted it from the rent. When I moved out 3 years later I had to drop off the keys. The guy said "oh, you're the dude who sends me checks from all over the country!"

Never missed a rent check even though I was on the road all over the country 5 days a week. Was a great relationship for both of us.

nein51 said:

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When I was in Waco I rented but I never met the owner. Someone else got me the keys because of my travel scheduled. If something broke I fixed it and included a receipt for whatever it was then subtracted it from the rent. When I moved out 3 years later I had to drop off the keys. The guy said "oh, you're the dude who sends me checks from all over the country!"

Never missed a rent check even though I was on the road all over the country 5 days a week. Was a great relationship for both of us.

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You are worth your weight in gold .

nein51 said:

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curtpenn said:

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fadskier said:

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Alot of what I read from you guys is why I never want to be a home-owner again. Due to my work, I have had living quarters furnished for me for 16 years. When I retire, I'll need a place to live. Home ownership at the age of 60 is not looking inviting...upkeep/headaches...etc.

If I rent, especially in an apartment...no home upkeep, no yard work plus a gym and a pool. Don't see the downside...

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Couldn't rock out my tunes on my vintage stereo gear if I lived in an apartment. Must be able to crank it up now and again.

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Do you own a car?? Lol that's what the open road is for.

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I stream Tidal Hifi 4-10 hours per day most weekdays which includes almost 2 hours of commuting. But my home system is pretty serious (even if vintage) and there's no way to replicate that sound in any car.

Florda_mike said:

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quash said:

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Flaming Moderate said:

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J.R. said:

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Flaming Moderate said:

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J.R. said:

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Canada2017 said:

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Easy rules

A. Only buy newer or new properties
B. Upper end properties with higher rents bring better tenants .
C. Only buy properties that make sense.....positive cash flow .
D. Always put them on a 15 year mortgage note .
E. At least here in Colorado...everyone has a dog . 400 dollar non refundable pet deposit.
F. Never rent to college students .
G. Never rent by the room .
H. Never be a slum lord .

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This is from a multifamily perspective.
A) I never buy new or newer. There has to be value add to make $
B)Not really. The best performing properties we own are very middle income and primarily Hispanic
C)No, you buy properties with upside (hair on them)
D)I'm talking multifamily. We finance, generally interest only, rehab them, lease them up, raise rents and the refinance to take most of our equity out
E)Unfortunately, pet are lie people these days. They are part of the deal. Factor accordingly
F)Agree with this. Student housing is a serious hassle
G)Agree
H)Don't know what you mean by this. Somebody's slum is another person's palace.

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Can I ask you a stupid question. How many units? Are you talking about a duplex or a 500-unit complex? Assuming something in-between, but are there many of those out there? Thanks.

And thanks to all of you - JR, Canada, Mike, etc., for sharing your expertise.

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sure. We do 200-700 doors per deal. I have some quads that I own personally, but most are bigger properties . Deals are usually $20M-$40M.

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Thanks. Guessing one doesn't just walk into the local Chase and get that loan.

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Not right now. This ridiculous mortgage forebearance program (just about zero requirements) has hit 5.9%. I think a lot of homeowners may not understand the difference between forebearance and forgiveness.

Five percent of mortgage income sidelined for six months with an easy renew to a year. That's a lot of capital that cannot be re-loaned. A lot.

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Please explain how to get that?

Are ALL banks, Local and Community included, giving us 6 months to not have to make principle and interest payments???

W hat do you know about that?

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Has to be a federal loan, Fannie Mae etc. Sec. 4022 CARES Act

Buy something built after 2000 in a popular school district that rents for $1100 month or more. One story if possible. Solid surface counters and vinyl plank floors. Don't pay tenant utilities or provide furniture.
Run credit and criminal history on all applicants. Shoot for 650 credit scores or better. Require 12 month leases. Fix stuff when it beaks. Invest in good software like Appfolio where tenants can apply, pay and sign documents online.
Expect 6 to 10 % returns and hope for appreciation. Put at least 20% down and get a 15 yr mortgage or Less. Don't pledge existing properties for new properties. Don't take money out until debt is paid off. You need at least a $5000 reserve you never touch for each property.