Rental and Cashflow Property - Management, Strategies and More

I have been managing my own properties now for 13 years and thought I'd start a thread where people can ask me questions about renting out properties. This isn't necessarily for lease options, but for regular buy and hold strategies where you rent out the property and intend to hold it and sell it at a later date. Many other proprietors and property managers are floored when I tell them I haven't had a bad tenant in 13 years except for a family member I tried to help out. (my bad! I deviated from my own rules!)

Best Advice I can Give about Tenants!

BE PICKY! I've been very fortunate to be very picky when choosing tenants; most all of them have cared for my homes the way I would.

I have an opportunity to purchase some VA properties (veteran's) with installment contracts already in place. The thing is, I don't know too much about installment contracts. I've done a search and there weren't too many results. If its in one of the books, can someone direct me to the right chapter? If anyone has any knowledge of them, or how they work, any info would be greatly appreciated! Thanks!

Hi everyone. This is my first forum post, so I apologize if it is at all sloppy.

I am looking at buying a Very Large and Expensive Mansion that I have watched sit Vacant for quite some time. I know the bank is bleeding a lot of money on this property and I see nothing but opportunity there.

My main concern is after I have aquired it, will I be able to rent the property out until I have enough income of my own to rent it personally? The rent may need to be $15,000 or $20,000 a month to make it work.

Does anyone have any experience with luxury home rentals and/or does anyone have any creative ideas on how to come up with the that kind of monthly payment?

I was thinking that I could run fundraisers, weddings and other private functions there to help cover the monthly?

I am wondering how you lease option get this to happen. Sell house on Lease Option and have your tenant buyers do all the repairs/ painting etc before they even move in? I know Greg Murphy does it but how do you get them to do it? I know in my town, I have to get an inspection from city and get dwelling license for each property, so if needs work they may not give it to me.

We just closed on a 2/2/1 that was listed for 58K, paid
$ 41,500...3 days later locked up a lease option for a sale price of 68K & $ 700/ month, which nets us a positive cash flow of this year of $ 400/month & $ 367
per month for the next 18 months =$ 9006 profit ! So when the property gets sold, a profit of $ 26,500(68K-
41.5K) plus rental profit of the $ 9600=$ 35,500...Not
to bad for a 41.5K investment; By the way, the "tenant
buyer" offered to put down 10K...This is just one of our examples that RE investing beats any "return" around. I said this on both of Dean's TV commercials, you can't make this kind of money in a bank,stock market, or a 9 to 5 job ! JUST GET OUT & DO IT !!!
Thanks, Gary & Jill

Everyone who has taken action, and has made a profit, briefly tell us about it here! It's OK if you still have a loan, as long as you are profitable each month. Tell us about your success.

My story:
I am one of those grateful students who took Dean's encouragement and went out and took action.
I was carefully skeptical too, but I took the chance and spent $20 to read the book. Glad I did. It gave me enough knowledge and encouragement to take action. I found a realtor/investor that answered all my detailed day to day questions. I looked for a few months, made 3 offers, and bought a 4-plex that turns a profit of $600 each month!

Have a home that I bought from the bank and fixed and sold on a lease option, and today my first rent check arrived! Can't tell you how good that feels. Here's to many more months of cashflow!

Cheers!

hi everyone,

i posted two ads on craigslist to people that want to sell their home and people that want to buy a home. i got a response from a woman that wants to buy a home but has bad credit. so i have a motivated buyer. now i just need to find a motivated seller. like i said i put that ad on craigslist but whats the best way to find the sellers? i guess i could check the papers also.

thank you

I am taking my first step. I came in control of this property last july after my sisters death. I have been real lost about what to do with it. I decided not to sell like everyone has been telling me to do. I am going to rent property for a positive cash flow. There is two more houses on property that need renovating I can do this I know I can No matter what all the naysayers say. I have an Idea for My own Neighborhood I feel like this is possiable because there is extra property that I can build on but for now I can Work With the tiny neighborhood I have. I am So glad I bought Deans book because I lack confidence and am unable to recieve very many positive attitudes at this time. Thanks everybody for the courage.

Hello!

I am loving your videos and I just got the books...I am up to the part about clearing obstacles in your life

Now I know you said start by investing in your area...I live in the Bronx and Brooklyn...But i was going through the paper and found a retiring couple that just wants to sell their house in Georgia...dirt cheap!
I went and looked up other homes...they were $50k-$125k more than this guy wanted!

This is on a cul de sac near schools and 10 min from the mall.

I am hoping to flip or maybe rent...this will be my first deal ever!

I have a good amount I can actually put down (like I said it is so damn cheap!) I would be willing...

Anyone out there from GA who can help/make suggestions/tell me if people will rent from me if i buy this house?