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Author Topic: How much do you make per month on your single family houses?  (Read 13463 times)

Offline Redstar1324

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Re: How much do you make per month on your single family houses?
« Reply #15 on: August 17, 2016, 05:17:03 am »

The seller.  What a wholesaler will pay is different than a landlord might pay, which is different than what a person who buys Sub2 and sells on l/o might pay.  It's tough to provide a solution if you have too many ideas floating around your head.  It is for me anyway.

My method is Sub2, I sprinkle in some wholesale deals here and there.


 :beer :beer :beer

On an unrelated note, do your tenants in your apartment complexes know you by first and last name? Do they just write a check to the DBA name of the complex and deal with management?

Offline javipa

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Re: How much do you make per month on your single family houses?
« Reply #16 on: August 17, 2016, 08:44:46 am »

The seller.  What a wholesaler will pay is different than a landlord might pay, which is different than what a person who buys Sub2 and sells on l/o might pay.  It's tough to provide a solution if you have too many ideas floating around your head.  It is for me anyway.

My method is Sub2, I sprinkle in some wholesale deals here and there.


 :beer :beer :beer


On an unrelated note, do your tenants in your apartment complexes know you by first and last name? Do they just write a check to the DBA name of the complex and deal with management?


Ideally?  No, you don't want to become familiar with your tenants, as the owner.  You have managers to insulate you from that.  However, this doesn't occur on smaller projects, and onesy-twosy rental houses, from my experience.  This is more the case on 30 units (to pick a size), or bigger, when you can afford full time management.

At the same time, I was taught to represent myself as the property manager, not the owner, and have my tenants make the rent payable to the management company. 

That has served me well over the years, especially at the beginning. 

After all, I was the property manager, and I had a management company (even with less than a half-dozen houses at first). Who needed to know I also owned the property? 

This can be done from the beginning, and should be.  You don't want renters associating their rent payments with you personally.

I'm not sure there's anything more amateurish, and begging for hiccups and avoidable trauma and drama, then getting on first-name basis with your tenants, and then accepting rents made payable to you.  You know, why not just collect rents in your Corvette? 

Speaking of doing that, before I knew better (and started using my head), I used to collect rents in my shiny, black Corvette Stingray.  Worse, I parked in the tenant's driveway.  You know there's collecting rent, and there's rubbing the tenant's nose in it.

Later, when I had to, I wisely drove the beater truck to pick up rents, and somehow the tenant's were more 'neutral' toward me.  I probably looked like I needed the money.

Bottom line:  Hide behind your management company; represent yourself as the manager; and accept rents made to your management company.

-----------------------------
P.S.  It's very hard for some newbies investors to separate their identities from their rentals.  These landlords are often scarcity-minded, often working on a thin margin of error.  Consequently, they resent tenants who don't fulfill  their fantasies that their houses will be treated like they own them.  As a result, they are generally unrealistic, stupid retards (my clinical diagnosis), that want to "lord" over their renters; cultivate and initiate power struggles; and escalate situations, because they can, if not carry on like gross amateurs will.

If I were to rent a house again, I would NOT rent directly from an owner/operator.  They are not sophisticated enough to understand the importance of placing a manager between themselves and their tenant, and/or they cannot actually afford to do that, and as a result, remain way too unpredictable, often litigious, and otherwise pains in the neck.  No thanks.  FWIW
« Last Edit: August 17, 2016, 08:49:42 am by javipa »
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline javipa

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Re: How much do you make per month on your single family houses?
« Reply #17 on: August 17, 2016, 09:43:08 pm »
One thing I forget to mention.  If you're gonna represent yourself as a manager, then play the part consistently. 

Ask, "What do managers act and look like?  Do they show a house in shorts, t-shirt, and smell like a freshly plunged toilet, and/or have a paint brush hanging out of their pocket?"

No.  Managers don't handle paint brushes or toilet plungers personally.  They 'have people' who do that.

So, if you're gonna play the part of a manager, act like a successful one.  One that delegates grunt work, and shows up looking like a professional manager.  I know it's MUCH harder to pull that off, when you're the only one you can afford, to unclog the tenant's toilet clog at 7:30 at night.  But do the best you can to leave the impression that you're just the owner's lackey, and not the actual owner, who's his own lackey.

Just a word for beginners and small operators wanting to avoid becoming too familiar with your tenants.
« Last Edit: August 17, 2016, 09:46:05 pm by javipa »
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline Redstar1324

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Re: How much do you make per month on your single family houses?
« Reply #18 on: August 17, 2016, 11:09:13 pm »
1. And you buy these complexes by sending mass mailers to complex owners?

2. They all turn a profit despite having to pay debt service on 100% owner financing?

3. Am I correct in assuming that you never use realtors or purchase any publicly listed properties?

Offline Redstar1324

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Re: How much do you make per month on your single family houses?
« Reply #19 on: August 18, 2016, 05:40:13 am »
So I shouldn't collect rent in my $20,000 replica of a $459,000 Lamborghini?

https://www.dropbox.com/s/nii5a12m2he3ar8/461356.jpg?dl=0

Offline javipa

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Re: How much do you make per month on your single family houses?
« Reply #20 on: August 18, 2016, 11:30:45 am »

So I shouldn't collect rent in my $20,000 replica of a $459,000 Lamborghini?

https://www.dropbox.com/s/nii5a12m2he3ar8/461356.jpg?dl=0


No, you should not collect rent in your $459,000 Lamborghini.  Otherwise, the Volkswagen taillight assembly on the replica is a dead give-way that you're a poser with no taste.
 :beer
"149 Ways (Plus One) To Find Motivated Sellers..!"  -Free Report-
>>> Click: http://sub2marketdomination.com/how-to-find-motivated-sellers-2/

Offline Redstar1324

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Re: How much do you make per month on your single family houses?
« Reply #21 on: August 18, 2016, 01:44:34 pm »
I don't think most people would know.

$459,000 is way too much money to spend on a car. That's plain stupid.

Offline Luke9686

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Re: How much do you make per month on your single family houses?
« Reply #22 on: August 19, 2016, 10:56:58 am »
Not sure about Lambo's but I know old muscle cars usually increase in value.

Look at what a 66 Chevelle SS costs now compared to 10 years ago, it's nuts...

Offline Redstar1324

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Re: How much do you make per month on your single family houses?
« Reply #23 on: August 19, 2016, 01:02:34 pm »
Not sure about Lambo's but I know old muscle cars usually increase in value.

Look at what a 66 Chevelle SS costs now compared to 10 years ago, it's nuts...

.
« Last Edit: September 18, 2016, 08:27:47 pm by Redstar1324 »

 




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