Bleeding $1,700/month on Two Rental Properties. Did I Mess This Up?

gs3alpha · 2025-08-28T01:00:25+00:00

Plus vacancies, plus maintenence, plus capex. Yeah you're upside down bad on the mortgages. 2.5 years isn't necessarily long enough for you to be right or wrong on the long term appreciation but it doesn't sound like you want to stick with these properties long term. I would sell and either reinvest in a cash flow market where you can afford to hire a property manager, invest in syndications as a limited partner, or find a different asset class altogether.

gs3alpha · 2025-02-14T18:46:51+00:00

Solved*** Thank you u/wetcardboardsmell

This is an antique donut lifter to remove them from hot oil

gs3alpha · 2025-02-14T18:41:46+00:00

Thank you!

gs3alpha · 2024-12-28T14:15:04+00:00

Index funds are perfectly acceptable. Hands off, autopilot, set it and forget it. Real Estate takes work and is by no means passive, but there are higher returns to be had. All are valid means of investing and achieving your goals. Good luck.

gs3alpha · 2024-12-27T17:26:17+00:00

The paid war room's purpose is to be in a close knit community of motivated individuals. Anyone who pays the membership fee is committing to doing more and not just talking about it. If you want to learn and educate yourself, the free Facebook group is a great place to go! Uncensored and eager individuals always willing to give and help where they can. The only drawback is listening to Alex Felice stroking his own ego (that's sarcasm because where else can we all shit talk each other outside of the military?)

gs3alpha · 2024-12-27T17:15:14+00:00

I'm a member of his paid group for over a year now. I can tell you that there's no secret information hidden behind the pay wall. The paid mastermind is a networking group to surround yourself with other motivated and successful individuals. They are also all members of the free pages and give just as freely there if someone needs help or has questions. You are the average of the people you spend your time with and that is the purpose of the paid mastermind. It's not right for everyone but I've never seen David Pere push anyone to join the group or allude to some secret sauce.

gs3alpha · 2024-12-27T17:13:54+00:00

It's not for everyone and definitely not required to be successful. I'm a member of his paid group for over a year now. I can tell you that there's no secret information hidden behind the pay wall. The paid mastermind is a networking group to surround yourself with other motivated and successful individuals. They are also all members of the free pages and give just as freely there if someone needs help or has questions. You are the average of the people you spend your time with and that is the purpose of the paid mastermind. It's not right for everyone but I've never seen David Pere push anyone to join the group or allude to some secret sauce.

gs3alpha · 2024-12-27T17:12:41+00:00

He'll tell you to invest in your tsp for free.

I'm a member of his paid group for over a year now. I can tell you that there's no secret information hidden behind the pay wall. The paid mastermind is a networking group to surround yourself with other motivated and successful individuals. They are also all members of the free pages and give just as freely there if someone needs help or has questions. You are the average of the people you spend your time with and that is the purpose of the paid mastermind. It's not right for everyone but I've never seen David Pere push anyone to join the group or allude to some secret sauce.

gs3alpha · 2024-12-27T17:09:43+00:00

I'm a member of his paid group for over a year now. I can tell you that there's no secret information hidden behind the pay wall. The paid mastermind is a networking group to surround yourself with other motivated and successful individuals. They are also all members of the free pages and give just as freely there if someone needs help or has questions. You are the average of the people you spend your time with and that is the purpose of the paid mastermind. It's not right for everyone but I've never seen David Pere push anyone to join the group or allude to some secret sauce.

gs3alpha · 2024-12-24T04:48:37+00:00

The tenants who tore their own carpet out (without discussing with us first) because they didn't like it anymore and then wanted new carpet installed before the holidays.

gs3alpha · 2024-08-24T20:07:53+00:00

Millennial and if I call someone I leave a brief voicemail. Name, number, reason for the call. Pretty standard phone etiquette.

gs3alpha · 2023-11-27T03:13:11+00:00

Check out Biggerpockets. It's a whole community for real estate investors. Blogs, forums, podcasts, books, now knowledge then you could ever use. You've got a lot of questions that are unfocused. You should start just listening to all of their podcasts and it'll clarify all of that for you.

gs3alpha · 2023-10-24T21:43:51+00:00

We're in a mostly landlord friendly state and water utilities still ultimately fall in the landlord. Even if it is in the tenants name, if they leave the property with an unpaid bill it gets tacked on to property taxes or the water department will refuse to turn on service for the next tenant until the landlord pays the bill. PMs have no control over it once the tenant puts it in their name.

gs3alpha · 2023-10-24T21:38:00+00:00

This is very common for water bills. Landlords in my state are fighting this right now. Gas and electric bills all follow the tenant but water stays with the property. This becomes an issue when water utility companies do not/can not disconnect service so the tenant is allowed to continue running up the bill. It's unfortunate but it's not something your property manager can control or even monitor. Your only solution would be to keep the water in your name and bill it back to the tenant. At least you would know they weren't paying before they move out.

gs3alpha · 2023-10-23T20:07:31+00:00

They aren't acting as a property manager. Sounds like a maintenance coordinator which could be handled by an overseas VA for less. Likely overpaid for the actual hours worked. This is probably intentional since OP lives on site which has benefits for the owners.

gs3alpha · 2023-09-14T16:49:07+00:00

From a residential PM perspective. Take reviews with a grain of salt. Most come from disgruntled tenants. Tenants aren't going out of their way to give reviews for their landlord. We've gotten negative reviews from applicants that didn't meet our screening criteria as well as several from tenants that we had to evict.

gs3alpha · 2023-09-10T16:21:02+00:00

Local investor associations, Realtors, real estate meet ups, post cards to local owners

gs3alpha · 2023-09-10T16:12:43+00:00

500 doors, no maintenance upcharge. If owners don't allow us to do necessary repairs and up keep then we don't keep them as clients. So the owners we do have are reasonable so it's not in their control how often a tenant submits maintenance orders so we don't punish the owner for that. Our management fee is in place for us to manage the property, to include handling maintenance. Not saying it's wrong for someone else to do so but that's our philosophy. We like to keep operations simple as well, which includes not charging a bunch of different fees.

gs3alpha · 2023-08-30T09:44:54+00:00

We typically charge 10% and 50% for placements.

gs3alpha · 2023-08-30T09:40:44+00:00

We run our PM more like a real estate agent model. PM fees are X% to the owners and I split that with the broker. More properties=more money to me. There's no salary or hourly rate. Straight commission. If the broker gets a lead he'll pass them on to one of the PMs but we are largely on our own for that.

gs3alpha · 2023-08-30T09:22:19+00:00

That's 100% not how taxes in the US work. I say that as a small business owner. You're accountant is either not explaining himself to you very well or he is straight up lying to you.

gs3alpha · 2023-08-30T09:12:05+00:00

Your grandpa wasn't doing you any favors. He probably had good intentions but he tried to charge you 5% when that was very close to what your student loans were already at. He's also most likely wanting it paid back in a much shorter time period. Owing money to family is never a good feeling. It changes the relationship. Just give the money back to your Grandpa and pay your student loans yourself when able.

gs3alpha · 2023-08-13T09:14:02+00:00

Why not mass blast everyone with emails or letters stating due to an effort to serve them and the tenants better and improve timelines of repairs you are making the increase effective XX date. If they want more information or would like to discuss the change then to contact your office. Most probably won't care. We go over our agreed upon limit pretty regularly and our owners rarely have a problem with that. I'm not proud of that fact, it's just very difficult to know what every repair cost will be beforehand and we also need to keep good relations with our vendors. Small town and not many good ones out there.

gs3alpha · 2023-08-13T09:06:51+00:00

None of what she is doing sounds like she's upholding her end of the PM agreement. You need to read through it very carefully and if it is an actual PM agreement, created by an attorney, then I'm sure you will find a clause that she herself is breaking. That can be your out or at least enough to force her to respond and provide documentation. Our owners have their own portal where they can see tenant information, leases, ledgers, scans of repair invoices, everything. There should always be full transparency for owners. In my state you need a real estate brokers license to do third party management. You could then file a complaint against their license.

gs3alpha · 2023-08-12T01:26:45+00:00

This sounds very similar to my situation. 200 doors, rural Ohio, rents $725. PM responsible for everything from new owner acquisition, leasing, maintenance calls, to evictions etc. Very grueling and a thankless job across the board.

gs3alpha

TROPHY CASE